SECURITIES & EXCHANGE BOARD OF INDIA vs M/S.PREBON YAMANE (I) LTD.

The Supreme Court upheld the Securities Appellate Tribunal's decision directing the Securities and Exchange Board of India (SEBI) and the National Stock Exchange (NSE) to continue granting the 'fee continuity benefit' to Prebon Yamane (India) Ltd. The Court emphasized that the conditions imposed by NSE for the segregation of trading memberships were not adhered to, and SEBI's demand for fees under the Securities and Exchange Board of India (Stock-Brokers and Sub-Brokers) Regulations, 1992, particularly regulation 10(1), was found to be unjustified. The appeal was dismissed, affirming the SAT's ruling in favor of the respondent.