[Civil Appeal No. 3682 of 2006]. These Appeals arise against the common Judgment of the Securities Appellate Tribunal ('SAT' for brevity) which affirmed the stance of SEBI refusing to grant fee continuity benefits to the Appellants herein. Common question of law and facts arise and for the sake of convenience we shall keep in perspective the factual matrix in Civil Appeal No. 3682 of 2006, in which the arguments in the main have been addressed. Premium Capital Market & Investments Pvt. 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. 3). 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 conditions 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 conditions for NSE membership, namely that the company could not carry on any other activities apart from broking.
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