Registration of Members/Dealers Over the Counter Exchange of India (OTCEI) - Service Tax - Trade Notice No. 141/96 - Cochin

Attention is invited to this office Trade Notice No. 113/96, dated 14-10-1996 wherein it has been decided that Trading Members/Stock Brokers of National Stock Exchange will have to register their premises with the Central Excise Commissionerate having jurisdiction over the place from where trading member operate their business. The above instructions will apply mutatis mutandis to the members/dealers of Over the Counter Exchange of India (OTCEI). Thus the members and dealers of OTCEI are required to register with Central Excise Commissionerate having jurisdiction over the place of operation of their business. Similarly if domestic stock exchanges allow trading by members/dealers through computers from other centres outside their jurisdiction (viz. BOLT) such members/dealers are required to be registered with the Central Excise Commissionerate having jurisdiction over the place of operation of their business. It may also be noted that even if the member/dealer has registered himself as a stock broker 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 OTCEI, National Stock Exchange etc. for sale or purchase of securities listed on such exchange.