There have been reports in certain sections of the press that a number of BSE Brokers are surrendering the membership in anticipation of their not being able to meet liabilities on account of SEBI turnover tax by March 31, 2003. In this connection, the Exchange wishes to clarify that as of date no member of BSE has approached the Exchange for surrendering his membership right on account of the above reason.

It is further clarified that over 95% of the active members of BSE have furnished information regarding the turnover and are in the process of paying their turnover fee dues to SEBI as per the schedule stipulated by SEBI.

The fears of media in this regard, therefore, appear to be unfounded.

 March 26, 2003