Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment :: TDS :: ACCOUNTING STANDARDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: VAT RATES
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

SEBI seeks Supreme Court view
October, 30th 2009

SEBI has moved the Supreme Court seeking adjudication on whether a certificate of registration as stock broker can be directed to be transferred without compliance with the statutory requirements.

"The AP high court has grossly erred in failing to appreciate that the certificate of registration as stock broker cannot be directed to be transferred without compliance with the statutory requirements prescribed under SEBI (Stock Brokers and Sub Brokers) Regulations, 1992, being a special Act having superceding effect over general laws," SEBI said in its special leave petition.

It further said, "Whether SEBI, a statutory board established under the SEBI Act, 1992, could be directed to effect transfer of registration as a stock broker, when neither the Act nor the rules and regulations framed there under provide for such transfer".

One Subrahmanyeswara Rao, on October 30, 1996, had entered into an agreement with Sree Godavari Financial Services, a registered stock broker of Hyderabad Stock Exchange, for transfer of his membership to the stock exchange. On December 15, 1997, he filed a suit before the additional senior civil judge, Vijaywada, seeking specific performance of the agreement.

It was decreed. On July 16, 1998, he moved for the execution of the decree. On October 23, 1998, the court directed SEBI to effect the transfer of certificate of registration as stock broker in favour of the decree holder.

Appealing against it, SEBI approached the AP High Court saying no notice was issued to the market regulator before passing such an order. The high court referred the matter for fresh consideration to the lower court. In February 2003, the court directed SEBI to effect transfer of registration within 3 months.

SEBI then moved the high court saying the provisions of the memorandum and articles of association of Hyderabad Stock Exchange and provisions of the SEBI Act, 1992, do not permit such transfer of membership. The high court, however, dismissed the plea on July 3, 2009.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions