https://www.taxtmi.com/caselaws?id=763884 The Securities Appellate Tribunal, Mumbai upheld SEBI's mandatory charging of 15% interest on outstanding registration fees under Regulation 5 of Schedule-III of Stockbrokers Regulations. The Tribunal rejected appellant's claim that SEBI had discretion in calculating interest, clarifying that "shall" in regulations is mandatory, not discretionary. The SC had previously upheld SEBI's annual turnover fee calculation method. However, the Tribunal directed SEBI to credit appellant with 15% simple interest for a brief period when appellant maintained a credit balance, as no interest was credited during that time. en-us Wed, 11 Dec 2024 00:00:00 +0530 Mon, 30 Dec 2024 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763884 The Securities Appellate Tribunal, Mumbai upheld SEBI's mandatory charging of 15% interest on outstanding registration fees under Regulation 5 of Schedule-III of Stockbrokers Regulations. The Tribunal rejected appellant's claim that SEBI had discretion in calculating interest, clarifying that "shall" in regulations is mandatory, not discretionary. The SC had previously upheld SEBI's annual turnover fee calculation method. However, the Tribunal directed SEBI to credit appellant with 15% simple interest for a brief period when appellant maintained a credit balance, as no interest was credited during that time. Case-Laws SEBI Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763884