IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

Appeal No. 398 of 2005

 

Date of Decision   29.6.2006

 

B.V.N. Securities P. Ltd.	……	Appellant
Versus
Securities & Exchange Board of India	……	Respondent

 

Present:  None for the appellant

               Shri Dipan Merchant, Sr. Advocate with Shri V. N.Shingnapurkar

               Advocate for the respondent

 

CORAM:

Justice N.K. Sodhi, Presiding Officer

Shri C. Bhattacharya, Member

Shri R. N. Bhardwaj, Member

 

Per : Justice N. K. Sodhi, Presiding Officer

 

No one has appeared on behalf of the appellant.

The learned Senior Counsel appearing for the Board informs us that the dispute herein pertains to the claim made by the appellant in regard to fee continuity in terms of paragraph 4 of Schedule III to the Securities and Exchange Board of India (Stock Brokers and Sub Brokers) Regulations, 1992.  He fairly concedes that the dispute herein is squarely covered in favour of the appellant and against the respondent Board by our order dated 9^th May 2006 passed in Appeal no.123/2004, Alliance Finstock Ltd.  and another versus Securities and Exchange Board of India and another.

 

            In view of the statement made on behalf of the Board we dispose of this appeal in the same terms on which Alliance Finstock P. Ltd.’s case was decided.  The Board will issue notice to the appellant to redetermine its registration fee liability in accordance with law.

 

Sd/-

Justice N. K. Sodhi
Presiding Officer

Sd/-

C. Bhattacharya
Member

Sd/-

R. N. Bhardwaj
Member