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Journalism of Courage
Stock markets are bullish and corporate sector performance improved in 2003-04 but the capital market regulator’s income has declined during the year.
Securities and Exchange Board of India’s (Sebi) income from various fees received from the different market intermediaries in 2003-04 has witnessed a significant dip to Rs 88 crore from Rs 121 crore in 2002-03. The Sebi fee includes recurring and non-recurring revenue it receives from various market intermediaries, Sebi said in its annual report.
Incidentally, funds with the regulators like the Sebi or IRDA never go to the government coffers. And the regulators decide themselves on how to use these funds. A controversy broke last year when some MPs demanded the regulators to deposit these funds to the Consolidated Funds of India.
The biggest contributor to the Sebi’s revenue in FY 03-04 were stock brokers and sub-brokers who contributed Rs 63.43 crore as against the previous year’s contribution of Rs 100.36 crore.
The income from foreign institutional investors (FIIs) registration has fallen from Rs 3.39 crore to Rs 2.49 crore.
