RATNABALI CAPITAL MARKETS LTD. vs SECURITIES & EXCHANGE BD.OF INDIA

The Supreme Court addressed the applicability of Section 15Z of the Securities and Exchange Board of India Act, 1992, concerning fee continuity for stock-brokers post-merger. The Court held that the appellants were entitled to the benefit of fee continuity under the SEBI Circular dated 30.9.2002, as the merger was sanctioned by law and the majority shareholders of the transferor entity continued in the transferee entity. Consequently, the demand for fresh registration fees by SEBI was deemed invalid, upholding the appellants' rights.