General Manager
Secondary Market Department
e-mail : pkb@sebi.gov.in

SEBI/SMD/SE/25/2003/ 19 /06
June 19, 2003

The Executive Director / Managing Director
All Stock Exchanges

Dear Sir / Madam,

SEBI, vide its circular no. SMDRP/CIR-14/98 dated April 29, 1998 had prescribed that the Stock Exchanges shall fix the quantum of listing fees after obtaining approval from SEBI. It has now been decided that the stock exchanges will have the freedom to charge listing fees without seeking approval of SEBI.

Accordingly, the exchanges are directed to make necessary amendments to the bye-laws, rules and regulations/listing agreement in order to incorporate the specific provisions regarding the same.

This circular is being issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.

Accordingly, the Exchanges are directed to make necessary amendments to the rules or Articles of Association / Bye-laws for the implementation of the above decision within two months from the date of this circular.

The exchanges are directed to bring the provisions of this circular to the notice of the companies listed on the exchange, the member brokers/clearing members of the exchange and also to disseminate the same on the website for easy access to the investors.

The exchanges are also directed to communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report for the month of June 2003.

Yours faithfully,

P.K. BINDLISH

Source : www.sebi.gov.in