Registration of members/dealers of over the counter exchange of india (otcei)-reg.. - Service Tax - 18/12/96

Registration of members/dealers of over the counter exchange of India (otcei)-reg.. SERVICE TAX CIRCULAR NO 18/12/96 DATED - 04-11-1996 Attention is invited to Service Tax Circular No. 12/6/96 (F. No. 148/5/96-CX.4) dated 16th September, 1996 where the Board has clarified that trading Members/Stock Brokers of the National Stock Exchange will have to register their premises with the Central Excise Comnmissionerate having the jurisdiction over the place from where trading Member operate their business. It is hereby clarified that the above instructions will apply mutatis mutandis to the Members/Dealers of over the Counter Exchange of India (OTECI). Thus, the Members and Sellers of OTECI will require to be registered with Central Excise Commissionerate having jurisdiction over the place of operation of their business. Similarly, if domestic stock exchange allow trading by members/dealers through computers from other centers outside the jurisdiction (viz. BOLT), such members/dealers will be required to be registered with Central Excise Commissionerate having jurisdiction over the place of operation of their business. It is further clarified that even if the member/dealer has registered himself as a stockbroker of a conventional stock exchange for transaction of securities of that Stock Exchange, he has to separately apply for registration as a member/dealer of OTECI, National Stock Exchange etc. for sale or purchase of securities listed on such Exchange. Trade and field formations may be advised accordingly.