## Policy Analysis Report: Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021, as detailed in the provided Government of India Gazette notification. This amendment modifies the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018, primarily focusing on the regulatory fees payable by recognized stock exchanges to the Securities and Exchange Board of India (SEBI). Key changes include new definitions for "financial year" and "quarter," a revised structure for regulatory fee payments based on annual turnover and listing fees, and the repeal of the Securities and Exchange Board of India Regulatory Fee on Stock Exchanges Regulations, 2006. These amendments aim to streamline and clarify the regulatory fee structure for stock exchanges.
**2. Introduction:**
The purpose of this report is to provide a detailed analysis of the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021 (hereafter referred to as "the Amendment"), based solely on the information provided in the official gazette notification. This report focuses on the changes introduced by the Amendment, their likely rationale, and potential impact.
**3. Policy Overview:**
* This document amends the existing Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018.
* **Core Objective(s):** Based on the text, the core objective of this Amendment appears to be to revise and clarify the regulatory fee structure for recognized stock exchanges, ensuring a consistent and transparent framework for fee collection by SEBI. This includes defining key terms related to the fee calculation and payment schedule.
**4. Background and Rationale:**
The Amendment likely stems from a need to update and refine the existing regulatory fee structure for stock exchanges. The text suggests that the previous regulations (Securities and Exchange Board of India Regulatory Fee on Stock Exchanges Regulations, 2006) were considered outdated or insufficient, necessitating a revision to align with current market practices and regulatory requirements. The changes likely aim to provide more clarity on how regulatory fees are calculated, when they are due, and what constitutes the basis for these fees.
**5. Key Provisions / Changes:**
This section details the specific changes introduced by the Amendment text:
* **Regulation 2 (Definitions):**
* **Change:** Introduces new definitions for "financial year" (April 1st to March 31st) and "quarter" (three-month periods commencing in April, July, October, and January). It also renumbers existing clauses and inserts a definition for "regulatory fee"
* **Effect:** These definitions establish a standardized timeline for fee calculation and payment, providing clarity for stock exchanges.
* **Regulation 11 (Regulatory Fee):**
* **Change:** Subregulation 1 is substituted with a new requirement for every recognized stock exchange to be charged a regulatory fee. Subregulations 2-8 are newly inserted, and existing subregulation 2 is renumbered as 9.
* **New Provisions:**
* Stock exchanges pay fees based on annual turnover as specified in Schedule III, Part A, within 30 days of the financial year’s conclusion. Turnover excludes agricultural commodity derivatives (with a flat fee of one lakh rupees on those).
* Stock exchanges pay 10% of aggregate listing fees collected from issuers each quarter, payable within 15 days after the quarter’s end (with a 30-day extension for the last quarter when combined with the annual turnover fee).
* Fees are paid via direct credit (NEFT/RTGS/IMPS) or demand draft.
* Fee computation statements must be certified by a chartered accountant.
* Stock exchanges must maintain registers and provide returns/information related to turnover, listing fees, and paid/payable fees.
* SEBI can request information or explanations regarding regulated functions and fee payments.
* Unpaid, late, or short-paid fees incur a 15% per annum interest charge.
* **Effect:** This fundamentally alters the fee payment structure, introducing a tiered system based on turnover and listing fees. It increases transparency and accountability through certification and reporting requirements. The interest penalty incentivizes timely and accurate fee payments.
* **Regulation 52 (Amendments):**
* **Change:** Adds subregulations 4 and 5.
* **New Provisions:** The Securities and Exchange Board of India Regulatory Fee on Stock Exchanges Regulations, 2006, is repealed. Any actions taken under the repealed regulations before the Amendment's commencement are deemed to have been taken under the corresponding provisions of the new regulations.
* **Effect:** This formally replaces the previous regulatory framework with the new Amendment, ensuring a smooth transition and continuity.
* **Schedule III (Part A):**
* **Change:** Introduces a new schedule detailing the regulatory fee rates based on annual turnover.
* **Effect:** This provides a clear and transparent scale for calculating the regulatory fee based on the stock exchange's financial performance.
