Opg Securities Private Ltd vs S.E.B.I. & Anr

The Supreme Court analyzed the applicability of Schedule IIIA under the Securities and Exchange Board of India Act, 1992, specifically addressing the interpretation of clauses 1(a) & (b) of Schedule III and clause 4 of Schedule IIIA. The Court held that SEBI's demand for registration fees based on both previous year turnover and current turnover until Schedule IIIA's implementation was justified. The judgment affirmed the mandatory nature of registration under Section 12 of the Act and clarified the regulatory framework for stock-brokers regarding fee payments.