Under section 8A of the Indian Stamp Act, 1899, which of the following is expressly declared not liable…

Section 8A of the Indian Stamp Act, 1899, as substituted by the Finance Act, 2019 (in force from 1 July 2020), provides that the transfer of registered ownership of securities from a person to a depository, or from a depository to a beneficial owner, shall not be liable to duty. The same section makes the issuer chargeable with duty on the total amount of securities it issues to depositories, so the issue of securities is not exempt. A sale of securities through a stock exchange (duty collected from the buyer by the stock exchange or clearing corporation) and a transfer of securities for consideration made by a depository (duty collected from the transferor by the depository) are chargeable under section 9A(1)(a) and (b). (Before the 2019 recast, section 8A also exempted transfers of beneficial ownership dealt with by a depository; such transfers are now dutiable.)