IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No: 232 of 2004
Date of Decision
09/05/2006
1. Sunidhi Consultancy Services Pvt. Ltd.
2. JDP Shares & Finance Pvt. Ltd.
3. Jayesh D. Parekh
…..Appellants
Versus
1. Securities & Exchange Board of India
2. The Stock Exchange, Mumbai
….Respondents
Mr. Pravin Sandani, Advocate for the appellants
Mr. Dipan Merchant, Sr. Advocate with Mr. U.N. Das, Advocate for respondent no.1.
None for respondent no.2
CORAM
Justice N.K. Sodhi, Presiding Officer
C. Bhattacharya, Member
R.N. Bhardwaj, Member
Per: Justice N.K. Sodhi, Presiding Officer (Oral)
The appellants are registered brokers and the dispute herein is in regard to the exemption claimed by them from the payment of registration fee. The exemption is claimed on the basis of a circular issued by the Securities and Exchange Board of India (for short “the Board”). The learned counsel for the appellants informs us that on April 13, 2006 the Bombay Stock Exchange had addressed a communication calling upon the appellants to furnish the factual data as referred to in the circular and the said material has been furnished on 19/04/2006 which has to be considered by the Board. The learned counsel for the parties are agreed that the case be remanded to the Board for passing a fresh order in accordance with law after considering the material supplied by the appellant and after affording them an opportunity of hearing. We order accordingly.
The appeal stands disposed of as above. No order as to costs.
Sd/-Justice N.K. SodhiPresiding OfficerSd/-R.N.BhardwajMember