SECURITIES & EXCHANGE BOARD OF INDIA vs ICAP INDIA PVT. LTD.

The Supreme Court, interpreting Section 15Z of the Securities & Exchange Board of India Act, 1992, upheld the Securities Appellate Tribunal's decision that the definition of 'annual turnover' in the Securities & Exchange Board of India (Stock Brokers & Sub-brokers) Regulations, 1992 does not include the price of securities dealt with by stock brokers in the wholesale debt market. The Court found that the role of brokers in this segment is limited to facilitating deals without receiving any amounts, thus not satisfying the criteria for computing registration fees. The appeal by SEBI was dismissed, affirming the SAT's ruling.