NSE Mandates Brokers Deposit Excess STT, Warns 1% Monthly Interest for Delays

• National Stock Exchange (NSE) issues new circular on Securities Transaction Tax (STT) following Income Tax Department order.
• Brokers must provide full details and deposit any excess STT collected from investors but not remitted to the government.
• A 1% monthly interest will be levied on brokers for delays in depositing the excess STT amount.
• Information on excess STT from FY24 and previous years (as of March 31, 2023) must be submitted within seven days.
• NSE will collect the excess STT from brokers and deposit it into the government's account, informing the Income Tax Department.