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Date: 10-May-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts Regulation Act,

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024. These regulations amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.

Key Changes

  • Regulatory fees for recognized stock exchanges are now to be paid monthly instead of quarterly.
  • The recognized stock exchange shall pay to the board, within fifteen days from the end of each month, the amount provided in Part–A of Schedule-III to these regulations on its annual turnover for the financial year till the end of that month, after adjusting any regulatory fee already paid in that financial year.
  • The definition of “annual turnover” includes the aggregate value of transactions, excluding turnover on agricultural commodity derivatives, which took place on the recognized stock exchange during the relevant financial year.
  • Recognized stock exchanges must also pay a flat regulatory fee of one lakh rupees on the aggregate value of transactions on agricultural commodity derivatives within fifteen days from the end of the financial year.
  • The amendment removes the proviso related to quarterly payments in sub-regulation (3) of regulation 11 of the 2018 regulations.

Impact Analysis

Stock Exchanges

  • Stock exchanges will need to pay a flat regulatory fee of INR 1 lakh on agricultural commodity derivatives transactions annually.

SEBI

  • SEBI's regulatory oversight will be enhanced through more frequent reporting and payments.

Clearing Corporations

  • The notification does not appear to directly impact clearing corporations, as the amendments primarily concern the regulatory fees payable by stock exchanges.

Action Items for Stock Exchanges

  • Communicate the changes to relevant departments within the organization.

Key Entities Referenced

SEBI: Securities and Exchange Board of India, the regulatory body issuing the notification. Securities Contracts (Regulation) Act, 1956: The Act that empowers SEBI to regulate securities contracts. Securities and Exchange Board of India Act, 1992: The Act that established SEBI and defines its powers and functions. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018: The principal regulations being amended by this notification. Recognized Stock Exchanges: Stock exchanges recognized by SEBI and subject to these regulations. Clearing Corporations: Entities involved in the clearing and settlement of securities transactions.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-10052024-254153 xxxGIDHxxx CG-MH-E-10052024-254153 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 328] िई ददल्ली, ि क्रिार, मई 10, 2024/ििै ाख 20, 1946 No. 328] NEW DELHI, FRIDAY, MAY 10, 2024/VAISAKHA 20, 1946 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा म ंबई, 10 मई, 2024 प्रजतभजू त सजं िदा (जिजियमि) (स्ट्टॉक एक्सचिें और समािोधि जिगम) (दसू रा सिं ोधि) जिजियम, 2024 स.ं सबे ी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/174 - बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड 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 प्रदाि की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता है, अथाडत,् - 1. इि जिजियमों को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2024 कहा िा सकेगा । 2. ये जिजियम रािपत्र म ें इिके प्रकाजित होिे की तारीख से लाग ू होंगे । 3. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 म,ें जिजियम 11 म,ें- I. उप-जिजियम (2) के स्ट्थाि पर जिम्नजलजखत उप-जिजियम आ िाएगा, अथाडत,् - 2987 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “(2) मान्यताप्राप्त स्ट्टॉक एक्सचेंि बोड ड को, हर महीिा समाप्त होि े की तारीख से पंद्रह ददिों के भीतर, इि जिजियमों की अि सूची-III के भाग-क म ें जिधाडठरत की गई रकम अदा करेगा, और इस रकम की गणिा इस आधार पर की िाएगी दक जित्तीय िर् ड के उसके िार्र्डक व्यापाराितड के जहसाब से उस महीिे तक दकतिी रकम बिती है, और उस रकम म ें स े उस जित्तीय िर्ड म ें पहल े स े अदा की िा च की जिजियामक (रेग्यूलेटरी) फीस की रकम घटा दी िाएगी: स्ट्पष्टीकरण: इस उप-जिजियम के प्रयोििाथड, िब्दों “िार्र्कड व्यापाराितड” का अथड ह ै – संबंजधत जित्तीय िर्ड के दौराि मान्यताप्राप्त स्ट्टॉक एक्सचेंि में हुए लेिदिे (रांिैक्िि) का क ल मूल्य [कृजर् कमोजडटी डेठरिेठटि के व्यापारितड (टिओड िर) को छोड़कर]: परंत यह दक मान्यताप्राप्त स्ट्टॉक एक्सचेंि, जित्तीय िर्ड के समाप्त होिे की तारीख से पंद्रह ददिों के भीतर, कृजर् कमोजडटी डेठरिेठटि में हुए लिे देि (रांिैक्िि) के क ल मल्ू य पर एक लाख रुपय े की सपाट जिजियामक (रेग्यूलेटरी) फीस भी अदा करेंग े।” II. उप-जिजियम (3) म,ें- क. िब्दों “जित्तीय िर्ड की प्रत्येक जतमाही के” के स्ट्थाि पर िब्द “हर महीिा” आ िाएगा । ख. िब्द “पंद्रह ददिों के भीतर, उस” के बाद और िब्दों “के दौराि” से पहल े ददए हुए िब्द “जतमाही” के स्ट्थाि पर िब्द “महीि”े आ िाएगा । ग. परंत क हट िाएगा । बबीता राय डू, कायडपालक जिदिे क [जिज्ञापि-III/4/असा./097/2024-25] पाद ठटप्पण : 1. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/41, 3 अिूबर, 2018 को भारत के रािपत्र में प्रकाजित हुए थे । 2. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, तत्पश्चात् – (क) 4 िूि 2019 को प्रजतभूजत सजं िदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2019, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/21, द्वारा (ख) 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी 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 (घ) 23 माच,ड 2021 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2021, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/12, द्वारा (ङ) 13 अगस्ट्त, 2021 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2021, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/44, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 (च) 12 अगस्ट्त, 2022 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2022, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2022/93, द्वारा (छ) 15 ििम्बर, 2022 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2022, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2022/104, द्वारा (ि) 28 फरिरी, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2023, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/124, द्वारा (झ) 24 िल ाई, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/139, द्वारा (ञ) 22 अगस्ट्त, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (तीसरा संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/148, द्वारा (ट) 26 अप्रलै , 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2024, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िीएि/2024/171, द्वारा सिं ोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 10th May, 2024 SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (SECOND AMENDMENT) REGULATIONS, 2024 No. SEBI/LAD-NRO/GN/2024/174.—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 Board 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) (Second Amendment) Regulations, 2024. 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, in regulation 11, - I. sub-regulation (2) shall be substituted with the following sub-regulation, namely,– “(2) A recognised stock exchange shall pay to the Board, within fifteen days from the end of each month, the amount provided in Part–A of Schedule-III to these regulations on its annual turnover for the financial year till the end of that month, after adjusting any regulatory fee already paid in that financial year: Explanation: For the purpose 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 also pay, within fifteen days from the end of the financial year, a flat regulatory fee of one lakh rupees on the aggregate value of the transactions on agricultural commodity derivatives.”4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] II. in sub-regulation (3), - A. for the words “quarter of a financial year”, the word “month” shall be substituted. B. the word “quarter” appearing after the words “during that” shall be substituted with the word “month”. C. the proviso shall be omitted. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./097/2024-25] 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. 2. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 were subsequently amended on– (a) 4th June, 2019, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/21. (b) 17th April, 2020, by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020vide No. SEBI/LAD-NRO/GN/2020/10. (c) 8th October, 2020, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/32. (d) 23rd March, 2021, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/12. (e) 13th August, 2021, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/44. (f) 12th August 2022, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/93. (g) 15th November, 2022, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/104. (h) 28th February, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/124. (i) 24th July, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/139. (j) 22nd August, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/148. (k) 26th April, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/171. 5Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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