S.E.B.I. And Ors vs Alliance Finstock Ltd And Ors

The Supreme Court addressed appeals under Section 15Z of the Securities & Exchange Board of India Act, 1992, concerning the entitlement of stock brokers to fee continuity benefits after converting their membership to a corporate entity prior to April 01, 1997. The Court upheld the Securities Appellate Tribunal's decision that such brokers are entitled to the fee continuity benefit as per paragraph 4 of Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992. The ruling clarifies the interpretation of fee obligations under the SEBI regulations for converted entities, affirming the SAT's favorable ruling for the stock brokers.