After raising bus fares and milk prices, the Tamil Nadu government has asked stock exchanges to inform stock brokers to pay stamp duty every month for all the trades done by its residents.
Many brokers have been collecting stamp duty from residents in the state but have been remiss in depositing it with the state. The stamp duty was always there, but Tamil Nadu never asked for it. So, many of them did not pay.
Geojit BNP Paribas Financial Services, Kotak Securities, Aditya Birla Money & Sharekhan have a dominant presence across Tamil Nadu.
TheTamil Nadu government charges 15 paisa for every trade worth Rs. 2,500 as stamp duty for both share delivery and futures and options contracts. This fee, though not the highest among Indian states, is higher than the one charged by Maharashtra, which is 0.01% for delivery trades and 0.002% for non-delivery and derivatives.
A broker association, Association of National Exchange Members of India, plans to request Tamil Nadu to cut the duty to Maharashtra levels. With stock market activity rising in the past many years, many state governments feel stamp duty could actually be lucrative.
Many brokers have been collecting stamp duty from residents in the state but have been remiss in depositing it with the state. The stamp duty was always there, but Tamil Nadu never asked for it. So, many of them did not pay.
Geojit BNP Paribas Financial Services, Kotak Securities, Aditya Birla Money & Sharekhan have a dominant presence across Tamil Nadu.
TheTamil Nadu government charges 15 paisa for every trade worth Rs. 2,500 as stamp duty for both share delivery and futures and options contracts. This fee, though not the highest among Indian states, is higher than the one charged by Maharashtra, which is 0.01% for delivery trades and 0.002% for non-delivery and derivatives.
A broker association, Association of National Exchange Members of India, plans to request Tamil Nadu to cut the duty to Maharashtra levels. With stock market activity rising in the past many years, many state governments feel stamp duty could actually be lucrative.
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