Securities & Exchange Board Of India vs M/S.Prebon Yamane (I) Ltd

The Supreme Court upheld the Securities Appellate Tribunal's decision mandating the Securities and Exchange Board of India (SEBI) and the National Stock Exchange (NSE) to continue granting the 'fee continuity benefit' to the Respondent, Oracle Stocks and Shares Ltd., despite the NSE's decision to permit segmental surrender of membership. The Court emphasized the necessity for compliance with the Securities and Exchange Board of India [Stock-Brokers and Sub-Brokers] Regulations, 1992, particularly regarding fee payments under Regulation 10(1). The judgment clarified that the Respondent's registration as a stock broker was contingent upon adherence to these regulations, affirming the Tribunal's ruling as just and equitable under the circumstances.