Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) (Second Amendment) Regulations, 2024

Last updated: 13 May 2024

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The Securities and Exchange Board of India (SEBI) has introduced the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024. These new rules, effective from their publication date, update the 2018 regulations. Key changes include revised fee payment timelines for recognised stock exchanges, requiring monthly payments based on annual turnover and a flat fee for agricultural commodity derivatives.

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th May, 2024
SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (SECOND AMENDMENT) REGULATIONS, 2024

No. SEBI/LAD-NRO/GN/2024/174.—In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts (Regulation) Act, 1956, read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992, the Board hereby makes the following regulations to further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, namely, –

1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Second Amendment) Regulations, 2024.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, in regulation 11, -

I. sub-regulation (2) shall be substituted with the following sub-regulation, namely,–

“(2) A recognised stock exchange shall pay to the Board, within fifteen days from the end of each month, the amount provided in Part–A of Schedule-III to these regulations on its annual turnover for the financial year till the end of that month, after adjusting any regulatory fee already paid in that financial year:

Explanation: For the purpose of this sub-regulation, the expression “annual turnover” shall mean the aggregate value of the transactions, excluding turnover on agricultural commodity derivatives, which took place on the recognised stock exchange during the relevant financial year:

Provided that the recognized stock exchanges shall also pay, within fifteen days from the end of the financial year, a flat regulatory fee of one lakh rupees on the aggregate value of the transactions on agricultural commodity derivatives.”

II. in sub-regulation (3), -
A. for the words “quarter of a financial year”, the word “month” shall be substituted.
B. the word “quarter” appearing after the words “during that” shall be substituted with the word “month”.
C. the proviso shall be omitted.

BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./097/2024-25]

FAQ :

The new regulations are called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024.

These regulations come into force on the date of their publication in the Official Gazette.

Recognised stock exchanges must now pay fees to SEBI within fifteen days from the end of each month, based on their annual turnover. They also need to pay a flat regulatory fee of one lakh rupees on the aggregate value of transactions for agricultural commodity derivatives within fifteen days from the end of the financial year.

Annual turnover means the aggregate value of transactions on a recognised stock exchange during the relevant financial year, excluding turnover on agricultural commodity derivatives.

Yes, references to a 'quarter of a financial year' have been substituted with 'month' in sub-regulation (3) of regulation 11.

Notification No : No. SEBI/LAD-NRO/GN/2024/174
Source : https://egazette.gov.in/(S(43pbvwm15simcxwlqowfxmzu))/ViewPDF.aspx

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