Securities & Exchange Board Of India vs Icap India Pvt. Ltd

The Supreme Court interpreted 'annual turnover' as defined in the Securities & Exchange Board of India (Stock Brokers & Sub-brokers) Regulations, 1992, specifically in the context of a stock broker's dealings in the wholesale debt market. The Court upheld the Securities Appellate Tribunal's decision that the price of securities dealt with by the broker does not constitute part of the 'annual turnover' for calculating registration fees, as the broker's role is limited to facilitating transactions without receiving direct payments. Consequently, the SEBI's demand for registration fees was set aside, affirming the SAT's ruling.