SEBI Notifies SCRA (Stock Exchanges & Clearing Corporations) Regulations 2021
Shivani Jain | Updated: Apr 17, 2021 | Category: SEBI Advisory
The Securities and Exchange Board of India, on 23.03.2021, has passed a Notification No SEBI/LAD-NRO/GN/2021/12, prescribing the Stock Exchanges & Clearing Corporations Regulations 2021. The said rules seek to amend the provisions of SCRA (Stock Exchanges and Clearing Corporations) Regulations 2018.
These regulations are passed under the ambit of the powers provided by sections 4, 8A, and 31 of the Securities Contracts (Regulation) Act 1956, together with
Also, it shall be noted that these amended regulations will come into force from the date of publication in the Official Gazette.
In this learning blog, we will cover the key changes and amendments bought by way of SCRA (Stock Exchanges & Clearing Corporations) Regulations 2021.
Key Provisions of SCRA (Stock Exchanges & Clearing Corporations) Regulations 2021
The key provisions or amendments are as follows:
Insertion of Clause (hb)
It shall be noted that after the provisions of clause (ha), the following clause will be inserted, namely, (hb). The said clause states that ‘financial year’ denotes the period of twelve months starting on the first day of April every year.
Insertion of Clause (oa)
It shall be noted that after the provisions of clause (o), the following clause will be inserted, namely, (oa). The said clause states that ‘quarter’ denotes the period of three months starting on the first day of April, July, October, and January of each financial year.
Renumbering of Clause (ra), (rb), (rc)
Clause (ra), (rb), and (rc) will respectively be renumbered now as clause (rb), (rc), and (rd), and it shall be noted that prior to the clauses so renumbered, the following new clause will be inserted, namely, (ra).
Further, the said newly inserted clause states that ‘regulatory fee’ denotes fees imposed by the SEBI under these regulations for carrying out the operations and functions under the Act and the SEBI Act 1992[1].
Substitution of Sub regulation (1) Regulation 11
The sub regulation (1) of Rule 11 will now be substituted with the new one, which is as follows:
- Every RSE (Recognised Stock Exchange) will be charged with a regulatory fee payable to the SEBI at such rates and time as is prescribed in sub regulation (2) and subregulation (3).
Also, it shall be noteworthy to note that after sub regulation (1), the new sub regulation, namely (2),shall be inserted. Moreover, the existing sub regulation (2) will now be renumbered as sub regulation (9).
Substitutions in Regulation 52
In sub regulation (2), the word ‘referred in sub regulation 1’ will be inserted after the words ‘and circulars’ and before the words ‘before the’.
Also, it shall be taken into consideration that new sub regulation (4) and (5) will be inserted after sub regulation (3).
Insertion of Annexure III
After Annexure II, a new annexure named Annexure III will be inserted, which is as follows:
Schedule III
Part A
See Regulation 11 (1)
Rate of the Charged Regulatory Fees
| Sr. No (1) | Annual Turnover (Rupees in Crores) (2) | Amount of Fees (in Rs) (3) |
| 1. | Less than or equal to Rs 10, 000 | Rs 1, 00, 000 |
| 2. | More than Rs 10, 000 but less than or equal to Rs 1, 00, 000 | Rs 10, 00, 000 |
| 3. | More than Rs 1, 00, 000 but less than or equal to Rs 5, 00, 000 | Rs 50, 00, 000 |
| 4. | More than Rs 5, 00, 000 but less than or equal to Rs 10, 00, 000 | Rs 1, 00, 00, 000 |
| 5. | More than Rs 10, 00, 000 | Rs 1, 00, 00, 000 plus 0.000012 percent of the total annual turnover in excess of Rs 10, 00, 000 crores. |
Conclusion
In a nutshell, on 23.03.2021, the apex market regulator, i.e., SEBI, has passed the SCRA (Stock Exchanges & Clearing Corporations) Regulations 2021, which seek to amend the provisions of SCRA (Stock Exchanges and Clearing Corporations) Regulations 2018.
Further, the amended provisions will come into effect from the date of publication in the official gazette.
Also, Read: SEBI (Investment Advisers) (Second Amendment) Regulations 2021: A Guide