**6. Target Audience and Stakeholders:**
The primary target audience is **recognized stock exchanges** operating in India. These entities are directly impacted by the revised regulatory fee structure, payment schedules, and reporting requirements. SEBI is also a key stakeholder, as the regulator responsible for implementing and enforcing these amendments. Issuers of securities listed on the exchanges are indirectly affected.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the primary body responsible for implementing and enforcing these amendments. Stock exchanges are responsible for complying with the new fee structure and reporting requirements.
* **Timelines and Procedures:**
* The amendment came into force on March 23, 2021 (date of publication in the Official Gazette).
* Stock exchanges are required to pay regulatory fees based on annual turnover within 30 days of the conclusion of the relevant financial year (ending March 31st).
* Stock exchanges are required to pay 10% of aggregate listing fees collected from issuers each quarter, payable within 15 days after the quarter’s end (with a 30-day extension for the last quarter).
* Fees must be paid via direct credit (NEFT/RTGS/IMPS) or demand draft.
* Fee computation statements must be certified by a chartered accountant.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes include:
* **Increased Transparency:** The detailed fee schedule and reporting requirements enhance transparency in regulatory fee collection.
* **Simplified Compliance:** The standardized definitions and payment schedules likely simplify compliance for stock exchanges.
* **Enhanced Revenue Collection:** The tiered fee structure based on turnover and listing fees potentially allows SEBI to more effectively collect revenue commensurate with the size and activity of the stock exchanges.
* **Reduced Non-Compliance:** The interest penalty for late or short payments incentivizes stock exchanges to comply with the payment deadlines and reporting requirements.
**9. Conclusion:**
The Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021, represents a significant update to the regulatory framework governing stock exchanges in India. By revising the regulatory fee structure, clarifying definitions, and introducing stringent reporting requirements, the Amendment aims to enhance transparency, simplify compliance, and improve the efficiency of revenue collection by SEBI. The impact will primarily be felt by recognized stock exchanges, who must adapt to the new rules and procedures. This is a very important update and impacts compliance for all stock exchanges.
Key Entities Referenced
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021: The name of the regulations being amended.
Securities Contracts Regulation Act, 1956: The Act that confers powers to the Securities and Exchange Board of India (SEBI).
Securities and Exchange Board of India Act, 1992: The Act that empowers the Securities and Exchange Board of India (SEBI).
