SC allows Sebi appeal on waiver for brokerages

 In this case, Punit Capital Market Services was a firm with membership on
the National Stock Exchange. When the regulation came into effect in 1998, it became a corporate entity known as Punit Capital & Debt Market. Only two out of the four former partners satisfied the wholetime directorship condition. Sebi, therefore, denied the fee continuity benefit to the new company.  The latter then moved the tribunal, which ruled in its favour.

The apex court bench, headed by Justice Arijit Pasayat, also issued a notice to Punit Capital.