SEBI committee to look into stamp duty issue

KOLKATA: Stock brokers on Friday hoped that the ambiguity in stamp duty levied by state governments would be resolved as the matter has been taken up by the Securities and Exchange Board of India (SEBI).

"The Finance ministry has referred the matter to SEBI. The market regulator has formed a committee sometime ago to study the matter," Association of National Exchange Members of India President E M C Palaniappan said.

The committee did not have a deadline to submit its report and the matter was supposed to be discussed at the Empowered Committee of Finance Ministers, Palaniappan told reporters at a curtain raiser for the 5th ANMI international convention here tomorrow.

ANMI said there was an ambiguity on stamp duty as different states imposed different rules and rates which was tantamount to harassment to the broking community.

Meanwhile, Palaniappan said there were other issues like securities transaction tax and capital gain. "We have submitted our reaction on the proposed direct tax code which the government should look into."