https://www.taxtmi.com/caselaws?id=111052 Sub-brokers linked to Regional Stock Exchange subsidiaries were held to fall within the same statutory category as other sub-brokers, because the amended SEBI regime was designed to address investor-protection concerns through direct contracts, direct settlement, and a tripartite agreement. The petitioners could not show any legal basis for a separate classification or a rational nexus for exclusion, so uniform application of the amended framework was upheld. The court also noted that model bye-laws circulated by SEBI had not acquired statutory force and could not be compelled by mandamus, and that the implementing circulars were not arbitrary merely because a different policy approach was possible. en-us Thu, 29 Dec 2005 00:00:00 +0530 Fri, 20 Apr 2012 10:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111052 Sub-brokers linked to Regional Stock Exchange subsidiaries were held to fall within the same statutory category as other sub-brokers, because the amended SEBI regime was designed to address investor-protection concerns through direct contracts, direct settlement, and a tripartite agreement. The petitioners could not show any legal basis for a separate classification or a rational nexus for exclusion, so uniform application of the amended framework was upheld. The court also noted that model bye-laws circulated by SEBI had not acquired statutory force and could not be compelled by mandamus, and that the implementing circulars were not arbitrary merely because a different policy approach was possible. Case-Laws Companies Law Thu, 29 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111052