SEBI directs MIIs to implement Uniform Charges from October 1

The securities and Exchange Board of India has instructed Market Infrastructure Institutions including stock exchanges to charge all their members uniformly from October 1. 

In the prevailing system, there is payment made by MIIs in a volume based slab chart structure. MIIs like stock brokers, depositories participants usually collect fee from their clients daily. From now no discounts will be given which are based on trading volumes. This is because as per rules of SEBI, MIIs are the first level of regulator and are entrusted with the responsibility of providing equal, unrestricted, transparent and fair access to all market participants. 

Currently the market participants earn a lot of money in the grey area of of the rules of exchange transaction. A fee charged by brokers daily for the trades made for clients is usually a flat fee at the higher end of the slab and retain the benefit of the higher volumes and lower taxes. 

"To begin with the new change structure designed by MIIs should give due consideration to existing per unit charges realised by MIIs so that the end clients benefit from the reduction of charges. " said SEBI in its latest circular.