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Mumbai, June 8 The Association of National Exchange Members of India (ANMI) has approached the Ministry of Finance for the removal of the securities transaction tax, Mr E.M.C. Palaniappan, President of ANMI, said at a press meet on Monday.

“We have requested for the removal of the securities transaction tax (STT), and if that is not given, then at least a reduction in the STT rates should be granted,” said Mr Palaniappan.

“We have also, in our earlier presentations, requested for a more rational and uniform stamp duty,” said Mr Palaniappan.

As of now, different States have different methods of paying stamp duties. It could be according to the place of domicile of the client or the office of the broker.

“There should be a standard method of computation of who is to be paid what amount,” said Mr Anil Bagri, Alternate President of ANMI.

“Although it is for the States to decide on the stamp duty issue, we would like to have any one method of payment of stamp duties and it could be collected by the stock exchanges,” suggested Mr Palaniappan.

ANMI, which represents members of the National Stock Exchange and the Bombay Stock Exchange, had applied to the Securities and Exchange Board of India for becoming a self regulatory organisation, the application of which is still pending.

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