The Hindu Business Line : SEBI's fee cell to remain open on Nov 13-15

THE Securities and Exchange Board of India clarified today that its offices would remain open during November 13-15 to enable brokers to make their payments as part of SEBI's interest liability regularisation scheme.

SEBI had announced an interest liability regularisation scheme in order to quickly resolve brokers' issues on applicable fee assessment and payment. According to this scheme, stockbrokers who have outstanding fee liabilities, principal or interest, as on October 1, 2004, may pay the entire outstanding amount of principal, together with 20 per cent of the outstanding interest as on that date. On payment of these amounts during the regularisation period, stockbrokers shall not be liable for payment of the balance 80 per cent of the outstanding interest.

Many of the cases of fee continuity are being appealed to the Securities Appellate Tribunal (SAT), and the tribunal had passed an interim order instructing SEBI to allow these cases to participate in the scheme.

As SEBI's offices were expected to remain closed for the week-end and holidays on account of Diwali and Eid, some brokers had appealed to SEBI to extend the scheme, as the last date for payment effectively falls on November 11 and not on November 15. Some of these cases are still being heard by SAT and interim orders against these individual cases are being prepared.

The clarification has enabled brokers whose cases are being heard by SAT this week to avail of the benefit of this regularisation scheme until its effective closing date.

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