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On 10th December 2019, the Ministry of Finance has brought out the notification regarding the Indian Stamp (Collection of Stamp Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules. The stamp-duty is for sales of any securities made through the stock exchange. It includes the sale of listed units of any registered pooled arrangement or scheme or any tripartite repo and must be collected on the settlement day by a clearing corporation or stock exchange authorized by it, at the rates mentioned in the Indian Stamp Act from the concerned persons.
The nature of the particular transfer of securities is to be treated as on delivery basis or on non-delivery basis and shall be determined by the clearing corporation at the time of settlement. The stamp-duty must be collected before the execution of off-market from transferor and transfers of securities in the depository system, that included the counter trades occurring in dematerialized or electronic form.
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Collection of stamp duty by the depositories in case of the issuance
The Finance Act 2019 amended the Indian Stamp Act for regulating the liability of instruments of transaction in the stock exchanges and depositories to duty. Section 9A was introduced which provides for the charging the instruments with duty for the transactions in the stock exchange and depositories. The amendment also inserted a new section 73A in the Indian Stamp Act which gives the powers to the central government to make rules in this regard.
See Our Recommendation: Stamp Duty on Memorandum of Association in India.
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