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018: The regulations being amended by the current notification.
New Delhi: Place of publication of the gazette.
Mumbai: The location where demand drafts are payable to the Securities and Exchange Board of India (SEBI).
RBI: Reserve Bank of India.
Securities and Exchange Board of India: The regulatory body responsible for amending the regulations.
Ajay Tyagi: Chairman of Securities and Exchange Board of India (SEBI).
Securities and Exchange Board of India Regulatory Fee on Stock Exchanges Regulations, 2006: The regulations that are being repealed by the new amendment.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2019: Previous amendment to the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018.
SEBI Regulatory Sandbox Amendment Regulations, 2020: Previous amendment to the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-23032021-226050
xxxGIDHxxx
CG-DL-E-23032021-226050
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 111] िई कदल्ली, मगं लिार, माच ड23, 2021/चत्रै 2, 1943
No. 111] NEW DELHI, TUESDAY, MARCH 23, 2021/CHAITRA 2, 1943
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
मुम्बई, 23 माचड, 2021
प्रजतभजू त संजिदा (जिजियमि) (स्ट्टॉक एक्सचिें और समािोधि जिगम) (सिं ोधि) जिजियम, 2021
स.ं Ôãñºããè/ †Êã.†.¡ãè.-†¶ã.‚ããÀ.‚ããñ/•ããè.†¶ã./2021/12.—भारतीय प्रजतभूजत और जिजिमय बोडड, भारतीय
प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 की धारा 11 तथा धारा 30 के साथ पठित प्रजतभूजत संजिदा
(जिजियमि) अजधजियम, 1956 की धारा 4, धारा 8क तथा धारा 31 द्वारा प्रदत्त िजियों का प्रयोग करत े हुए
एतद्द्वारा प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 का और संिोधि
करि े के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत:् -
1. इि जिजियमों को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि)
जिजियम, 2021 कहा िा सकेगा ।
2. ि े रािपत्र म ें उिके प्रकािि की तारीख को प्रिृत्त (लाग)ू होंगे ।
3. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 म,ें -
I. जिजियम 2 म,ें उप-जिजियम (1) म,ें -
i. खंड (िक) के पश्चात,् जिम्नजलजखत खंड अंतःस्ट्थाजपत ककया िाएगा, अथाडत,् -
1734 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(िख) “जित्तीय िर्ड” से प्रत्येक िर्ड अप्रैल के पहल े कदि से िुरू होिे िाली बारह महीिों
की अिजध अजभप्रेत ह;ै”
ii. खंड (ण) के पश्चात,् जिम्नजलजखत खंड अंतःस्ट्थाजपत ककया िाएगा, अथाडत,् -
“(णक) “जतमाही” स े प्रत्येक जित्तीय िर्ड के अप्रैल, िुलाई, अिूबर और िििरी के पहल े
कदि स े िुरू होिे िाली तीि महीिों की अिजध अजभप्रेत ह;ै”
iii. खंड (दक), (दख) तथा (दग) क्रमि: खंड (दख), (दग) तथा (दघ) के रूप म ें पुि:संखयांककत
हो िाएँग े और इस प्रकार पुि:संखयांककत खंडों से पूिड, जिम्नजलजखत खंड अंतःस्ट्थाजपत ककया
िाएगा, अथाडत,् -
“(दक) “जिजियामक फीस” स े अजधजियम तथा भारतीय प्रजतभूजत और जिजिमय बोडड
अजधजियम, 1992 (1992 का 15) के तहत काय ड आकद करि े के जलए इि जिजियमों
(रेग्यलू ेिन्स) के तहत बोडड द्वारा ली िािे िाली फीस अजभप्रेत है;”
II. जिजियम 11 म,ें
i. उप-जिजियम (1) जिम्नजलजखत स े प्रजतस्ट्थाजपत हो िाएगा, अथाडत,् -
“(1) प्रत्येक मान्यताप्राप्त स्ट्टॉक एक्सचेंि स ेजिजियामक फीस ली िाएगी, िो बोड डको उि
