Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Third Amendment) Regulations, 1998 - S.O. No.1078(E) - SEBI/LE/3867/98 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 16th December, 1998 S.O. 1078 (E).- In exercise of the powers conferred by sub-section (1) of Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992: 1. (i) These Regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Third Amendment) Regulations, 1998. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In Schedule III of the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, the following new Paragraph 5 be inserted after the Paragraph 4, namely :- 5. If a stock broker fails to remit fees in accordance with Paragraph 1 and 2, he shall be liable to pay interest @ 15% per annum for each month of delay or part thereof : Provided that the liability to pay interest as aforesaid may be addition to any other action which the Board may take as deem fit against the stock broker under the Act, or the Regulations; Provided further that if the liability of the stock broker on account of payment of interest works out to be ₹ 100 or less the same may be waived off by the Board taking into consideration the administrative cost involved in recovering the said amount. [F. No. SEBI/LE/3867/98] D. R. MEHTA, Chairman Foot Note: (1) Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, the Principal Regulations, was published in the Gazette of India on 23 October, 1992, vide G.S.R. 780(E). (2) It was subsequently amended on : (a) 28 November, 1995 by the SEBI (Payment of Fees) Amendment Regulations, 1995 vide S.O. No 939(E). (b) 5 January, 1998 by SEBI (Stock Brokers and Sub-Brokers) Regulations, 1998 vide S.O. No. 13(E).