According to Anmi president Vinod Gupta, "We have not yet carried out any estimate regarding the amount payable to Sebi. There are a lot of difficulties involved in carrying out such estimates, one with regard to availability of statistics of the turnover of individual brokers. Secondly, there is difference of opinion with regard to the interpreting of the RS Bhatt Committee report. We are writing to individuals members to come out with their total liability."

Mr Gupta also added that the registration fee, under no circumstances, could be above Rs 200 crore. It can be mentioned that the BSE Brokers Forum had recently provided an estimate of the turnover fees that the exchanges have to pay. The report said that the bulk of registration fee liability, amounting to Rs 455.23 crore, has to be borne out by the members of the National Stock Exchange (NSE). While BSE has to pay only Rs 56.51 crore.

According to the NSE managing director Ravi Narain, "No estimate is possible as each member has to calculate his liability based on the number of intra-day square-offs." The brokers have to pay the registration in accordance with the recommendation made by the RS Bhatt Committee. According to the report, the jobbing trades (conducted by brokers the same day, same exchange and own account) would be segregated and attract turnover fee at the rate of 0.005 per cent of the turnover one-side.

With regard to government security and debt instruments, the fee payable would be 0.001 per cent. Lastly, carry-forward trades are not included for the purpose of computation of fees.