https://www.taxtmi.com/caselaws?id=267498 Paragraph 4 of Schedule III to the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 was construed as a beneficial fiscal provision granting fee continuity to stock brokers who converted into corporate entities. Because the provision did not expressly or by necessary implication impose a cutoff date, no restrictive words could be read in to limit the benefit to conversions on or after 01.04.1997. The later explanation reinforced that a converted entity is a continuation of the earlier entity and that fee cannot be collected again for the same covered period. The result was that fee continuity extended to corporate entities converted before 01.04.1997. en-us Tue, 03 Nov 2015 00:00:00 +0530 Sat, 07 Nov 2015 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267498 Paragraph 4 of Schedule III to the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 was construed as a beneficial fiscal provision granting fee continuity to stock brokers who converted into corporate entities. Because the provision did not expressly or by necessary implication impose a cutoff date, no restrictive words could be read in to limit the benefit to conversions on or after 01.04.1997. The later explanation reinforced that a converted entity is a continuation of the earlier entity and that fee cannot be collected again for the same covered period. The result was that fee continuity extended to corporate entities converted before 01.04.1997. Case-Laws Companies Law Tue, 03 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267498