15. Stock Exchange and Association to deduct stamp duty from Trading member's account. -
Notwithstanding anything contained in this Act, in the case of transactions through Stock Exchange or an Association as defined in clause (a) of Section 2 of the Forward Contracts (Regulation) Act, 1952 (Act No. 74 of 1952), the Stock Exchange or as the case may be, the Association, shall collect the due stamp duty by deducting the same from the Trading Members' account at the time of settlement of such transactions. The stamp duty so collected shall be transferred to the proper Head of Account in any Government Treasury /Sub-Treasury or Government Business Branch of the State Bank of India or any other bank authorized by the State Government for this purpose, and in the manner specified by Commissioner of Stamps.Explanation. - For the purposes of this section "stock exchange" means the stock exchange as defined in clause (j) of sub-section (2) of the Securities Contract (Regulation) Act, 1956 (Act No. 42 of 1956).
