Supreme Court of India
Securities & Exchange Board of India v. Icap India Pvt. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the above discussions and the interpretation of the term 'annual turnover' indicated by us earlier, we are B constrained to hold the impugned order passed by the SAT as erroneous in law.
Judgment, page 12
From the headnote
Securities & Exchange Board of India (Stock Brokers & Sub-brokers) Regulations, 1992-Schedule Ill Explanation c after paragraph 3 - Term 'annual turnover' - Interpretation of -Annual turnover of the stock broker- Computation for the purpose of registration fee - Held: Annual turnover of the stock broker must include the value of entire transaction for the purpose of computing the registration fee - Term 'annual tu mover' cannot be interpreted so as to mean only the amount earned by the stock broker by way of brokerage.
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