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Challenge to the validity of certain provisions of the Securities and Exchange Board of India Act and Regulations. Analysis: The case involved a challenge to the validity of Section 12 of the Securities and Exchange Board of India Act, 1992, Regulation 10, and Schedule III of the Securities Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992. The petitioners sought a declaration that these provisions were void and ultra vires the Constitution of India. Similar petitions had been filed in different High Courts, leading to a transfer petition to the Supreme Court. The Supreme Court directed the transfer of related matters and stayed hearings in various High Courts. The Supreme Court eventually dismissed the transferred case subject to specific directions. After the Supreme Court's decision, the stayed writ petitions were listed and disposed of in accordance with the Supreme Court's judgment. The petitioners subsequently filed miscellaneous petitions seeking amendments to include additional paragraphs and prayers in the original petitions. The proposed amendments challenged the basis of the levy, the collection of fees by the Securities and Exchange Board of India (SEBI), and the computation of annual turnover for stockbrokers. The respondents opposed the amendments, arguing that the petitions should be disposed of in line with the Supreme Court's decision. The petitioners contended that the amendments were necessary due to post-decision events and cited legal precedents supporting their request for amendments during the proceedings. The court considered the legal principles regarding amendments during appellate proceedings and the binding effect of Supreme Court decisions on High Courts. It emphasized that cases involving similar legal questions were transferred to the Supreme Court, and the High Courts were bound to follow the Supreme Court's decision. The court rejected the petitions for amendments, stating that allowing such changes would undermine the Supreme Court's judgment. Consequently, the court dismissed the writ petitions in accordance with the Supreme Court's decision in BSE Brokers' Forum v. SEBI, without granting any costs to either party. The court concluded that the writ petitions were to be closed, maintaining the observations made in the Supreme Court's decision.
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