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REGISTRATION FEE CONTINUITY BENEFIT

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 13-1-2016 - Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 provides for registration of stock brokers, registration of sub brokers, registration of trading and clearing members, registration of trading and clearing members of currency derivative segment. The Regulations prescribes the obligations on the part of such brokers, sub brokers etc., SEBI is having to cause inspection on .....

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fee for the period for which the erstwhile individual or partnership member, as the case may be, has already paid the fees subject to the condition that the erstwhile individual or partner shall be the whole time director of the corporate member so converted and such director will continue to hold a minimum 40% of shares of the paid up equity capital of the corporate entity for a period of at least three years from the date of such conversion. The explanation to this para clarifies as the conve .....

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erms of policy decision by SEBI, incorporated a subsidiary company named as VSE Securities Limited on 24.12.1999. It got membership of BSE as well as registration under SEBI but failed to get membership of National Stock Exchange. NSE rejected the application on the ground that VSE had ignored the clarifications contained in Circular dated 16.12.1999 indicating that a stock exchange could acquire the membership through a subsidiary company which is limited by shares. The subsidiary is a company .....

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iabilities of the transferor company. The appellant obtain fresh registration from SEBI. The appellant paid the provisional fee but the demand of final fee by SEBI was challenged before SAT on the ground that the appellant is entitled to fee continuity benefit in terms of circular of SEBI, dated 30.09.2002. SAT rejected the claim of the appellant and so he approached the Supreme Court. The Supreme Court found that SAT had been properly appreciated that the amalgamation was not on account of any .....

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hat when the facts disclose the amalgamation had to be resorted to as an alternative to liquidation then it may be successfully urged that amalgamation was on account of compulsion of law so as to attract the exemption assured by SEBI under circular dated 30.09.2002. The facts of this case even remotely do not suggest any such or similar situation. The Supreme Court dismissed the appeal filed by the appellant. In SEBI V. Alliance Finstock Limited and others - 2015 (11) TMI 307 - SUPREME COURT (d .....

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om 21.01.1998 annual fee payable by the registered brokers would remain unaffected for the earlier year ending 31.03.1997 and it can be at best be effected only respect of fees payable for the year 01.04.1997 onwards. The SAT has erred in granting retrospectivity to the provisions of para 4 by granting the benefit of fee continuity even to entities which acquired corporate members on conversion even prior to 01.04.1997. The Supreme Court analyzed the provisions of para 4 as well as the explanati .....

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ot be proper or permissible to read into or delete words, which do not exist in the provision. Further even if there is any scope of doubt, the benefit of such doubt will go to the subject i.e., the stock brokers and not to authority i.e., SEBI. Further the explanation to para 4 introduced with effect from 20.02.2002 takes complete care of any doubt, if at all it could exist, by providing a deeming fiction that in the case of conversion of entities having individual or partnership membership car .....

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