Constitutional validity of stock broker fee regulations examined, with expert committee review ordered on fee structure and basis.

Challenge was raised to the constitutional validity of regulation 10 of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992, read with Schedule III, and to the basis and quantum of registration fees payable by stock brokers. The matter was not finally decided on the merits at this stage: an expert committee was constituted to examine the fee structure and related issues, and the hearing was directed to be taken up again later.

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Issues: Challenge to the constitutional validity of regulation 10 of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992, read with Schedule III; consideration of the basis and quantum of registration fees payable by stock brokers.

Outcome: An expert committee was constituted to examine the fee structure and related issues, and the matter was directed to be heard again later.

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