8A. [ Securities dealt in depository not liable to stamp-duty. [Substituted by Finance Act, 2019 (Act No. 7 of 2019) dated 21.2.2019.]
- 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 securities issued by it and such securities need not be stamped;(b)the transfer of registered ownership of securities from a person to a depository or from a depository to a beneficial owner shall not be liable to duty.Explanation. - For the purposes of this section, the expression "beneficial ownership" shall have the same meaning as assigned to it in clause (a) of sub-section (1) of section 2 of the Depositories Act, 1996.][8-B. Corporatisation and demutualisation schemes and related instruments not liable to duty. [Inserted by Act 18 of 2005, Section 114 (w.e.f. 13.5.2005).]- Notwithstanding anything contained in this Act or any other law for the time being in force,(a)a scheme for corporatisation or demutualisation, or both of a recognised 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 demutualisation, or both of a recognised 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 (42 of 1956), shall not be liable to duty under this Act or any other law for the time being in forceExplanation. For the purposes of this section,(a)the expressions corporatisation, demutualisation 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 (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 (15 of 1992)][8-C. Negotiable warehouse receipts not liable to stamp duty. [Inserted by Act 37 of 2007, Section 55.]- Notwithstanding anything contained in this Act, negotiable warehouse receipts shall not be liable to stamp duty.][8E. Conversion of a branch of any bank into a wholly owned subsidiary of bank or transfer of shareholding of a bank to a holding company of bank not liable to duty. Notwithstanding anything contained in this Act or any other law for the time being in force,-(a)conversion of a branch of a bank into a wholly owned subsidiary of the bank or transfer of shareholding of a bank to a holding company of the bank in terms of the scheme or guidelines of the Reserve Bank of India shall not be liable to duty under t his Act or any other law for the time being in force; 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 conversion of a branch of a bank into a wholly owned subsidiary of the bank or transfer of shareholding of a bank to a holding company of the bank in terms of the scheme or guidelines issued by the Reserve Bank of India in this behalf, shall not be liable to duty under this Act or any other law for the time being in forceExplanation.-(i)For the purposes of this section, the expression "bank" means-(a)"a banking company" as defined in clause (c) of section 5 of the Banking Regulation Act, 1949;(b)"a corresponding new bank" as defined in clause (da) of section 5 of the Banking Regulation Act, 1949;(c)"State Bank of India" constituted under section 3 of the State Bank of India Act, 1955;(d)"a subsidiary bank" as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959;(e)"a Regional Rural Bank" established under section 3 of the Regional Rural Banks Act, 1976;(f)"a Co-operative Bank" as defined in clause (cci) of section 5 of the Banking Regulation Act, 1949;(g)"a multi-State co-operative bank" as defined in clause (cciiia) of section 5 of the Banking Regulation Act, 1949;(ii)For the purposes of this section, the expression the "Reserve Bank of India" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934.]
