 OTC
EXCHANGE OF INDIA Ref.: 2963/2003/CP/MDD/1844 18th December 2003 Dear Members/Dealers Subject:
Refund of excess fees paid by Stock Brokers to SEBI SEBI
vide their circular no. MIRSD/Reg-1/AK/23447/2003 dated 11th
December 2003 has issued the following circular. The SEBI
circular reads as follows: Quote This
is further to circular no. SMD/DBA-II/Cir-09/2002 dated 23rd
April 2002 regarding refund of excess fees paid by Stock
Brokers to SEBI. In addition to the requirement prescribed
vide aforementioned circular, all applications for refund of
excess fees should be accompanied by an affidavit from the
broker on non-judicial stamp paper of Rs.20/- to the effect
that he/it/its group companies, associate, subsidiaries,
related parties, directors etc. do not owe any dues to SEBI.
For this purpose, entities would be considered to be in the
same group if: a.
the same person, by himself or in combination with
relatives, directly or indirectly exercises control over
both the entities or, b.
they are under the same management within the meaning
of section 370 (1B) of the Companies Act, 1956 or, c.
where one entity directly or indirectly exercises
control over the other entity. ‘Control’
for this purpose means control as defined in regulation 2
(1) (c) of the SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997. Unquote All the Members/Dealers are requested to take a note of the same. Thanking you. Yours faithfully, Ajay C Singhvi Asst. Vice President
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