Annual turnover' can't be interpreted to include only brokerage for computing registration fee: SC

Annual turnover' can't be interpreted to include only brokerage for computing registration fee: SC

November 26, 2015[2015] 63 taxmann.com 311 (SC)

SEBI : Annual turnover of stock broker as per Explanation after paragraph 3 to Schedule III to SEBI (Stock Brokers & Sub Brokers) Regulations, 1992 must include value of entire

transaction, for purpose of computing registration fee as per Schedule III of Regulations and in no case term 'annual turnover' can be so interpreted as to mean only amount earned by stock broker by way of brokerage

 [2015] 63 taxmann.com 311 (SC)

SUPREME COURT OF INDIA

Securities and Exchange Board of India

v.

ICAP India (P.) Ltd.