NIKHIL KANCHANLAL VAKHARIA vs S.E.B.I.

The Supreme Court addressed the issue of 'fee continuity benefit' under Section 15Z of the Securities and Exchange Board of India Act, 1992, determining that stock brokers should not be charged a turnover-based fee after a transmission event if the business continues under the same name. The Court held that the appellant, as a partner in the firm, is entitled to a flat fee of Rs.5000 per annum for registration, as the continuity of the business justifies the fee continuity benefit. The appeal was allowed in favor of the appellant, affirming the right to the flat fee structure post-transmission.