OPG SECURITIES PRIVATE LTD. vs S.E.B.I.

The Supreme Court, in C.A. No. 3548 of 2010, held that the Securities and Exchange Board of India (SEBI) was justified in demanding registration fees from stock-brokers based on both the previous year's turnover and the entire turnover earned until the implementation of Schedule IIIA. The Court interpreted the provisions of the Securities and Exchange Board of India Act, 1992, particularly Section 12 and the amended Regulations, affirming that the annual turnover serves as a measure for the registration fee rather than its subject matter. The appeal was dismissed, upholding the SAT's decision.