10. Corporatisation and demutualization Schemes and related instruments not liable to duty. -
Notwithstanding anything contained in any other provision of this Act or any other law for the time being in force, -(a)a scheme for corporatisation or demutualization, or both of a recognized stock exchange; or(b)any instrument, including an instrument of or relating to, transfer of any property, business, asset, whether movable or immovable, contract, right, liability and obligation, for the purpose of, or in connection with, the corporatisation or demutualization or both of a recognized stock exchange pursuant to a scheme,as approved by the Securities and Exchange Board of India under sub-section (2) of Section 4-B of the Securities Contracts (Regulation) Act, 1956 (Act No. 42 of 1956) shall not be liable to duty under [this Act] [Corrigenda vide Notification No. 593/79-VI-1-10(ka)-26-2008, dated 4.6.2010, published in the U.P. Gazette, Extraordinary, Part 1, Section (ka), dated 4.6.2010.] or any other law for the time being in force.Explanation. - For the purposes of this section -(a)The expressions "Corporatisation" "demutualization" and "scheme" shall have the meanings respectively assigned to them in clauses (aa), (ab) and (ga) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (Act No. 42 of 1956).(b)"Securities and Exchange Board of India" means the Securities and Exchange Board of India established under Section 3 of the Securities and Exchange Board of India Act, 1992 (Act No. 15 of 1992).
