IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

Appeal No.365/2005

 

Date of Decision     24.05.2006

 

 

Pankaj  D. Shah                                                               ……   Appellant

 

        Versus

 

1. Securities & Exchange Board of India

2. Calcutta Stock Exchange Association Ltd.,                    …Respondents

         

Mr. Bharat Merchant, Advocate for the appellant

 

Mr. Dipan Merchant, Sr. Advocate with Mr. V. N. Shignapurkar, Advocate for Respondent No.1

 

None for Respondent No.2.

 

CORAM

 

        Justice N. K. Sodhi, Presiding Officer

        R. N. Bhardwaj, Member

 

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

 

 

          Challenge in this appeal is to the fee liability statement furnished by the Securities and Exchange Board of India (for short the Board) to the appellant calling upon him to deposit a sum of Rs.62,75,499/-  The grievance of the appellant is that the Board while charging the registration fee has applied a higher rate in terms of clause (b) of paragraph 1 of Schedule III of the Securities and Exchange Board of India(Stock Brokers & Sub Brokers) Regulations, 1992 (for short the Regulations).  According to the learned counsel for the appellant the Board should have applied the rate in terms of  clause (i) of clause (bb)of paragraph 1 in regard to job transactions.

          The learned counsel appearing on behalf of the Board on receipt of instructions from the departmental representative who is present in court states that after taking into account the bifurcation of the total turn over of the appellant and after giving him the benefit under the Regularization Scheme 2004 the total liability of the appellant is reduced to Rs.76,174/-  He further states that since this amount had not been deposited during the regularization period between October 15, 2004 and November 15, 2004, the appellant is liable to pay interest on this amount in terms of the Regulations.

          The learned counsel for the appellant has sought instructions from his client who is present in court and states that a sum of Rs.76,174/- shall be deposited with the Board along with interest thereon at the stipulated rate.

          In view of the statements made by the learned counsel for the parties the appeal has become infructuous and the same is disposed of accordingly.

Sd/-

Justice N. K. Sodhi

                                                                       Presiding Officer

 

Sd/-

R. N. Bhardwaj

                                                Member

 

24^th May, 2006.

Smn/24/5