SC admits Sebi plea against HC
The Supreme Court on Tuesday admitted an appeal by Securities and Exchange Board of India (Sebi) against Delhi High Court's order that asked the market regulator to refund a fee charged from brokers for obtaining multiple registrations for operati...
By PTI |
NEW DELHI: The Supreme Court on Tuesday admitted an appeal by Securities and Exchange Board of India (Sebi) against Delhi High Court's order that asked the market regulator to refund a fee charged from brokers for obtaining multiple registrations for operating from several exchanges.
The appeal against the November 2005 order of the High Court was admitted by a division bench headed by Justice B P Singh and Justice H S Bedi, but no time-frame was set for the hearing.
The High Court had held that a stock broker was required to get only one certificate of registration and not multiple registrations from Sebi for operating from more than one stock exchange in the country and directed Sebi to refund any fee collected from a broker for subsequent registrations.
Sebi had through a circular dated March 16, 1998 made it mandatory for stock brokers to get multiple registrations from it for operating from several stock exchanges. Under the guidelines, brokers had to register with exchanges in addition to getting registered with Sebi.
If the appeal is turned down, the market regulator would have to cough up at least Rs 100 crore toward refunds to members.
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