https://www.taxtmi.com/caselaws?id=435692 A stock broker operating on more than one stock exchange must obtain a separate certificate of registration for each exchange, and fee is payable accordingly. Fee continuity under clause (4) of Schedule III to the 1992 Stock Brokers and Sub-Brokers Regulations applies only where a partnership or individual membership is converted into a corporate entity and the prescribed statutory conditions are strictly met, including whole-time directorship and the required shareholding continuity. On the stated facts, a transfer of membership to an existing company did not satisfy those conditions, so the exemption was unavailable and the fee claim failed. en-us Mon, 20 Mar 2023 00:00:00 +0530 Fri, 24 Mar 2023 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435692 A stock broker operating on more than one stock exchange must obtain a separate certificate of registration for each exchange, and fee is payable accordingly. Fee continuity under clause (4) of Schedule III to the 1992 Stock Brokers and Sub-Brokers Regulations applies only where a partnership or individual membership is converted into a corporate entity and the prescribed statutory conditions are strictly met, including whole-time directorship and the required shareholding continuity. On the stated facts, a transfer of membership to an existing company did not satisfy those conditions, so the exemption was unavailable and the fee claim failed. Case-Laws SEBI Mon, 20 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435692