Stock broker to obtain a certificate of registration for each of the stock exchange where he operates: SC

Securities And Exchange Board of India Vs National Stock Exchange Members Association (Supreme Court of India) Conclusion: In present facts of the case while allowing the appeals, the Hon’ble Supreme Court observed that (i) subordinate legislation has the same superior force as it supplements a mechanism/ procedure (ii) while interpreting the statutory provisions, the Court is always supposed to keep in mind the object or purpose for which the statute has been enacted and (iii) the stock broker not only has to obtain a certificate of registration from SEBI for each of the stock exchange wher...