Registration of Stock Brokers of National Stock Exchange - Service Tax - 12/06/96

Service Tax Registration of Stock Brokers of National Stock Exchange Service Tax Circular No. 12/6/96 Dated 16-9-1996 I am directed to refer to Para 1 of Board's Service Tax Circular No. 4/4/94 dated 6-9-1994, wherein it was clarified that a stock broker registered with a particular Stock Exchange has to apply for registration with the Commissioner of Central Excise having jurisdiction over the place in which the concerned Stock Exchange is situated, irrespective of whether all offices of the stock broker are situated within or outside the jurisdiction of the said Commissionerate. Doubts have been expressed regarding registration of members/Stock Brokers of National Stock Exchange having its Headquarters at Mumbai. The matter has been examined by the Board. National Stock Exchange permits its members to operate from any part of India through satellite network owned, operated any managed by National Stock Exchange using Very Small Aperture Terminals (VSAT) installed at trading members office whereas the members of local stock exchange is required to carry on business compulsorily within the jurisdiction of the said Stock Exchange where he is registered. Board is of the view that Trading members/Stock Brokers of National Stock Exchange will have to register their premises with the Central Excise Commissionerate having the jurisdiction over the place where trading membership is granted and infrastructural facilities are provided for installing the Very Small Aperture Terminals and operating the business. Trade and field formations may be advised accordingly.