The revised estimates of Rs 156.27 crore are lower than Rs 193.37 crore original budget estimates for the current fiscal.
   
The main reasons for downward revision are fall in income from offer documents, fee from mutual funds as well from alternative investment fund and investment advisors, among others.
    
As per Sebi's document on mid-term review of budget estimates, revised total income from fees from stock market intermediaries stands at Rs 330.31 crore, for the current financial year, down from Rs 378.38 crore original estimates.
    
The capital market regulator's income from investment is expected at Rs 162.67 crore, an increase from the original estimates of 157.88 crore.
    
An amount of Rs 12.24 crore was received towards fee from filing of offer documents during April-December 2014 as against estimated income of Rs 24.72 crore for the whole of 2014-15.
    
During the first nine months of 2014-15, only 23 offer documents were filed with Sebi as against expected 52 such filings for the whole of financial year.      

It is now expected that 25-30 offer documents would be filed in the current fiscal.
    
Moreover, fee amount received from mutual funds stood at Rs 15.33 crore during April-December 2014 as against estimated income of Rs 33.68 crore for the current fiscal.
    
As per the mid-term review, revised capital expenditure stands at Rs 69.66 crore, down from budget estimates of Rs 80.40 crore.
   
Total revised revenue expenditure is at Rs 281.23 crore for the fiscal against budget estimates of Rs 280.69 crore.

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