State Act
Section 10B. Stock exchange, etc., to deduct stamp duty from trading member’s account.
7[10B. Stock exchange, etc., to deduct stamp duty from trading member’s account.— Notwithstanding anything contained in this Act, in case of transactions through stock exchange or an association as defined in clause (a) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952), the stock exchange or, as the case may be, an association, shall collect the due stamp duty by deducting the same from the trading member’s account at the time of settlement of such transactions. The stamp duty so collected shall be transferred to the Government Treasury, Sub-Treasury or General Stamp Office in the manner specified by the Chief Controlling Revenue Authority. Explanation.— For the purposes of this section, “stock exchange” means the stock exchange as defined in clause (j) of section 2 of the Securities Contract (Regulation) Act, 1956 (42 of 1956).]