Stamp duty on securities transactions: exchanges and depositories to collect and remit state duties per prescribed rules. Amendment inserts Part AA requiring stock exchanges or authorised clearing corporations to collect stamp duty from buyers on clearance-list sales based on market value, depositories to collect duty from transferors on transfers and from issuers on allotment lists based on total market value, with rates specified in Schedule I; such instruments need not be physically stamped and related transactional documents are exempt from State stamp-duty. Collected duty must be transferred monthly to the appropriate State after permitted facilitation deductions, with reporting obligations on exchanges, clearing corporations and depositories; off-exchange issues, sales, transfers or reissues attract duty payable by issuer or seller at its registered office.
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Stamp duty on securities transactions: exchanges and depositories to collect and remit state duties per prescribed rules.
Amendment inserts Part AA requiring stock exchanges or authorised clearing corporations to collect stamp duty from buyers on clearance-list sales based on market value, depositories to collect duty from transferors on transfers and from issuers on allotment lists based on total market value, with rates specified in Schedule I; such instruments need not be physically stamped and related transactional documents are exempt from State stamp-duty. Collected duty must be transferred monthly to the appropriate State after permitted facilitation deductions, with reporting obligations on exchanges, clearing corporations and depositories; off-exchange issues, sales, transfers or reissues attract duty payable by issuer or seller at its registered office.
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