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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2012: New IPO Definitions, Adjusted Securities Tax Rates, and Rules for Lead Merchant Bankers in Sections 97-101.</h1> The Finance Act, 2012 amends the Finance (No. 2) Act, 2004, effective from July 1, 2012. It introduces definitions for 'initial public offer' and 'lead merchant banker' in section 97. A new sub-clause allows the sale of unlisted equity shares during an initial public offer, with these shares subsequently listed on a recognized stock exchange. Section 98 adjusts the securities transaction tax rates, reducing them from 0.125% to 0.1% for certain transactions and introducing a 0.2% rate for sales of unlisted equity shares. Section 100 mandates lead merchant bankers to collect securities transaction tax on specified transactions. Sections 100 and 101 include provisions for lead merchant bankers similar to those for mutual funds.
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