Nikhil Kanchanlal Vakharia vs S.E.B.I. & Anr

The Supreme Court held that under Section 15Z of the Securities and Exchange Board of India Act, 1992, there is no provision for granting fee continuity benefit to stock brokers upon transmission of membership. The Court clarified that the registration of stock brokers does not extend to heirs or successors by inheritance, and such individuals must register as new stock brokers, subject to the applicable fees. The appeal was dismissed, affirming the decision of the Securities Appellate Tribunal.