Securities transaction tax collection and monthly remittance required; collectors remain liable to pay even if tax not collected. Every recognised stock exchange must collect securities transaction tax from purchasers or sellers entering into taxable transactions at prescribed rates, and prescribed persons (including Mutual Funds, insurance companies, and lead merchant bankers for initial offers) must collect when they buy units or when specified taxable transactions occur. All tax collected during a calendar month must be paid to the Central Government by the seventh day of the following month, and collectors who fail to collect remain liable to pay the tax in accordance with the remittance timetable.