दरों पर तथा उति ेसमय के भीतर देय होगी िैसा उप-जिजियम (2) और उप-जिजियम (3)
म ेंउल्लेख ककया गया ह ै।”
ii. उप-जिजियम (1) के पश्चात,् जिम्नजलजखत उप-जिजियम अंतःस्ट्थाजपत ककए िाएँगे, अथाडत,् -
“(2) मान्यताप्राप्त स्ट्टॉक एक्सचेंि बोड ड को, अपिे िार्र्डक व्यापाराितड (टिओड िर) के आधार
पर, इि जिजियमों की अिुसूची-III के भाग-क के तहत जिधाडठरत की गई रकम, संबंजधत
जित्तीय िर् डके समाप्त होि ेकी तारीख स ेतीस कदिों के भीतर, अदा करेगा:
स्ट्पष्टीकरण: इस उप-जिजियम के प्रयोििाथ,ड िब्दों “िार्र्डक व्यापाराित”ड स े उि लिेदेिों
(रांिैक्िि) का कुल मूल्य [कृजर् कमोजडटी व्युत्पजियों (डेठरिेठटव्ज़) के व्यापाराित ड
(टिडओिर) को छोड़कर] अजभप्रेत होगा, िो संबंजधत जित्तीय िर् ड के दौराि मान्यताप्राप्त
स्ट्टॉक एक्सचेंि म ेंहुए:
परंत ुयह कक मान्यताप्राप्त स्ट्टॉक एक्सचेंि कृजर् कमोजडटी व्युत्पजियों (डेठरिेठटव्ज़) म ेंहोि े
िाल े लेिदेिों (रांिैक्िि) के कुल मूल्य पर एक लाख रुपय े की सपाट जिजियामक
(रेग्यलू ेटरी) फीस अदा करेंग े।
(3) मान्यताप्राप्त स्ट्टॉक एक्सचेंि बोड डको, जित्तीय िर् डकी प्रत्येक जतमाही के समाप्त होि े
की तारीख स ेपंद्रह कदिों के भीतर, उस जतमाही के दौराि जिगडमकताडओं (इश्युअस)ड [जििकी
प्रजतभूजतया ँ(जसक्यूठरटी़) उस मान्यताप्राप्त स्ट्टॉक एक्सचेंि म ें सूचीबद्ध (जलजस्ट्टड) हों] स े
उसके द्वारा ली गई कुल सूचीबद्धता (जलसस्ट्टंग) फीस के दस प्रजतित के बराबर की रकम
भी अदा करेगा:
परंत ु यह कक जित्तीय िर् ड की अंजतम जतमाही की बाबत उप-जिजियम (3) के तहत दये
फीस, उस जतमाही के समाप्त होि ेकी तारीख स ेतीस कदिों के भीतर, उप-जिजियम (2) के
तहत दये फीस के साथ, अदा की िा सकेगी ।
स्ट्पष्टीकरण: इस उप-जिजियम के प्रयोििाथ,ड िब्दों “सूचीबद्धता फीस” स ेमान्यताप्राप्त स्ट्टॉक
एक्सचेंि द्वारा ऐसी ककसी कंपिी या अन्य एंठटटी स ेली गई समस्ट्त फीस अजभप्रेत होगी,
जिसकी प्रजतभूजतया ँ(जसक्यूठरटी़) उस मान्यताप्राप्त स्ट्टॉक एक्सचेंि म ें सूचीबद्ध (जलजस्ट्टड)
और िो फीस ऐसी प्रजतभूजतयों (जसक्यूठरटी़) की सूचीबद्धता के जलए ली गई हो ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(4) उप-जिजियम (2) और उप-जिजियम (3) म ें उजल्लजखत फीस मान्यताप्राप्त स्ट्टॉक
एक्सचेंि द्वारा बैंक खात ेम ेंएिईएफटी / आरटीिीएस / आईएमपीएस के िठरए सीध ेिमा
करके या भारतीय ठऱि ड बैंक द्वारा अिुमत ककसी अन्य माध्यम स ेया “भारतीय प्रजतभूजत
और जिजिमय बोड”ड के पक्ष म ेंजलख ेगए मांग ड्राफ्ट (जडमांड ड्राफ्ट) [िो मुंबई म ेंदये हो] के
माध्यम स े अदा की िाएगी, और फीस की रकम िमा कराए िाि े की सूचिा या मांग
ड्राफ्ट (िो भी लाग ूहो) फीस की गणिा के जििरण के साथ जभििा कदया िाएगा ।
(5) उप-जिजियम (4) म ेंउजल्लजखत फीस की गणिा के जििरण के सही होि ेको चाटडड ड
अकाउंटेंट द्वारा प्रमाजणत ककया िाएगा ।
(6) प्रत्येक मान्यताप्राप्त स्ट्टॉक एक्सचेंि अपि ेिार्र्डक व्यापाराित ड(टिडओिर), स्ट्िय ंद्वारा
ली गई सूचीबद्धता (जलसस्ट्टंग) फीस तथा इि जिजियमों के तहत अदा की गई फीस या दये
फीस के संबंध म ेंऐस ेरजिस्ट्टर बिाए रखेगा और बोड डको ऐसी जििरजणया ँया िािकारी
प्रस्ट्तुत करेगा, िैसा बोड डद्वारा जिधाडठरत ककया िाए ।
(7) उप-जिजियम (6) पर प्रजतकूल प्रभाि डाल े जबिा, मान्यताप्राप्त स्ट्टॉक एक्सचेंि बोड ड
को ऐसी िािकारी या स्ट्पष्टीकरण देि ेका भी दायी होगा, िो इस जिजियम के तहत उसके
जिजियजमत कायों के संबंध म ें और अदा की गई या दये फीस के संबंध म ें बोड ड देि े को
कह।े
