Finance Act, 1994
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Amendment of section 206 (exemption from stamp duty of certain stocks and marketable securities) of Finance Act, 1992. |
105.— Section 206 of the Finance Act, 1992 , is hereby amended— | |
(a) by the addition of the following paragraph after paragraph (a): | ||
“(aa) units in a collective investment scheme which is incorporated or otherwise formed under the law of a territory outside the State: | ||
Provided that such conveyance or transfer of units does not relate to— | ||
(i) any immovable property situate in the State or any right over or interest in such property, or | ||
(ii) any stocks or marketable securities of a company, other than a company which is a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989 , which is registered in the State, or”, | ||
(b) by the deletion of the words “and which are dealt in and quoted on a recognised stock exchange” in paragraph (c), | ||
(c) by the substitution of the following paragraph for paragraph (ii) of the proviso to paragraph (c): | ||
“(ii) any stocks or marketable securities of a company, other than a company which is a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989 , which is registered in the State,”, | ||
and | ||
(d) by the addition of the following provisions after the existing provisions (as amended by paragraphs (a), (b) and (c)): | ||
“and in paragraph (aa)— | ||
‘collective investment scheme’ means a scheme which is an arrangement made for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public or other investors, as beneficiaries, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever; | ||
‘units’ includes shares and any other instruments granting an entitlement to shares in the investments or income of, or receive a distribution from, a collective investment scheme.”. |