Indian Stamp Act,1899
Act No : 2
Section : SECURITIES DEALT IN DEPOSITORY NOT LIABLE TO STAMP DUTY
SECTION 08A: SECURITIES DEALT IN DEPOSITORY NOT LIABLE TO STAMP DUTY
Notwithstanding anything contained in this Act or any other law for the time being in force,
(a) an issuer, by the issue of securities to one or more depositories shall, in respect of such issue, be chargeable with duty on the total amount of security issued by it and such securities need not be stamped;
(b) where an issuer issues certificate of security under sub-section (3) of Section 14 of the Depositories Act, 1996 (22 of 1996), on such certificate duty shall be payable as is payable on the issue of duplicate certificate under this Act;
(c) the transfer of—
(i) registered ownership of securities from a person to a depository or from a depository to a beneficial owner;
(ii) beneficial ownership of securities, dealt with by a depository;
(iii) beneficial ownership of units, such units being units of a Mutual Fund including units of the Unit Trust of India established under subsection (1) of Section 3 of the Unit Trust of India Act, 1963 (52 of 1963), dealt with by a depository, shall not be liable to duty under this Act or any other law for the time being in force.
Explanation 1.—For the purposes of this section, the expressions "beneficial ownership", "depository" and "issuer" shall have the meanings respectively assigned to them in clauses (a), (e) and (f) of sub-section (1) of Section 2 of the Depositories Act, 1996 (22 of 1996).
Explanation 2.—For the purposes of this section, the expression "securities" shall have the meaning assigned to it in clause (h) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).
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