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fees for the financial year 1992-93 on the basis of their turnover for the previous financial year i.e. 1991-92. The Brokers ... would pay fees based on their corresponding previous financial year's turnover." (emphasis supplied) 18. According to the Appellant the Respondent

activity. Over the last couple of years, the activity of MoP had decreased, and there was no trading and monitoring for the physical shares ... machine. Further in the last couple of months, the trading turnover at the local segment of the PSE, had become minimal or almost nil. Exchanges