some good news for SEBI in a long-drawn battle with the
National Stock Exchange Members Association. Its appeal
has been admitted in the Supreme Court, reports CNBC-TV18.
to November 2005, in the Delhi High Court, market regulator
SEBI lost a case with the National Stock Exchange Members
Association, which opposed paying additional money for
more than one registration.
brokers allegedly argued that if they paid for one SEBI
registration, they did not need to pay for any more. That's
even if they operated on more than one exchange. The High
Court ruled in favour of the brokers.
High Court ruling stated, "We clarify that only a
single registration with Sebi is required even if a broker
has membership of, and functions from several stock exchanges."
not all. It asked the regulator to refund money collected
for more than one registration. Sebi subsequently appealed
in the Supreme Court. That's where the tables turned -
at least partially.
Supreme Court has finally admitted SEBI's appeal. Sources
say the court has said that until the case is finalised
a status quo will
be maintained. They explain that implies that for now,
the Delhi High Court ruling will temporarily not be operational.
The case is expected to come up for hearing in the Supreme
Court in a week's time.