IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No: 205 of 2004
Date of Decision
09/05/2006
Pravinchandra Nakarchand Stock Brokers Pvt. Ltd.
…..Appellant
Versus
Securities & Exchange Board of India
….Respondent
Mr. Anish Kharibi, Practicising Company Secretary for the appellant
Mr. Dipan Merchant, Sr. Advocate with Mr. U.N. Das, Advocate for the respondent.
CORAM
Justice N.K. Sodhi, Presiding Officer
C. Bhattacharya, Member
R.N. Bhardwaj, Member
Per: Justice N.K. Sodhi, Presiding Officer (Oral)
The claim of the appellant for fee continuity benefit has been declined solely on the ground that the appellant got corporatised prior to 01/04/1997. By our order pronounced today in Appeal no. 123 of 2004 we have held that brokers who corporatised themselves prior to 01/04/1997 are entitled to the fee continuity benefit provided they satisfy the other requirements of paragraph (4) in Schedule III to the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992.
The learned counsel appearing for the respondent fairly concedes that the case of the appellant is squarely covered by our decision. This being so, the appeal is allowed in the same terms as Appeal no. 123 of 2004. No order as to costs.
sd/-Justice N.K. SodhiPresiding Officersd/-C.BhattacharyaMembersd/-R.N.BhardwajMember