Vse Stock Services Ltd vs S.E.B.I. & Anr

The Supreme Court upheld the Securities Appellate Tribunal's decision that the appellant was not entitled to fee continuity benefits under the Securities & Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992. The Court clarified that Regulation 10 mandates payment of fees for registration, and the SEBI's policy, as reflected in its circulars, restricts recognition to only one subsidiary of the Vadodara Stock Exchange Ltd. The appeal was dismissed, affirming the SEBI's stance on fee requirements and registration conditions.