Co. formed under compulsion of law to takeover broker-Co. is entitled to fee continuity benefit

SEBI : Where in order to comply with direction of SEBI that a company getting trading membership of NSE could not carry on any other activity apart from broking, appellant - PGSL was incorporated for taking over membership card of PCMIL, transfer of membership from PCMIL to PGSL was due to compulsion of law and appellant would be entitled to benefit of fee continuity and, thus, would not be required to pay fresh registration fees