Financial Daily from THE HINDU group of publications
Friday, Nov 18, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 18, 2005 |
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Markets
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Stock Exchanges CSE to forward HC order on SEBI scheme to members Our Bureau
Kolkata , Nov. 17 SEBI has directed the Calcutta Stock Exchange to bring the contents of a recent Ahmedabad High Court order to the notice of its members. The exchange has informed members that the regulator has forwarded a court order pertaining to Ramesh Chandra Bansal vs SEBI, outlining certain observations have been made by the court. These relate to the SEBI (Interest Liability and Regularisation) Scheme, 2004, which has been billed as "true, correct and legal". The calculation of registration fees, adopted by SEBI in the absence of break-up turnover and in the absence of auditor's report before the cut-off date, is also described as true, correct and legal. "If any stock broker wants to avail himself the benefit of concessional rate of registration fees, for those exceptional transactions, the burden is upon such claimant, that is, on the petitioners. If they fail to prove the existence of such exceptional transactions and if they fail to separate those turnovers from the gross turnover, SEBI can calculate registration fees at 0.01 per cent of gross annual turnover, as per clause (b) of clause (1) of paragraph I of Schedule III to the Regulations, 1992", it is further pointed out. The cut-off date is said to be an integral part of the benefit under the Scheme. It is a composite Scheme and, therefore, concession given and conditions imposed cannot be segregated. Also, the Scheme is optional. It is in consonance with the Act, 1992 and the Regulations, 1992.
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