S.E.B.I. vs ALLIANCE FINSTOCK LTD .

The Supreme Court ruled that stock brokers who converted their individual or partnership memberships into corporate entities before April 1, 1997 are entitled to fee continuity benefits under paragraph 4 of Schedule III of the Securities & Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992. The Court upheld the Securities Appellate Tribunal's decision, emphasizing that the SEBI's denial of such benefits was unjustified. The judgment clarifies the interpretation of regulatory provisions regarding fee structures for stock brokers.