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This is an archive article published on September 15, 2004
Transaction tax impact
A scam of sorts is brewing in the small to mid-cap segment of stock exchanges. Since early September, individuals are buying certain stocks ...
Written by MAHESH NAYAK
Mumbai | September 15, 2004 12:00 AM IST
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1 min read
A scam of sorts is brewing in the small to mid-cap segment of stock exchanges. Since early September, individuals are buying certain stocks at a high price and selling them at lower price through block deals and booking losses.
The reason, the market feels, is the imminent imposition of the Securities Transaction Tax (STT). Rajesh Jain, CEO, Pranav Securities, said: “Profit management ahead of the implementation of STT has seen players booking losses”.
Between September 1 and 10, there were 15 block deals reported in seven different stocks on the BSE, wherein the transaction is entered into by the same individual as a buyer and seller.
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Among the major block deals, Sam Global Securities bought 2,61,901 shares at Rs 99.17 per share and sold the same quantity at Rs 98.54 per share, incurring a loss of nearly Rs 1.65 lakh.
Meanwhile, in GV Films, Madhusudan Thakkar incurred a loss of Rs 18,188 and Shailesh Ved booked a loss of nearly Rs 20,000 in Genus Commutrade.
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