50% with more installment facility.

In effect the earlier demands of registration fee

of
Rs.2.5 lakhs, Rs.1.5 lakhs and Rs.50,000/- respectively on different categories of
members were brought down to Rs.1.45 lakhs, Rs.87,000/- and Rs.29,000/-
respectively. Even to this reduced offer of the Board, the members of the Stock
Exchanges and the stock brokers had their opposition which is evident from the
letter
dated 25th of April, 1992 addressed to the Finance Minister of India by the
Presidents
of all the 22 Stock Exchanges which are recognised and regulated by the Union of
India under the Securities Contracts (Regulation) Act, 1956 (the SCR Act). By the
said letter the Stock Exchanges sought exemption from the requirement of
registration by their members. Their further demand was that there should be, if at
all necessary, a simplified form for registration and only nominal fee for
registration
of Rs.1,000/- payable at one time only should be collected from each of their
members.
6. The Union of India by a notification dated 20th of August, 1992 issued in
exercise
of powers conferred by Section 29 of the Act notified the Securities & Exchange
Board of India (Stock brokers and Sub-brokers) Rules, 1992 (the Rules). Rule 3 of
the said Rules provides that no stock broker shall buy sell and deal in securities
unless he holds a certificate granted by the