SEBI Issues Master Circular for Stock Brokers
The Securities and Exchange Board of India (“SEBI”) has issued a Master Circular on June 1, 2018, for stock brokers. SEBI had issued a total of 110 circulars prior to the issue of Master Circular with regard to stock brokers. In order to make all the applicable circulars accessible at one place, SEBI has compiled a Master Circular, which is a compilation of all the circulars issued by SEBI and operational as of June 1, 2018.
CBIC Issues FAQs on Financial Services Sector
Central Board of Indirect Taxes & Customs (“CBIC”) has issued a detailed Frequently Asked Questions with regard to the financial service sector on June 3, 2018. CBIC clarified that “free services” which include withdrawals from ATMs and issuance of chequebooks by the banks will not attract Goods and Service Tax. It is also clarified that the banks need not register in the states where they only have ATMs and no bank branches, as ATMs do not fall within the ambit of “Place of Business”.