KAPADIA, J.

( 1 ) DELAY condoned.

( 2 ) ADMIT.

( 3 ) THE above two civil appeals are directed against the decisions dated 18. 5. 2006 and 4. 5. 2007 delivered by the securities Appellate Tribunal, Mumbai in appeal Nos. 267/04 and 245/04 respectively.

( 4 ) THE short question that arises for our consideration in these civil appeals filed under Section 15z of the securities and Exchange Board of India Act, 1992 (for short the "1992 Act") is whether the appellants were entitled to the benefit of fee continuity under para 7 of Circular dated 30. 9. 2002 issued by SEBI.

( 5 ) FOR the sake of convenience, we may mention hereinafter the facts in the case of Ratnabali Capital markets Ltd. ("rcml") which are as under.

( 6 ) IN 1995 Ratnabali Securities Ltd. ("rsl") was registered as a broker with National Stock Exchange ("nse" ). In terms of Schedule III of SEBI (Stock-brokers and Sub-brokers) Regulations, 1992 ("the Regulations"), RSL had paid initial registration fees for the first year and thereafter it had paid fees on turnover basis for subsequent four years. No further fees on turnover basis was paid by RSL under the said Regulations for continuation of registration except a fee