Where an instrument is chargeable with ad valorem duty in respect of any stock or of any marketable or other security, such duty shall be calculated on 1 [the market value of such stock or security.]
2 [Provided that the market value for calculating the stamp-duty shall be, in the case of—
(i) options in any securities, the premium paid by the buyer;
(ii) repo on corporate bonds, interest paid by the borrower; and
(iii) swap, only the first leg of the cash flow.]
1Subs. by Act 7 of 2019, s. 16, for “the value of such stock or security according to the average price or the value thereof on the day of the date of the instrument.” (w.e.f. 1-7-2020). [Earlier notified w.e.f. 9-1-2020 followed by 1-4-2020]
2Ins. by s. 16, ibid. (w.e.f. 1-7-2020). [Earlier notified w.e.f. 9-1-2020 followed by 1-4-2020]