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TMI BlogIndian Stamp (Collection of StampDuty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... urrency appearing in a currency pair quotation) in the forward leg; or (iii) the person paying the fixed rate in a fixed-floating swap instrument; or (iv) any one of the contracting persons in a floating-floating swap instrument; or (v) borrower of repo on corporate bonds; (c) collecting agent means a stock exchange or clearing corporation authorised by it or a depository which is empowered to collect stamp-duty on securities on behalf of the State Government in accordance with the provisions of the Act and these rules; (d) domicile State means: - (i) the State of the buyer as it appears in the permanent address in India on the settlement day, and in case the same is not available, as it appears in the correspondence address in India, as per the records of stock exchange or clearing corporation or depository ; or (ii) in case the State of buyer is not available in the permanent address or correspondence address in India, the State having the registered office of the member, through whom the trade or transfer was executed, and in case the same is not available, the State having the registered office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rules and regulations framed there under, shall have the meanings respectively assigned to them in those Acts, rules and regulations. 3 . Collection of stamp-duty by stock exchange or clearing corporation. - (1) The stamp-duty leviable under clause (a) of sub-section (1) of 9A of the Act in respect of sale of any securities made through the stock exchange including sale in respect of any listed units of any registered pooled arrangements or scheme, or tripartite repo, shall be collected on the settlement day, by a stock exchange or clearing corporation authorised by it, at the rates specified in Schedule I of the Act, from the concerned persons specified in section 29 of the Act. (2) In case of option instruments including instruments with zero or near zero premium, the buyer of the option contract has to clearly identify premium payable by him on each constituent transaction and report it to the collecting agent. (3) In case of the transactions arising from tender offer, open offer or offer for sale or private placements executed through stock exchange, the stamp-duty shall be collected from the offeror, on the market value of the security b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory shall be considered as the actual consideration amount. (3) In case of inter-depository off-market transfers, the transferee s depository shall intimate the transferor s depository, within one day, about the transferee s domicile State so as to enable the transferor s depository to remit the stamp-duty so collected to the buyer s State. (4) A depository shall put in place a system for,- (a) identifying market transfers and sale consideration; (b) mandatory disclosure of the reasons for transfer of securities in its system and the consideration amount, if applicable, whether to be paid in full or in part, or in instalments to be paid in future. (5) If the consideration is paid in part or in instalments, stamp-duty shall be collected by the depository on the entire sale consideration when a transfer is effected. (6) A depository shall intimate the stock exchange or clearing corporation as the case may be, about those dematerialised transfers, which may have to be later reported to the stock exchange or clearing corporation, on which stamp-duty has already been collected by it. (7) In the case of transfer of securities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rupee, and for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored. (4) The collecting agent may deduct 0.2 per cent of the stamp-duty collected on behalf of the State Government towards facilitation charges before transferring the same to such State Government. (5) The State Government may appoint a nodal officer for all official communications with the principal officers for the purposes of collection of stamp-duty in accordance with these rules. (6) The collecting agent shall appoint a principal officer within fifteen days from the date of publication of these rules or within fifteen days of a notification issued under sub-clause (ii) of clause (27) of section 2 of the Act. (7) The collecting agent shall take all necessary steps to implement the provisions of the Act and these rules and also disseminate the same on their websites. (8) The stamp-duty collected on behalf of State Government shall not be utilised by any collecting agent for any other purpose and shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of the Act. (4) Any fresh or revised demand of stamp-duty payable pursuant to any dispute or adjudication proceedings may be recovered by the State Government in accordance with the provisions of the Act. [F. No. S.33013/3/2019 ST-1-DoR] RITVIK PANDEY, Jt. Secy. FORM (See rule 8) [RETURN OF STAMP-DUTY COLLECTED (Monthly/Yearly)] Name of the stock exchange / depository: Address of the stock exchange / depository: Name of clearing corporation authorised to collect the Stamp duty: Address of the authorised clearing corporation: Period for which stamp-duty collection is being reported: Details of stamp-duty collected: Sl. No Security Code Nature of the security (debenture, share, etc.) Value of transactions on which stamp-duty is leviable Rate of Stamp-duty applied Total billed amount of stamp-duty Total stamp-duty collected Total stamp-duty not recovered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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