Securities And Exchange Board Of India (Stock Brokers And Sub-Brokers) (Second Amendment) Regulations, 1998. - S.O. No.75(E) - SEBI/LE/2351/98 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21st January, 1998 S.O. 75(E).- In exercise of the powers conferred by sub-section (i) 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. These Regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 1998. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, the following new clause 4 shall be inserted, after explanation to clause 3, 4. Where a corporate entity has been formed by converting the individual or partnership membership card of the exchange, such corporate entity shall be exempted from payment of fee for the period for which the erstwhile individual or partnership member, as the case may be, has already paid the fees subject to the condition that the erstwhile individual or partner shall be the whole time Director of the corporate member so converted and such Director will continue to hold minimum 40% shares of the paid-up equity capital of the corporate entity for a period of atleast three years from the date of such conversion. [F.No. SEBI/LE/2351/98] D.R. MEHTA, CHAIRMAN FOOT NOTE :-( 1) SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, the principal regulation, was published in the Gazette of India on October 23, 1992, vide G.S.R. 780 (E). (2) It was subsequently amended on : (a) November 28, 1995 by the SEBI (Payment of Fees) Amendment Regulations, 1995 vide S.O. No. 939 (E) (b) January 5, 1998 by SEBI (Stock Brokers and Sub-Brokers) Amendment Regulations, 1998 vide S.O. No. 13 (E)