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Stock brokers are approaching the Bombay High Court (HC) to seek a resolution on the impasse surrounding the levy of securities transaction tax (STT) on physically-settled derivative contracts.Brokers lobby Association of National Exchanges Members of India (Anmi) had recently moved the Securities Appellate Tribunal (SAT) to provide clarity on the issue.Currently, there is no provision in the Finance Act to tax derivative trades on physical delivery and Anmi believes that any attempt to collect the same by the National Stock Exchange of India (NSE) upfront shall become an illegal act. In a letter to the Securities and Exchange Board of India (Sebi) dated July 17, Anmi had said that the exchange should not commence physical delivery in the F&O segment unless it issues a legal indemnity to its members from any future claims made by the government of India for non-collection of STT on F&O delivery. It also noted that there is currently no law to deal with gains/losses resulting ..

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