SECURITIES AND EXCHANGE BOARD OF INDIA vs NATIONAL STOCK EXCHANGE MEMBERS ASSOCIATION

The Supreme Court upheld the High Court's decision that a single registration with the Securities and Exchange Board of India (SEBI) suffices for stock brokers with multiple memberships across various stock exchanges. The court clarified that under Section 12(1) of the SEBI Act, 1992, brokers are required to pay a fee for initial registration only once, thus invalidating a conflicting provision in SEBI's circular. This ruling reinforces the regulatory framework intended to protect investors and streamline compliance for brokers.