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Regulations

D C Anjaria Committee on Review of SEBI Fee Structure for Stock Brokers

The fee structure for the brokers prescribed in the regulations was based on the recommendations made way back in 1992 by the R S Bhatt Committee. The recommendations of the Committee were based on the then level of brokerage earned by the brokers. Over the next decade, the market structure witnessed sea change, which coupled with fierce competition among brokers, has brought down the level of brokerage drastically. This necessitated a review of the fee structure for the stock brokers. Accordingly, on January 21, 2002, SEBI constituted a Committee under the Chairmanship of Mr. D. C. Anjaria to review the fee structure for the stock brokers. The Committee submitted its report during November 2003.

Personalities and Institutions

SEBI - An Evolution of Legislative Empowerment

The article traces the evolution of SEBI from its conceptualization in the G.S. Patel Committee Report, 1985 to its establishment in the year 1988, its empowerment through legislation as a statutory body in the year 1992 and beyond. Accordingly, this article highlights the salient features of Acts such as the SEBI Act, 1992, the Depositories Act, 1996, the Securities Contracts [Regulation] Act, 1956, and the Companies Act, 2013. The article also delves into the details of the important legislative empowerment of SEBI through legislative amendments in the years 1995, 1999, 2002, 2004, 2014, 2015 and 2019.