IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No: 313 of 2004
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Date of Hearing
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22/06/2005
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Date of Decision
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22/06/2005
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Appellant – Represented by:
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Indsec Securities & Finance Ltd.
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Mr. Gaurav Joshi, Advocate along with Shri Deepak Shah
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Versus
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Respondent- Represented by
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Securities & Exchange Board of India
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Mr. V.N.Shingnapur, Advocate
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National Stock Exchange of India Ltd.
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None
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CORAM
Justice Kumar Rajaratnam, Presiding Officer
C. Bhattacharya, Member
R.N. Bhardwaj, Member
Per: Justice Kumar Rajaratnam, Presiding Officer
1. The appeal is taken up for disposal with the consent of both parties.
2. Learned counsel for the appellant submitted that the dues payable by the appellant to SEBI is with respect to debt market which is based on 1/1000s of 1% of the turnover. With respect to equity it is 1/100 of 1%. The other categories are also at 1/100 of 1%. The contention of the learned counsel is that the debt market turnover has been included in the other categories while working out the total registration fee payable.
3. In these circumstances it would be appropriate to direct the respondent to re-work the turnover registration fee in accordance with Schedule III, Clause 1(bb) of SEBI (Stock Brokers and Sub-Brokers) Regulation, 1992 as expeditiously, within 4 weeks from the date of receipt of this order. The impugned order is modified accordingly. All contentions are left open.
4. No order as to costs.
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(Justice Kumar Rajaratnam)
Presiding Officer
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(R.N.Bhardwaj)
Member
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(C. Bhattacharya)
Member
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Place: Mumbai
Date: 22/06/2005
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