Administration

            A legal officer with two Deputy managers for administration and compliance and management information system heads the department. Two senior officers looking after public relations and administration form part of administration.

The major activities of this department include :-

•  Organizing council meeting, annual general meeting, extra ordinary general meeting, council meetings etc.

•  Looking after the discharge and admission of authorized members.

• Taking care of all related functions needed for the smooth functioning of the exchange including  regular payments of rent, bills, taxes etc.

• Public relations.

• Giving necessary guidelines and support to students and other who visit the exchange for various activities.

• Implementation of the guidelines given by council of management.

• Procedures involved in the listing.

• Matters associated with various committees like arbitration, grievance, disciplinary and defaults.

Brokerage

            Brokerage is negotiable. The exchange has not described any minimum brokerage. The maximum brokerage is subject to a ceiling of 2.5 percent of the contract value. However, the average brokerage charged by the members to the clients is much lower. Typically there are different scales of brokerages for delivery transaction, trading transaction etc.

            The Stamp Duty on transfer of securities in physical form is to be paid by the seller but in practice is paid by the buyer while registering the shares in his name. In case of transfer of shares, the rate is 50 paise for every Rs.100/- or part thereof on the basis of the amount of consideration and that for transfer of debentures the rate of stamp duty varies from State to State, where the registered office of a company issuing the debentures is located.

Transfer of Ownership

            Transfer of ownership of securities, is the same is delivered in Demat form by the seller, is affected through a date stamp transfer-deed which is signed by the buyer and seller. The duly executed transfer-deed along with the share certificate has to be lodge with the company for change in ownership. A nominal duty becomes payable in the form of stamps to the affixed on the transfer-deeds. Transfer-deeds remains valid for twelve months on the next book closure following the stamped date whichever occurs later for transfer of shares in the name of buyer. However, for delivery of shares in the market, transfer-deed is valid till book closure date of the company.

Cochin Stock Exchange, Kochi, India