LAWS(DLH)-2005-11-51

NATIONAL STOCK EXCHANGE MEMBER Vs. UNION OF INDIA

Decided On November 07, 2005
NATIONAL STOCK EXCHANGE MEMBER Appellant
V/S
UNION OF INDIA Respondents

JUDGEMENT

(1.) This Letters Patent Appeal has been filed against the impugned judgment dated 26.10.2004 in WP(C) No. 5417/2003.

(2.) The facts in detail have been mentioned in the judgment of the learned single Judge and hence we are not repeating them here again except where required. The short question which arises for consideration in this appeal is whether under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the Act ) a stock broker has to get a certificate of registration from the Securities and Exchange Board of India (for short SEBI ) from each of the stock exchanges where he operates, or whether a single certificate of registration from the SEBI is sufficient.

(3.) In this connection, we reproduce Section 12(1) of the Act:-