JUDGMENT

VIKRAMAJIT SEN, J.

1. These Appeals assail the decisions of the Securities Appellate Tribunal (for brevity ‘Tribunal’) dated 23.1.2008 and 29.1.2008, both of which reversed the Order dated 12.6.2007 of Securities Exchange Board of India (SEBI) declining to grant fee continuity to the Respondents before us. In these Appeals SEBI seeks to reaffirm its stance that the Respondents lost all entitlement to the advantage of fee continuity, no sooner any of the erstwhile partners ceased to be Whole-time Directors of the corporate entity which was the metamorphosed partnership firm.

C.A. No. 4719 of 2008.

2. Magnum Capital Services (hereinafter referred to as the Firm) was a registered partnership firm, comprising of seven partners, carrying on business as a stock broker; and was a member of the National Stock Exchange (NSE). All the seven partners moved a conjoint application for registration of a company under the Companies Act, 1956, during the pendency of which one of the partners exited from the Firm. The company was incorporated on 22.5.1995 consisting of the remaining six partners, in the name and style of Magnum Equity Services Limited (hereinafter referred to as Magnum). T