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TMI BlogStock BrokerX X X X Extracts X X X X X X X X Extracts X X X X ..... (Regulation) Act, 1956 "recognised stock exchange" means a stock exchange which is for the time being recognised by the Central Government under section 4. As per section 4 of the Securities Contracts (Regulation) Act, 1956 (1) If the Central Government is satisfied, after making such inquiry as may be necessary in this behalf and after obtaining such further information, if any, as it may require: (a) that the rules and bye-laws of a stock exchange applying for registration are in conformity with such conditions as may be prescribed with a view to ensure fair dealing and to protect investors; (b) that the stock exchange is willing to comply with any other conditions (including conditions as to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Gazette of the State in which the principal office as of the stock exchange is situate, and such recognition shall have effect as from the date of its publication in the Gazette of India. (4) No rules of a recognised stock exchange relating to any of the matters specified in sub- section (2) of section 3 shall be amended except with the approval of the Central Government. Meaning of Securities - 65(93) "securities" has the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; As per clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; "securities" includes- (i) shares, scrips, stocks, bonds, debentures, debenture stock or o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued on technical issues relating to service tax stand withdrawn." B. Extracts from Circular No. D.O. F. No.334/13/2009-TRU dated 6-7-2009 3.2 Stock-broker Service [section 65(105)(a)]: The present definition of a stockbroker [section 65(101)] includes sub-broker as well. A number of cases have been booked in the recent past where the sub-brokers have been asked to pay tax on the remuneration they receive from the stockbroker. Previously, the sub-brokers could issue contract note and receive amounts from the investors. With effect from 01.06.2005, SEBI regulations have prohibited sub-brokers from these activities. The role of sub-brokers has thus reduced substantially. Considering that the entire broking charges are anyway ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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