NEW DELHI: Markets regulator Sebi has revised upwards its total revenue forecast for the current fiscal by around 9 percent to Rs 536.75 crore, anticipating higher-than -expected income from fees and investments. The higher fee income is expected from foreign portfolio investors, brokers and research analysts, although the total fee from mutual funds is expected to be lower than earlier estimated budgeted by Sebi.
Besides, Sebi is also expecting its fee income to get a boost from the application and other fees from commodity brokers and commodity exchanges due to the FMC merger with it. In the mid-term review of its budget estimates for the financial year 2015-16, Sebi said "the total income for the year 2015-16 is estimated to be at Rs 536.75 crore as against budgeted estimates of Rs 493.50 crore, representing a overall upward surge of Rs 43.25 crore (around 9 percent)".
The overall fee income has been revised upwards to Rs 349.86 crore as against budgeted Rs 335.23 crore representing a overall raise of Rs 14.63 crore. Income from investment has been revised upwards to Rs 172 crore as against budgeted Rs 144 crore, representing a rise of Rs 28 crore and miscellaneous income has been revised marginally upwards to Rs 14.88 crore from Rs 14.27 crore. In case of money received from foreign portfolio investors (FPIs) towards application, annual and renewal fee, Sebi has revised its estimate higher to Rs 55 crore, as against budgeted income of Rs 46.65 crore for this fiscal.
For fee income from brokers (equity, derivative and currency) also, Sebi has raised its estimate to Rs 100 crore. Besides, pursuant to the merger of FMC with Sebi, it is expected that, on a pro rata basis, an amount of Rs 9 crore may be received from commodity derivative brokers/clearing members towards application, annual and turnover fee. A further amount of Rs 2.59 crore may be received from commodities stock exchanges as a regulatory fee. From research analysts, Sebi had budgeted for fee income of Rs 3.4 crore in the current fiscal.
During the first six months of the fiscal, Sebi has received 123 applications as against budgeted 100 and it is expected that "on a conservative basis overall 150 applications may be received for current financial year". Accordingly, the estimated fee income of research analyst for the 2015-16 has been more than doubled to Rs 7 crore. Sebi has also revised upward its estimate for interest on investment to Rs 172 crore, from Rs 144 crore earlier.
The only downward revision has been in mutual funds fee income, which Sebi had earlier budgeted at Rs 25.06 crore. Fixed Maturity Plan as a product has become unattractive because of new tax structure and going by the trend of actual fee received it is expected that a lesser number of schemes would be filed for the remaining period of 2015-16. Thus, the estimated fee income has been lowered to Rs 21 crore. Sebi has also increased its overall revenue expenditure estimate to Rs 357.39 crore, from Rs 351.78 crore budgeted earlier.
Read Also:
FDI Goes Full Throttle, Spikes 114 Pct in December
I-T Dept Cautions Taxpayers Against Sharing Pins, Passwords
