The Bombay High Court ordered the Central Board of Direct Taxes (CBDT) to provide clarity on the issue of securities transaction tax (STT) levy on physically-settled derivatives. The court on Monday heard an appeal filed by brokers' lobby Association of National Exchanges Members of India (Anmi) against the National Stock Exchange (NSE) after the bourse decided to levy the STT at 0.1 per cent on derivative contracts of stocks that are physically settled. This is 10 times higher than the 0.01 per cent STT levied on stocks that are cash-settled.
The next hearing in the matter will take place on