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2008 (5) TMI 415 - SUPREME COURTFee continuity benefit - whether under the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 a fee is required to be paid by the stock brokers? Held that:- Appeal dismissed. By clear interpretation of the Regulations, it is abundantly clear that no provision of succession to registration is permissible. Nikhil K. Vakharia son of Late Shri Kanchanlal K. Vakharia in order to operate in the stock exchange has to obtain a fresh registration from the SEBI and for the first five years, he would be required to pay the quantum of fee linked to the turnover and thereafter at the flat rate of Rs. 5,000 in order to keep the registration in force.
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