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AJAY RASTOGI, BELA M. TRIVEDI
GPSK Capital Private Limited (Formerly Known As Mantri Finance Limited) – Appellant
Versus
Securities And Exchange Board Of India – Respondent
JUDGMENT :
Rastogi, J.
Civil Appeal No(s). 2402 of 2008
1. The instant appeal has been filed under Section 15(Z) of the Securities and Exchange Board of India Act, 1992(hereinafter being referred to as the “Act 1992”) assailing the judgment and order dated 9th August, 2007 passed by the Securities Appellate Tribunal (hereinafter being referred to as the “Tribunal”) affirming the order of the Securities and Exchange Board of India, Mumbai(hereinafter being referred to as the “Board”) dated 7th May, 2007 holding that the appellant did not satisfy the conditions of clause (4) of Schedule III of the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter being referred to as the “Regulations”) hence the exemption from payment of fees for the period for which the erstwhile individual Srikant Mantri has paid to the Board cannot be converted to the corporate entity MFL.
2. The brief facts of the case culled out are that one Srikant Mantri became a member of the Calcutta Stock Exchange (hereinafter being referred to as the “CSE”) and was granted registration as a stock broker on 30th November, 1992. Sometime in the year 1997, he decided to transfer
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