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<h1>SEBI Issues Draft Rules on Securities Transaction Tax Implementation; Advises Stock Exchanges and Mutual Funds on Compliance.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) provides draft rules for the implementation of the Securities Transaction Tax (STT) as per the Finance (No.2) Act, 2004. It advises stock exchanges, their members, and mutual funds to establish necessary systems for the levy, collection, and remittance of STT. The determination of taxable securities transaction values, responsibilities for tax collection, payment procedures, and filing returns. It also specifies the format for appeals and notices related to tax demands and refunds, ensuring compliance with the STT regulations.