200 SKSE brokers yet to pay Sebi fees

Around 200 brokers of the Saurashtra Kutch Stock Exchange (SKSE) have not paid their Sebi registration fees, according to data provided by bourse.

"Of the 425 share brokers on the SKSE, 200 have not yet paid the SEBI registration fees. Many of them have unpaid fees of around Rs 50,000 each," said V P Vaishnov, director-SKSE.

Before taking any strict action against the brokers who have not yet paid the registration fees, the stock markets regulator has offered an exemption scheme.

According to the scheme, if a stockbroker pays the entire outstanding amount of principal as well as 20 per cent of the outstanding interest by October 15, the balance outstanding interest will be waived.

Meanwhile, all such brokers have been served with statements of outstanding dues by SKSE authorities.

Meanwhile, officers of the CID-Gandhinagar have started investigations into the SKSE. This follows the incidence of Dabba trading that came to notice in June 2003. Sebi had then passed on the charge of the investigations to CID-Gandhinagar.

The CID officers raided five stock brokers connected with Dabba trading.

It was noticed that illegal traders were active in Jamnagar, Bhuj, Junagadh.