[2001 ]104 CompCas506 (SC ), (2001 )1 CompLJ193 (SC ), JT2001 (2 )SC 242 , 2001 (1 )SCALE575 , (2001 )3 SCC482 , ,MANU/SC/0069/2001
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MANU/SC/0069/2001
IN THE SUPREME COURT OF INDIA
Transfer Case (civil) 20 of 2000, Writ Petition (Civil) 502 of 2000
Decided On: 01.02.2001
Appellants: B.S.E. Brokers Forum, Bombay and Ors. Vs. Respondent: Securities and Exchange Board of India and Ors.
Hon'ble Judges/Coram:
B.N. Kirpal, N. Santosh Hegde and Brijesh Kumar JUDGMENT
N. Santosh Hegde, J.
1. Writ petitions questioning the validity of Regulation 10 of the Securities & Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 read with Schedule III thereof as also letters dated 7th of November, 1992 and 7th of January, 1993 issued by the Securities & Exchange Board of India (SEBI) were filed in various High Courts in the country. On a transfer petition for consolidating these cases being filed before this Court by respondent No. 1, this Court by its order dated 10th of December, 1999 directed that one such Writ Petition No. 126/1993 pending before the Bombay High Court be transferred to this Court. By the said order, this Court also stayed other proceedings pending in the other High Courts but gave liberties to the concerned parties to file intervention application in the above transferred case.
2. On 31st of January, 1992, the President of India in exercise of the powers conferred upon him by Article 123(1) of the Constitution of India was pleased to promulgate the Securities & Exchange Board of India Ordinance, 1992. This Ordinance was subsequently replaced by the Securities & Exchange Board of India Act, 1992 ('the Act'). The Act was given retrospective operation w.e.f. 30th of January, 1992. Section 3 of the Act provided for the establishment of Securities & Exchange Board of India (SEBI) while Section 4 provided for SEBI's Management Board (the Board).
3. On 10th of April, 1992 on behalf of the Board, a letter was addressed to the Presidents and Executive Directors of all the recognised Stock Exchanges whereby the members, stock brokers of all the recognised Stock Exchanges in India were called upon to submit their applications to the Board for the purpose of registration in accordance with Section 12(1) of the Act. The said letter which enclosed a pro forma of the application for registration of stock brokers required fees to be paid by applicants for registration on the following basis:
Category A:
Stock Brokers who are or will be members of Bombay, Delhi and Calcutta Stock Exchanges.
Category B:
Stock Brokers who are or will be members of Bangalore, Cochin, M........