BSE denies reports on brokers surrendering membership
By Our Markets Bureau | 26 Mar 2003
Mumbai:
The Bombay Stock Exchange (BSE) in a press communiqué
said 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 the Securities and Exchange
Board of India (SEBI) turnover tax by 31 March 2003.
In this connection, the BSE wishes to clarify that as of date no member of the BSE has approached the exchange for surrendering his or her membership right on account of the above reason.
It is further clarified that over 95 per cent of the active members of the 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 the media in this regard, therefore, appear to be unfounded, the BSE added.
