Section 50: Charge to be paid by stock exchange

(1) A stock exchange shall collect such securities transaction charge as may be chargeable as prescribed for the purchase, sale and exchange of securities in the stock exchange and pay such charge to the Board.

Provided that such charge shall not exceed 0.03 percent of the total turnover of securities transactions.

(2) A stock exchange shall pay to the Board the amount for the charge prescribed pursuant to Sub-section (1) and collected in the previous year, not later than the last day of each month. A stock exchange that fails to observe this Section shall be deemed to have committed an offence referred to in this Act.

(3) The Board shall realise and recover the amount receivable for the securities transaction charge, in addition to interest at the rate of ten percent, from a stock exchange failing to pay to the Board the securities transaction charge within the time limit specified in sub-section (2).