2009 (6) TMI 61

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..... andum of Association and Articles of the appellants, they act as a market intermediary for facilitating the transactions of the members of the MSE and with other stock exchanges where the appellants are members. They provide terminals for the members of the MSE to trade with Mumbai Stock Exchange and other Stock Exchanges – Held that - The appellants cannot be considered as stock broker as they ar .....

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..... ection 65(101) of the Finance Act, 1994 rendering taxable service in the terms of section 65(105). 2. We have heard both sides. Stock broker has been defined in section 65(101) as follows: '(101) 'Stock broker' means a person, who has either made an application or registration or is registered as a stock broker or sub-broker, as the case may be, in accordance with the rules and regulations m .....

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..... and other Stock Exchanges. Only the Members of the MSE are eligible to become members of the appellants and the said members of the MSE continued to function independently as stock brokers. The members render service as stock brokers and receive commission or brokerage from the investors directly and pay fees to the appellants for the facilities availed. The appellants cannot be considered as stoc .....

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