(8) िहा ँमान्यताप्राप्त स्ट्टॉक एक्सचेंि की चूक के कारण, कोई फीस िो उप-जिजियम (2)
और उप-जिजियम (3) के तहत अदा की िािी थी ककंत ुया तो अदा िहीं की गई या देरी
स ेअदा की गई या कम अदा की गई, िहा ँिह बोड डको, अजधजियम, जियमों या जिजियमों
(रेग्यलू ेिन्स) के तहत की िा सकि े िाली ककसी अन्य कारडिाई पर प्रजतकूल प्रभाि डाल े
जबिा, जिति ेमहीिों की देरी हुई उस हर महीि ेके जलए या यकद महीिा पूरा ि हुआ हो
तो जिति ेकदिों की देरी हुई उसके जलए, अदा ि की गई रकम या देरी स ेअदा की गई
रकम या अदा की गई कम रकम पर पंद्रह प्रजतित प्रजत िर् ड की दर स े ब्याि अदा
करेगा। ”
iii. मौिूदा उप-जिजियम (2), उप-जिजियम (9) के रूप म ें पिु :संखयांककत हो िाएगा।
III. जिजियम 52 जिम्नजलजखत स े प्रजतस्ट्थाजपत हो िाएगा, अथातड ्,-
“जिरसि और व्यािजृत्तया ँ
52. (1) इि जिजियमों के प्रारंभ स ेही, प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और
समािोधि जिगम) जिजियम, 2012 और जिम्नजलजखत पठरपत्र जिरजसत हो िाएगँे -
(क) तारीख 13 कदसम्बर, 2012 का पठरपत्र (स.ं सीआईआर/एमआरडी/
डीएसए/33/2012) - स्ट्टॉक एक्सचेंिों और समािोधि जिगमों की मान्यता, के
स्ट्िाजमत्ि तथा संचालि (गििसें) के संबंध म ेंप्रकक्रया संबंधी मािदंडों से संबंजधत;
(ख) तारीख 22 िििरी, 2016 का पठरपत्र (स.ं सेबी/एचओ/एमआरडी/
डीएसए/सीआईआर/पी/2016/30) – प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि
और समािोधि जिगम) जिजियम, 2012 के जिजियम 2(1)(ख) में संिोधि के
अिुसरण म ें सेबी के तारीख 13 कदसम्बर, 2012 के पठरपत्र (स.ं
सीआईआर/एमआरडी/डीएसए/33/2012) में संिोधि से संबंजधत ।
(2) ऐसा जिरसि हो िाि ेपर भी, इि जिजियमों के प्रारंभ स ेपूिड जिरजसत जिजियमों तथा पठरपत्रों
(सकुडलस)ड [जििका उल्लेख उप-जिजियम (1) म ेंककया गया ह]ै के तहत की गई ककसी बात
अथिा की गई ककसी कारडिाई या ककए िािे के जलए तात्पर्यडत या आिजयत ककसी कारडिाई के बारे4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
म ेंयह समझा िाएगा कक िह इि जिजियमों के तत्स्ट्थािी प्रािधािों के तहत की गई ह ैया िुरू की
गई ह ैया आिजयत ह ै।
(3) उप-जिजियम (1) में उजल्लजखत जिजियमों और पठरपत्रों के जिरसि के पश्चात,् बोडड द्वारा िारी
ककए गए ककसी जिजियम, कदिाजिदेि (मागडदिडक जसद्धांत / गाइडलाइि), पठरपत्र (सकुडलर) या
जिदेि म ेंउिके ककसी संदभड के बारे म ेंयह समझा िाएगा कक िह इि जिजियमों के सबंंजधत
प्रािधािों के प्रजत एक संदभड ह ै।
(4) प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम,
2021 के प्रारंभ स े ही, भारतीय प्रजतभूजत और जिजिमय बोडड (स्ट्टॉक एक्सचेंिों पर
जिजियामक फीस) जिजियम, 2006 जिरजसत हो िाएँग े।
(5) भारतीय प्रजतभूजत और जिजिमय बोड ड(स्ट्टॉक एक्सचेंिों पर जिजियामक फीस) जिजियम,
2006 के जिरजसत हो िाि े की तारीख स े ही, प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक
एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2021 के प्रारंभ स े पूि ड उपरोि
जिजियमों तथा पठरपत्रों (सकुडलस)ड के तहत की गई ककसी बात अथिा की गई ककसी
कारडिाई या ककए िाि े के जलए तात्पर्यडत या आिजयत ककसी कारडिाई के बार े म ें यह
समझा िाएगा कक िह इि जिजियमों के तत्स्ट्थािी प्रािधािों के तहत की गई ह ैया िुरू
की गई ह ैया आिजयत ह ै।”
IV. अिुसूची-II के पश्चात,् जिम्नजलजखत अिुसूची अंत:स्ट्थाजपत की िाएगी, अथाडत,् -
“अिसु चू ी-III
भाग-क
[जिजियम 11(1) देख]ें
जिजियामक फीस की दर:
क्रम स.ं िार्र्कड व्यापाराित ड(टिओड िर) [करोड़ रुपय ेम]ें फीस की रकम (रु.)
