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April 2008

Clarification regarding transactions under Securities Lending and Borrowing Scheme issued by SEBI : Circular No. 2/2008, dated 22-2-2008.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
Chartered Accountants
Reading Time 1 mins
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2 Clarification regarding transactions under
Securities Lending and Borrowing Scheme issued by SEBI : Circular No. 2/2008,
dated 22-2-2008.


It has been clarified that the exemption under Section 47(xv)
of the Act would apply to transfers/ transactions under the new scheme notified
by SEBI vide Circular No. MRD/DoP/SE/DEP/Cir. 14/2007, dated 20-12-2007.
Consequently there would be no capital gains liability on these transfers/
transactions. Also securities transaction tax would not be levied on these
transactions.

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