The brokers who are likely to be hit hard will be of the National Stock Exchange and the Mumbai Stock Exchange. According to brokers based in Delhi, a majority of stock brokers of small exchanges have already paid a sizeable part of their liability. "In fact, scores of DSE broker members had paid their liability as far back as the year 1998 and the prevalent turnover was low. However, brokers who have multiple memberships of like DSE and NSE or BSE will also bear the brunt," said a DSE member broker.

At present, there are various figures doing the rounds as far as total liability of all the brokers are concerned. While Sebi is supposed to estimate the fee amount, the liability figure ranges between Rs 650 crore to Rs 800 crore, excluding interest rate. If the interest rate is imposed at 15 per cent per annum, the liability could be more.

Nevertheless, brokers have some respite as the total fee amount may have to be paid in installments and will also get some tax benefits. Said another broker, "The maximum fee amount for an year is 0.01 per cent of the total turnover. Since this will be treated as an expenditure, broking firms will record low profits and hence, less income tax."