Introduction It’s worth mentioning that the fundamental Stamp Act of 1899 makes no explicit provision for the admissibility of completely unstamped instruments/documents as evidence. This Act, on the other hand, allows for the admission of under-stamped or improperly stamped instruments and documents. Sections 33 and 35 of the core legislation deal with under-stamped papers and…
Introduction Securities and Exchange Board of India (SEBI) The export and trading of capital market tools and the regulation of major market mediators are under SEBI. SEBI is the chief financial officer in India. SEBI developed the SEBI (Mutual Funds) Regulations, 1996, which provide comprehensive corporate financial management in India. It is mandatory that shared…
Introduction “instrument” includes every document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished, or recorded; Instrument not duly stamped – ‘Instrument’ means ‘any right or responsibility is transferred,’ and ‘duly stamped’ means ‘instrument bears an adhesive stamp of suitable amount as specified by law,’ therefore ‘Instrument not…
Settlement is the “last action in the transfer of ownership including the actual exchange of securities or money.” The transaction is deemed complete upon settlement since all parties’ responsibilities have been satisfied. In the context of securities, settlement entails the transfer of the securities to the beneficiary, often in return for (or concurrent with) the…
Introduction Mercantile agent is a special agent who has the authority to sell goods, transfer items for sale, acquire goods, or collect money to secure commodities on behalf of its client in the ordinary course of business. To clarify, a commercial or mercantile agent is a person who has received goods or papers of title in…
Securities Appellate Tribunal (SAT) is a statutory body constituted under the provisions of Section 15K of the Securities and Exchange Board of India (SEBI) Act of 1992. The tribunal was mainly established to hear and dispose of appeals against orders passed by the Security and Exchange Board of India or by an adjudicating officer under…
Introduction From section 38 of the Constitution provides for the procedure for dealing with detained tools. Section 40 gives the Collector the power to certify as a properly sealed instrument and if the instrument is not properly stamped, it is empowered to collect the missing stamp fee and fine and issue a certificate. Collector (a)…
History Governments across Europe had imposed stamp taxes by the 17th century. They were a prevalent type of taxation in the Netherlands, France, Denmark, Prussia, and England throughout the following century. The Stamp Act of the British Parliament was approved in 1765, and this is when the stamp tax was established. The tax was levied…
Introduction It is present in section 48 of lndian stamp act. All duties, penalties and other fees required to be paid under this Chapter may be obtained by the Collector through stress and sale of personal property to be paid to him, or by any other means in the process of repayment of land income…
INTRODUCTION: shares and convertible debentures both are transferable documents. Under foreign direct investment policies rules and regulations about such transfer are mentioned. Shares are ownership capital while debentures are borrowed capitals. After purchasing a share or a debenture person gets a certificate of such purchase and that certificate is a transferable document. Shares and…
