Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Securities and Exchange Board of India Act 1992 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case(s) Referred | Referred Case 0 Referred Case 1 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Securities and Exchange Board of India Act, 1992 – s. 12(1) – Whether in terms of s. 12(1), a single registration with SEBI is sufficient even if the stock broker has various memberships and functions from several stock exchanges and, therefore, will have to pay the fee for the initial registration with SEBI – Held: The conjoint reading of the expression “a certificate” as referred to in s. 12(1) of the Act, 1992 read with the scheme of Rules, 1992 and Regulations, 1992, leads to an inevitable conclusion that the stock broker not only has to obtain a certificate of registration from SEBI for each of the stock exchange where he operates, at the same time, has to pay ad valorem fee prescribed in terms of Part III annexed to Regulation 10 of the Regulations, 1992 in reference to each certificate of registration from SEBI in terms of the computation prescribed under SEBI Circular dated 28th March, 2002 and fee is to be paid as a guiding principle by the stock broker which is in conformity with the scheme of Regulations 1992 – Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Rules, 1992 – Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992.Interpretation of Statutes – True intention of the legislature – Purposive interpretation – Held: A statute has to be construed according to the intent that makes it – If a statutory provision is open to more than one interpretation, it is always desirable of the Court to choose the interpretation which represents the true intention of the legislature – While interpreting the statutory provisions, the Court is always supposed to keep in mind the object or purpose for which the statute has been enacted. |
Judge | Hon'ble Mr. Justice Ajay Rastogi |
Neutral Citation | 2022 INSC 1076 |
Petitioner | Securities And Exchange Board Of India |
Respondent | National Stock Exchange Members Association And Anr |
SCR | [2022] 14 S.C.R. 911 |
Judgement Date | 2022-10-13 |
Case Number | 435 |
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