NSE could not be fastened with liability for defaults committed by its members or brokers at time of collecting STT

INCOME TAX : Tribunal was right in holding that if there was default by a member or broker registered with National Stock Exchange (NSE) at time of collecting Securities Transaction Tax (STT) in case of Foreign Institutional Investors (FIIs) in accordance with client code, liability of alleged collection could not be fastened on NSE, since NSE was to only ensure whether transaction of purchase and sale of shares was undertaken through a particular client code or not

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