Market value for stamp duty defined: options, corporate bond repos, and swaps carry specified valuation rules. Amendment to section 21 replaces average or day-of valuation with market value for stamp-duty on securities and provides that, specifically, options are valued by the premium paid by the buyer, repo on corporate bonds by the interest paid by the borrower, and swaps by only the first leg of the cash flow.
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Provisions expressly mentioned in the judgment/order text.
Market value for stamp duty defined: options, corporate bond repos, and swaps carry specified valuation rules.
Amendment to section 21 replaces average or day-of valuation with market value for stamp-duty on securities and provides that, specifically, options are valued by the premium paid by the buyer, repo on corporate bonds by the interest paid by the borrower, and swaps by only the first leg of the cash flow.
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