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Published on 7 April 2025

Impact of New GST Regulations on SEBI Fees and Compliance

Introduction

On July 18, 2022, the Securities and Exchange Board of India (SEBI) released Circular No. SEBI/HO/GSD/TAD/CIR/P/2022/0097, which impacts market infrastructure institutions, registered intermediaries, and companies listed or intending to list their securities. This circular addresses recent changes concerning the Goods and Services Tax (GST) applicable to fees payable to SEBI.

Details of the Circular

The circular outlines two primary updates:

  1. Withdrawal of GST Exemption:

    • The GST Council convened on June 28 and June 29, 2022, and decided to withdraw the exemption previously granted to services provided by SEBI. This decision was formalized in Notification No. 4/2022, issued on July 13, 2022.

  2. Implementation of GST on SEBI Fees:

    • Effective from July 18, 2022, all market infrastructure institutions, companies listing or intending to list their securities, and intermediaries engaged in the securities market are required to pay a GST at the rate of 18% on all fees and charges payable to SEBI.
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