(1) (2) (3)
1 10,000 स े कम या के बराबर 1,00,000/-
2 10,000 से अजधक ककंतु 1,00,000 स े कम या के 10,00,000/-
बराबर
3 1,00,000 से अजधक ककंतु 5,00,000 स े कम या के 50,00,000/-
बराबर
4 5,00,000 से अजधक ककंतु 1,00,00,000/-
10,00,000 स े कम या के बराबर
5 10,00,000 स े अजधक 1,00,00,000 और 10,00,000
करोड़ स े अजधक के िार्र्डक व्यापाराितड
का
0.000012 प्रजतित”
अिय त्यागी, अध्यक्ष
[foKkiu-III/4/vlk./547/2020-21][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
पाद ठटप्पण :
1. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, सं.
सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/41, 3 अिूबर, 2018 को भारत के रािपत्र म ें प्रकाजित
हुए थ े ।
2. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, तत्पश्चात् –
(क) 4 िूि 2019 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम)
(संिोधि) जिजियम, 2019, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/21, द्वारा
(ख) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि)
जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
(ग) 8 अिूबर 2020 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम)
(संिोधि) जिजियम, 2020, स.ं सेबी/एलएडी-एिआरओ/िीएि2020/32, द्वारा
संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 23rd March, 2021
SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING
CORPORATIONS) (AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/12.—In exercise of the powers conferred by sections 4, 8A
and 31 of the Securities Contracts (Regulation) Act, 1956, read with sections 11 and 30 of the Securities
and Exchange Board of India Act, 1992, the Securities and Exchange Board of India hereby makes
the following regulations to further amend the Securities Contracts (Regulation) (Stock Exchanges and
Clearing Corporations) Regulations, 2018, namely:—
1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2021.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations,
2018, -
I. In regulation 2, sub-regulation (1), -
i. After clause (ha), the following clause shall be inserted, namely,-
“(hb) “financial year” means the period of twelve months commencing on the first day of
April every year;”
ii. After clause (o), the following clause shall be inserted, namely,-
“(oa) “quarter” means the period of three months commencing on the first day of April,
July, October and January of each financial year;”
iii. Clause (ra), (rb) and (rc) shall respectively be renumbered as clause (rb), (rc) and (rd) and
before the clauses so renumbered, the following clause shall be inserted, namely,-
“(ra) “regulatory fee” means fees levied by the Board under these regulations for
carrying out the functions under the Act and the Securities and Exchange Board of India
Act, 1992 (15 of 1992);”6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
II. In regulation 11,
i. sub-regulation (1), shall be substituted with the following, namely,-
“(1) Every recognised stock exchange shall be charged, a regulatory fee payable to the
Board, at such rates and within such time as is mentioned in sub-regulation (2) and sub-
regulation (3).
ii. after sub-regulation (1), the following sub-regulations shall be inserted, namely,-
“(2) A recognised stock exchange shall pay to the Board, based on its annual turnover, an
amount specified under Part –A of Schedule -III of these regulations within thirty days of
the conclusion of the relevant financial year:
Explanation: For the purposes of this sub-regulation, the expression “annual turnover”
shall mean the aggregate value of the transactions, excluding turnover on agricultural
commodity derivatives, which took place on the recognised stock exchange during the
relevant financial year:
Provided that the recognized stock exchanges shall pay a flat regulatory fee of one lakh
rupees on aggregate value of the transactions on agricultural commodity derivatives.
