Transactions & Dealings >> Shares & Investments

Question # : 3708

India

This has reference to my previous Question 2639 (Fatwa: 9/9=L). My Question: I am working as a Stock Broker for National Stock Exchange (NSE) & Bombay Stock Exchange (BSE), Mumbai. As per Securities Exchange Board of India (SEBI)?s rules & regulations, in India if anybody wishes to Buy or Sell shares of any companies then he/she can BUY or SELL only through a Stock Broker registered with SEBI. I am a SEBI Registered Stock Broker I have more than 50 customers buying & selling shares through me. I do know there are conditions applied as per Sharia for buying & selling shares, but not all of my customers follow them. Very few follow these conditions rests of all are involved into all types of trading which are haram as per Sharia. My earning is based on the brokerage charged to clients by BSE & NSE. That means I am paid brokerage (Commissions) from the NSE & BSE. If the clients does not follow the Sharia principles or conditions for buying & selling shares then does the brokerage or commission which is paid to me for their trading is HALAL or HARAAM.

Answer : 3708

Published on: Apr 28, 2008

بسم الله الرحمن الرحيم


(Fatwa: 357/337=L)


 


Please, explain what is BSE, NSE and SEBI. Also, explain the detail of your work, and then ask the question again.



Allah knows Best!


Darul Ifta,
Darul Uloom Deoband

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