9. Securities dealt in depository not liable to stamp duty. -
Notwithstanding anything contained in any other provision of 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 (Act No. 22 of 1996) on such certificate duty shall be payable as is payable on the issue of duplicate certificate under this Act;(c)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 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 sub-section (1) of Section 3 of the Unit Trust of India Act, 1963 (Act No.,52 of 1963) dealt with 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 expression "beneficial ownership", "depository" and "issuer" shall have the same meanings respectively assigned to them in clauses (a), (e) and (f) of subsection (1) of Section 2 of the Depositories Act, 1996 (Act No. 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 sub-section (2) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (Act No. 42 of 1956).
