| Content Provider | Supreme Court of India |
|---|---|
| e-ISSN | 30484839 |
| Language | English |
| Access Restriction | NDLI |
| Subject Keyword | Securities and Exchange Board of India Act 1992 s. 15(Z) |
| Content Type | Text |
| Resource Type | Law Judgement |
| Jurisdiction | India |
| Act(s) Referred | Securities and Exchange Board of India Act, 1992 (15 of 1992) |
| Case Type | Appeal |
| Court | Supreme Court of India |
| Disposal Nature | Appeal Disposed Off |
| Headnote | Securities and Exchange Board of India Act, 1992: s. 15(Z) – Securities and Exchange Board of India (Stock Brokers and Sub Brokers) Regulations, 1992 – Sch. III, para 4 – Fees continuity benefits under – Entitlement to – Conversion of individual membership into a corporate entity – On facts, a member of Calcutta Stock Exchange-CSE, registered as a stock broker, transferred his membership of CSE in favour of the appellant company which was a member of National Stock Exchange-NSE – Appellant company then became the member of CSE and was registered as stock broker of CSE – Appellant company claimed exemption from the payment of registration fee for the period for which the erstwhile member has already paid the fees and that the conditions prescribed under para 4 of Sch. III to the Regulations were satisfied – Board rejected the claim – In appeal, the tribunal held that the single registration with the Board is sufficient even if the stock broker has multiple memberships and functions from several stock exchanges, thus will have to pay the fee for initial registration with the Board and that the Company failed to satisfy the conditions of clause (4) of Schedule III and was not eligible to claim exemption from payment of fee over the period for which the erstwhile individual paid the fees – On appeal, held: When the erstwhile member transferred his membership card of CSE to the appellant Company, he was not a whole time Director but was only a Director – Date on which he acquired 40% of the shareholding in the appellant Company is unclear – Details provided nowhere indicate the erstwhile member as a whole time Director for any of the relevant years – Thus, the appellant Company failed to fulfil the conditions under Para 4 of Sch. III and not entitled to claim fee continuity benefits. |
| Judge | Hon'ble Mr. Justice Ajay Rastogi |
| Neutral Citation | 2023 INSC 262 |
| Petitioner | Gpsk Capital Private Limited (formerly Known As Mantri Finance Limited) |
| Respondent | The Securities And Exchange Board Of India |
| SCR | [2023] 2 S.C.R. 737 |
| Judgement Date | 2023-03-20 |
| Case Number | 2402 |
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