Principal instrument rule for securities transactions bars stamp duty on related ancillary instruments under stamp law. The amendment designates the instrument on which stamp duty is chargeable under section 9A as the principal instrument for issue, sale or transfer of ... Summary
Principal instrument rule for securities transactions bars stamp duty on related ancillary instruments under stamp law.
The amendment designates the instrument on which stamp duty is chargeable under section 9A as the principal instrument for issue, sale or transfer of securities, and states that no stamp duty shall be charged on any other instruments relating to such transactions, operating notwithstanding sub sections (1) and (2) of section 4.
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