https://www.taxtmi.com/caselaws?id=195695 Paragraph 4 of Schedule III to the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 grants fee continuity to a corporate stockbroker formed by conversion of an individual or partnership member, and the text does not confine that benefit to conversions made on or after 1 April 1997. A contrary restriction cannot be read into clear regulatory language, and the explanatory scheme treats the converted entity as a continuation of the earlier member. The benefit remains conditional on the former member becoming a whole-time director and holding at least 40% of the paid-up equity capital for at least three years from conversion; where those conditions are not met, the exemption is unavailable. en-us Tue, 09 May 2006 00:00:00 +0530 Wed, 08 Nov 2017 11:21:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195695 Paragraph 4 of Schedule III to the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 grants fee continuity to a corporate stockbroker formed by conversion of an individual or partnership member, and the text does not confine that benefit to conversions made on or after 1 April 1997. A contrary restriction cannot be read into clear regulatory language, and the explanatory scheme treats the converted entity as a continuation of the earlier member. The benefit remains conditional on the former member becoming a whole-time director and holding at least 40% of the paid-up equity capital for at least three years from conversion; where those conditions are not met, the exemption is unavailable. Case-Laws Companies Law Tue, 09 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195695