MARKANDEYA KATJU, C. J.

( 1 ) THIS Letters Patent Appeal has been filed against the impugned judgment dated 26. 10. 2004 in WP (C) No. 5417/2003.

( 2 ) THE facts in detail have been mentioned in the judgment of the learned single Judge and hence we are not repeating them here again except where required. The short question which arises for consideration in this appeal is whether under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the act ) a stock broker has to get a certificate of registration from the Securities and Exchange Board of india (for short SEBI ) from each of the stock exchanges where he operates, or whether a single certificate of registration from the SEBI is sufficient.

( 3 ) IN this connection, we reproduce Section 12 (1) of the Act:-

12 (1) No stock broker, sub-broker, share transfer agent, banker to an issue, trustee of trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediary who may be associated with securities market shall buy, sell or deal in securities except under, and in accordance with, the conditions of a certificate of registration obtained from t

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