(3) A recognised stock exchange shall also pay to the Board, within fifteen days form the
end of each quarter of a financial year, an amount equal to ten per cent of the aggregate of
listing fees collected from the issuers whose securities are listed on it, during that quarter:
Provided that the fees due under sub-regulation (3) in respect of the last quarter of a
financial year may be paid within thirty days of conclusion of the quarter, together with the
fees due under sub-regulation (2).
Explanation: For the purposes of this sub-regulation, the expression “listing fees” shall
mean all fees collected by a recognised stock exchange from any company or other entity
whose securities are listed thereon, towards listing of such securities.”
(4) The fee mentioned in sub-regulation (2) and sub-regulation (3) shall be paid by a
recognised stock exchange by way of direct credit in the bank account through
NEFT/RTGS/IMPS or any other mode allowed by RBI or by means of a demand draft
drawn in favour of “Securities and Exchange Board of India”, payable at Mumbai and the
intimation of remittance or the demand draft, as applicable, shall be forwarded along with
the statement of computation of the fee.
(5) The statement of computation of fees mentioned in sub-regulation (4) shall be certified
to be correct by a chartered accountant.
(6) Every recognised stock exchange shall maintain such registers and furnish such returns
or information to the Board in respect of its annual turnover, the listing fees collected by it
and the fee paid or payable under these regulations, as may be specified by the Board.
(7) Without prejudice to sub-regulation (6), a recognised stock exchange shall also be
liable to furnish such information or explanations to the Board as may be required in
respect of the regulated functions and the fee paid or payable under this regulation.
(8) Where due to the default of the recognised stock exchange, any fee which was liable to
be paid under sub-regulation (2) and sub-regulation (3) remains unpaid or is paid
belatedly or is short-paid, it shall, without prejudice to any other action that may be taken
under the Act, rules or regulations, pay an interest of fifteen per cent per annum on the
amount remaining unpaid or belatedly paid or short-paid, for every month of delay or part
thereof to the Board.
iii. existing sub-regulation (2) shall be re-numbered as sub-regulation (9).[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7
III. In regulation 52,
i. in sub-regulation (2), after the words “and circulars” and before the words “before the”,
the words “referred to in sub-regulation (1)” shall be inserted.
ii. after sub-regulation (3), the following sub-regulations shall be inserted, namely,-
“(4) On and from the commencement of the Securities Contracts (Regulation) (Stock
Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, the
Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges)
Regulations, 2006, shall stand repealed.
(5) On and from the date of repeal of Securities and Exchange Board of India
(Regulatory Fee on Stock Exchanges) Regulations, 2006, anything done or any
action taken or purported to have been taken or contemplated under the said
regulations and circulars before the commencement of Securities Contracts
(Regulation) (Stock Exchanges and Clearing Corporations) (Amendment)
Regulations, 2021 shall be deemed to have been done or taken or commenced or
contemplated under the corresponding provisions of these regulations.”
IV. After Schedule –II, the following Schedule shall be inserted, namely,-
“SCHEDULE – III
PART – A
[See regulation 11(1)]
Rate of Regulatory Fee:
Sr. No. Annual Turnover (Rupees in crores) Amount of fee (Rs.)
(1) (2) (3)
1 Less than or equal to 10,000 1,00,000/-
2 More than 10,000 but less than or equal to 1,00,000 10,00,000/-
3 More than 1,00,000 50,00,000/-
but less than or equal to 5,00,000
4 More than 5,00,000 but less than or equal to 1,00,00,000/-
10,00,000
5 More than 10,00,000 1,00,00,000 plus
0.000012 per cent of the annual
turnover
in excess of 10,00,000 crores.”
AJAY TYAGI, Chairman
[Advt. III/4/Ext./547/2020-21]
Footnote:
1. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations,
2018 were published in the Gazette of India on 3rd October 2018 vide No. SEBI/LAD-
NRO/GN/2018/41.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
2. The Securities and Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations,
2018 were subsequently amended –
(a) 4th June, 2019, the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/21.
(b) 17th April, 2020, the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, vide No.
SEBI/LAD-NRO/GN/2020/10.
(c) 8th October, 2020, the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/32.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.