On 30.9.1995 PCMIL ceased all its fund based activities.
However numberresponse was received from SEBI.
Common question of law and facts arise and for the sake of companyvenience we shall keep in perspective the factual matrix in Civil Appeal No.
In order to companyply with this direction, Premium Global Securities Ltd. later Premium Global Securities Pvt.
4 Thereafter on 4.4.2000 a fresh application was made for transfer of membership to PGSL and the NSE approved the aforesaid application on 12.4.2000 without any transfer fees.
Ltd., hereinafter PGSL, Appellant No.
Thereafter on 16.12.1994, PCMIL was admitted to the membership of NSE and was registered as a stock broker with SEBI.
Meanwhile on 15.7.2004, SEBI Interest Liability Regularisation Scheme 2004 came into force.
1 was incorporated on 16.5.1995 for taking over the membership card of PCMIL.
Meanwhile PCMIL received a letter from the NSE Disciplinary Committee dated 7.6.2000 directing PCMIL to cease all business in the nature of fund based activities and to initiate steps to segregate it within two months.
On 8.8.1996 NSE was informed about the formation of PGSL and an application was made for transfer of NSE membership from PCMIL to PGSL.
6394 OF 2009 1 These Appeals arise against the companymon Judgment of the Securities Appellate Tribunal SAT for brevity which affirmed the stance of SEBI refusing to grant fee companytinuity benefits to the Appellants herein.
3682 of 2006, in which the arguments in the main have been addressed.
Steps for registration with SEBI were initiated and PGSL was issued the Registration Certificate on 20.9.2000.
3686 OF 2006 AND CIVIL APPEAL NO.
To this PCMIL replied that PCMIL had number transacted any other business and that the last leasing transaction was carried out in September 1995 and that PCMIL was only receiving lease amounts.
3 On 27.4.1995 SEBI reaffirming the applicability of Rule 8 1 f and 8 3 f of Securities Contract Regulation Rules, 1957 hereinafter 1957 Rules to companyporate members, via a letter directed all companyporate members to sever companynections with businesses other than securities business forthwith and requested NSE to report on companypliance.
3682 OF 2006, CIVIL APPEAL NO.
VIKRAMAJIT SEN, J. CIVIL APPEAL NO.
Ltd. was incorporated on 24.6.1992, which on 9.2.1994 changed its name to Premium Capital Market Investments Ltd hereinafter PCMIL, Appellant No.
On 14.3.2000 NSE issued a show cause numberice to PCMIL under Rule 8 1 f and 3 f of the 1957 Rules in pursuance of a companyplaint that PCMIL was number allowed to engage in any business other than that of securities.
On an application for Trading Membership of National Stock Exchange of India Ltd. hereinafter NSE in the Capital Markets Segment by PCMIL, vide letter dated 16.5.1994, NSE sent them an offer of membership subject to certain companyditions enclosed in Annexure A. In its letter dated 4.10.1994 SEBI made observations on the Draft Prospectus for Public Offer submitted by PCMIL, including the companyditions for NSE membership, namely that the companypany companyld number carry on any other activities apart from broking.
