New Delhi, a day after market regulator Sebi directed stock exchanges and other market infrastructure institutions (MIIs) to implement a uniform and uniform fee structure for all members instead of different fees based on their volume or activity. Shares of stock broking firms fell on Tuesday. ,
Angel One stock fell 10.50 per cent, Geojit Financial Services stock fell 5.86 per cent, Dolat Algotech stock fell 5.39 per cent, 5Paisa Capital stock fell 4.51 per cent, Motilal Oswal Financial Services stock fell 3.70 per cent and SMC Global Securities stock fell 2.41 percent. On BSE.
The regulator directed stock exchanges, clearing corporations and depositories constituted as MIIs to ensure that any fees charged from the end customer are 'in line with the label'.
This means that if a certain fee is charged to the end customer by the members – stock brokers, depository participants, clearing members – then the MII should ensure that the same amount is received by them.
"Initially, the new charge structure designed by the MIIs should take due account of the existing per unit charges received by the MIIs, so that the end customers benefit from the reduction in charges," Sebi said in a circular on Monday.
The regulator has asked MIIs to follow these additional principles while designing procedures for charges levied on their members, which are to be recovered from end customers.
MIIs, being public utility institutions, act as first-tier regulators, and are entrusted with the responsibility of providing equal, unrestricted, transparent and fair access to all market participants.
Angel One stock fell 10.50 per cent, Geojit Financial Services stock fell 5.86 per cent, Dolat Algotech stock fell 5.39 per cent, 5Paisa Capital stock fell 4.51 per cent, Motilal Oswal Financial Services stock fell 3.70 per cent and SMC Global Securities stock fell 2.41 percent. On BSE.
The regulator directed stock exchanges, clearing corporations and depositories constituted as MIIs to ensure that any fees charged from the end customer are 'in line with the label'.
This means that if a certain fee is charged to the end customer by the members – stock brokers, depository participants, clearing members – then the MII should ensure that the same amount is received by them.
"Initially, the new charge structure designed by the MIIs should take due account of the existing per unit charges received by the MIIs, so that the end customers benefit from the reduction in charges," Sebi said in a circular on Monday.
The regulator has asked MIIs to follow these additional principles while designing procedures for charges levied on their members, which are to be recovered from end customers.
MIIs, being public utility institutions, act as first-tier regulators, and are entrusted with the responsibility of providing equal, unrestricted, transparent and fair access to all market participants.
