Zerodha....
- Thread starter bharath.mang
- Start date
- Tags bakwaas now cheapest brokerage nest nest plus new broker zerodha zerodha trader
- Status
We all pay stamp duty on NSE derivatives contracts but I was under the impression that the rate of stamp duty payable is as per the stamp duty applicable in the state in which broking house is registered.
A friend of mine who stays in Maharashtra has opened a trading account with a broker having registered office ( and only one office) in Maharashtra . But as the friend came on transfer from West Bengal and he does not have address proof of Maharashtra, he gave his permanant West Bengal address.He trades Nifty Futures and Bank Nifty Futures on NSE which is registered in Maharashtra.In Maharashtra , the stamp duty payable on non delivery securities contract is @0.002 % but my friend's broker is charging him @0.01% which is 5 times the duty applicable in Maharashtra on the grounds that his address is in West Bengal and West Bengal stamp duty rates are applicable.
What is the correct position on this point ? Is there any circular from NSE to this effect clarifying the stamp duty rates applicable as per address of the client or the registered office of the broker ?
I checked up ICICI Direct stamp duty. It is 0.002% and not a function of where the client is located as ICICI direct account is a web based trading account. This friend also is trading web based on NSE NOW.
Zerodha has clients all over India but they charge stamp duty as per Karnataka stamp duty rates as their Registered office is in Karnataka state.
Zerodha...can you hep ? what is the correct position...is there any document to support ?
If some circular on this can be obtained then the matter can be taken up with the stock broker/ NSE
Smart_trade
A friend of mine who stays in Maharashtra has opened a trading account with a broker having registered office ( and only one office) in Maharashtra . But as the friend came on transfer from West Bengal and he does not have address proof of Maharashtra, he gave his permanant West Bengal address.He trades Nifty Futures and Bank Nifty Futures on NSE which is registered in Maharashtra.In Maharashtra , the stamp duty payable on non delivery securities contract is @0.002 % but my friend's broker is charging him @0.01% which is 5 times the duty applicable in Maharashtra on the grounds that his address is in West Bengal and West Bengal stamp duty rates are applicable.
What is the correct position on this point ? Is there any circular from NSE to this effect clarifying the stamp duty rates applicable as per address of the client or the registered office of the broker ?
I checked up ICICI Direct stamp duty. It is 0.002% and not a function of where the client is located as ICICI direct account is a web based trading account. This friend also is trading web based on NSE NOW.
Zerodha has clients all over India but they charge stamp duty as per Karnataka stamp duty rates as their Registered office is in Karnataka state.
Zerodha...can you hep ? what is the correct position...is there any document to support ?
If some circular on this can be obtained then the matter can be taken up with the stock broker/ NSE
Smart_trade
The most ambiguous thing in the markets is the stamp duty.. Hopefully there will be a fix this time around in the budget, as told to us.
We don't have offices anywhere else and hence we don't have to bother about other states. But tomorrow if we had an office in Mumbai, we would have to pay stamp duty according to Mahrashtra for all our clients based out of Mahrashtra...
your friend's broker probably has a setup in West Bengal and hence doesn't want to take a chance and paying stamp duty according to West Bengal.
Cheers...
We don't have offices anywhere else and hence we don't have to bother about other states. But tomorrow if we had an office in Mumbai, we would have to pay stamp duty according to Mahrashtra for all our clients based out of Mahrashtra...
your friend's broker probably has a setup in West Bengal and hence doesn't want to take a chance and paying stamp duty according to West Bengal.
Cheers...
For blind people like me ... (oops.. visually challenged, I mean), here it is in Braille... It's a fillable form this time. What a come down, in my days the Zerodha guys used to fill up the form for you, all you had to do was sign in 40-50 places and courier it 
http://www.zerodha.com/download/MCX/ZerodhaMCXFillable.pdf
If you want to see it on zerodha website....
http://www.zerodha.com/download/MCX/ZerodhaMCXFillable.pdf
If you want to see it on zerodha website....
For blind people like me ... (oops.. visually challenged, I mean), here it is in Braille... It's a fillable form this time. What a come down, in my days the Zerodha guys used to fill up the form for you, all you had to do was sign in 40-50 places and courier it
http://www.zerodha.com/download/MCX/ZerodhaMCXFillable.pdf
If you want to see it on zerodha website....
http://www.zerodha.com/download/MCX/ZerodhaMCXFillable.pdf
If you want to see it on zerodha website....
- Status
