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Registrar to an Issue Services [Sec 65(105)(zzzi)]
Effective upto 30th June, 2012
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INTRODUCED: With Effect From 1st May 2006
 
Contents
Scope
Exemption
Relevant Notifications / Circulars
Accounting Code
Service Tax 00440338
Interest  00440339
Penalty 00441439
 
DEFINITION:

According to Section 65 (105) (zzzi), any service provided or to be provided to any person, by a registrar to an issue, in relation to sale or purchase of securities, is a ‘taxable service’.

According to Section 65 (89c), “Registrar to an issue” means any person carrying on the activities in relation to an issue including collecting application forms from investors, keeping a record of applications and money received from investors or paid to the seller of securities, assisting in determining the basis of allotment of securities, finalizing the list of persons entitled to allotment of securities and processing and dispatching allotment letters, refund orders or certificates and other related documents.

According to Section 65 (59a), “Issue” means an offer of sale or purchase of securities to, or from, the public or the holder of securities.

 
SCOPE:
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According to Rule 2(e) of SEBI (Registrar to an issue and share transfer agents) Rules, 1993 Registrar to an Issue means Person appointed by a body corporate or any person or group of persons to carry out following activities on its or his or their behalf namely:

1.    Collecting applications in respect of the issue

2.    Keeping proper record of applications and monies received from investors or paid to the seller of securities and

3.    Assisting body corporate or person or group of persons in

(a)    Determining the basis of allotment of securities in consultation with the stock exchange.

(b)    Finalizing of the list of persons entitled to allotment of securities

(c)    Processing and dispatching allotment letters, refund orders or certificates and other related documents in respect of the issue.

Securities as per Securities Contract (Regulation) act would include shares, scrip, stocks bonds, debentures, debenture stock, or other marketable securities of a like nature in or of any incorporated company or other body corporate. It would include derivatives, units or any other instrument issued by any collective investment scheme to the investors in the scheme. It would include security receipt as defined in clause (zg) of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002. It would include units or any other instrument issued to the investors under any mutual fund scheme. It would also include government securities. Other instruments as may be declared by Central Government to be securities and rights and interest in securities.

 
SERVICE TAX EXEMPTIONS:
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(a)  Small service providers whose aggregate value of taxable services rendered in the previous year has not exceeded the limit of Rs. 10,00,000/-  (Service Tax Notification No. 8/2008-ST dated 01.03.2008)

(b)  Services provided to the United Nations or International Organisations

(c)  Services provided to Special Economic Zones (SEZ) units (including unit under construction) and SEZ developers

(d)  Services which are exported as per ‘Export of Services’ Rules

(e)  Services provided for official or personal use of foreign diplomatic missions and family members of diplomatic missions.

(f)  Services provided by Reserve Bank of India

(g)  Out of total value of service provided proportionate value of goods and material provided by the Service Provider

 
RELEVANT SERVICE TAX CIRCULARS/INSTRUCTIONS/TRADE NOTICES:
TOP
Service Tax CBEC Instruction Letter File No. 334/4/2006-TRU dated 28-02-2006
 
 
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