S.E.B.I vs Magnum Equity Services Ltd. & Ors

The Supreme Court upheld the decisions of the Securities Appellate Tribunal, which reversed SEBI's order denying fee continuity to Magnum Equity Services Limited under Paragraph I(4) of Schedule III of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992. The Court established that the requirement of having Whole-time Directors holding at least 40% of shares for three years was met, despite changes in directorship. Consequently, the Court ruled in favor of Magnum, affirming its entitlement to fee continuity.