Shares of discount broking firms fell sharply on Tuesday after the Securities and Exchange Board of India (Sebi) came out with guidelines that market infrastructure institutions or MIIs will not differentiate between big and small brokers (by volumes) and charge them uniform fees. MIIs such as exchanges, clearing corporations and depositories have to redesign the existing charge structure and associated processes to bring in this uniformity.

Shares of Angel One, the country’s largest brokerage firm, fell nearly 9% to Rs 2,353.90, registering its biggest single-day fall in a month. 

Shares of Geojit Financial Services, IIFL Securities and Motilal Oswal Financial Services also declined 3-7%. Among others, 5Paisa Capital, ICICI Securities and Anand Rathi Weal…