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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2019 amends Indian Stamp Act; exempts securities issued to depositories from stamp duty under new Section 8A.</h1> The Finance Bill, 2019 proposes an amendment to the Indian Stamp Act, 1899, by substituting a new section for section 8A. The revised section specifies that securities issued to depositories are exempt from stamp duty. The issuer is liable for duty on the total amount of securities issued, but the securities themselves do not require stamping. Additionally, the transfer of registered ownership of securities between a person and a depository, or from a depository to a beneficial owner, is not subject to duty. The term 'beneficial ownership' is defined as per the Depositories Act, 1996.
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