DEPUTY GENERAL MANAGER

MARKET REGULATION DEPARTMENT

MRD/Do P/SE/Cir-32/04

September 23, 2004

1. The Executive Directors/Managing Directors/Administrators of All Stock Exchanges

2.  All Mutual Funds registered with SEBI

3. Association of Mutual Funds in India (AMFI)

Dear Sirs/Madam,

Sub: Securities Transaction Tax (STT) – Draft Rules, 2004

1.   Please refer to circular No.MRD/DoP/SE/Cir-28/2004 dated August 23, 2004 on the captioned subject.

2.   Pursuant to the enactment of the Finance (No.2) Act, 2004, the Government of India is expected to notify the Securities Transaction Tax Rules, 2004, very shortly. Meanwhile, in order to facilitate the stock exchanges, their members and mutual funds to put in place the necessary systems and procedures for proper implementation, the draft rules on the captioned subject along with the proposed format of the necessary forms are enclosed.

3. Accordingly, the stock exchanges, their members and mutual funds are hereby advised to ensure that necessary software and procedures for the levy, collection and remittance of STT are put in place immediately in accordance with the enclosed draft Rules.

Yours faithfully,

V S SUN DARESAN

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