B.S.E. BROKERS FORUM, BOMBAY & ORS. . vs SECURITIES & EXCHANGE BOARD OF INDIA & ORS. .

The Supreme Court examined the validity of Regulation 10 of the Securities & Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992, along with related letters issued by SEBI. The Court held that the high registration fees imposed by SEBI were arbitrary and led to a nationwide agitation among stock brokers, thus violating principles of natural justice. The Court directed SEBI to revise the fee structure to ensure fairness and transparency in the registration process under Section 12(1) of the Securities & Exchange Board of India Act, 1992.