IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

Appeal No.217/2004

 

Date of Decision

04.05.2006

 

 

In the matter of:

 

1.Asian Broking Pvt. Ltd. & Ors.	Appellants – Represented by Mr. Bharat Merchant , Advocate
Versus
1. Securities & Exchange Board of India. 2. National Stock Exchange Ltd.,	Respondent – Represented by Mr. Dipan Merchant, Advocate Respondent – Represented by None

 

Coram:

 

          Justice N. K. Sodhi, Presiding Officer

          C. Bhattacharya, Member

          R. N. Bhardwaj, Member

 

Per: Justice N. K. Sodhi, Presiding Officer(Oral)

 

          This order will dispose of a bunch of 11 Appeals Nos.217, 239, 246, 288, 289, 297, 314, 323, 335, 339 and 348 of 2004 filed under section 15T of the Securities and Exchange Board of India  Act, 1992.  In all these cases, the appellants have been denied the benefit of fee continuity in terms of paragraph 4  of Schedule III to Securities and Exchange Board of India (Stock Brokers and Sub Brokers) Regulations, 1992 (for short the Regulations) on the ground that they did not satisfy the requirements of the said Regulations.  Admittedly, the appellants were not heard by the Board before the demand notices were issued claiming registration fee due from them including fee for the period for which exemption is being claimed.  Counsel for the parties are agreed that the demand notices   be set aside on this ground and the cases be remitted to the Board for a fresh decision in accordance with law after affording the appellants an opportunity of hearing.  We order accordingly.  The appellants through their counsel are directed to appear before the Board on May 15, 2006 for further proceedings.

             Appeal No. 348/2004 was not listed for hearing today but on the request of the counsel for the parties the same has been taken up and disposed of with this bunch.

 

Sd/-

Justice N. K. Sodhi
Presiding Officer

Sd/-

C. Bhattacharya
Member

Sd/-

R. N. Bhardwaj
Member

 

04/05/2006.