Amendment of section 2

In force As on 05 Oct 2026

Ministry Finance

Section 12 of the Finance Act, 2019 (No. 1) deals with amendment of section 2. Amendment of section 2 12. In section 2 of the Indian Stamp Act, 1899 (2 of 1899) (hereafter in this Part referred to as the principal Act),— (a) | for clause (1), the following clauses shall be substituted, namely:— '(1) "allotment list" means a list containing details of allotment of the securitie

Amendment of section 2
12. In section 2 of the Indian Stamp Act, 1899 (2 of 1899) (hereafter in this Part referred to as the principal Act),—
(a) for clause (1), the following clauses shall be substituted, namely:—
'(1) "allotment list" means a list containing details of allotment of the securities intimated by the issuer to the depository under sub-section (2) of section 8 of the Depositories, Act, 1996 (22 of 1996);
(1A) "banker" includes a bank and any person acting as a banker;';
(b) in clause (5), the following long line shall be added at the end, namely:—
"but does not include a debenture;";
(c) after clause (7), the following clauses shall be inserted, namely:—
'(7A) "clearance list" means a list of transactions of sale and purchase relating to contracts traded on the stock exchanges submitted to a clearing corporation in accordance with the law for the time being in force in this behalf;
(7B) "clearing corporation" means an entity established to undertake the activity of clearing and settlement of transactions in securities or other instruments and includes a clearing house of a recognised stock exchange;';
(d) after clause (10), the following clauses shall be inserted, namely:—
'(10A) "debenture" includes—
(i) debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not;
(ii) bonds in the nature of debenture issued by any incorporated company or body corporate;
(iii) certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity upto one year as the Reserve Bank of India may specify from time to time;
(iv) securitised debt instruments; and
(v) any other debt instuments specified by the Securities and Exchange Board of India from time to time;
(10B) "depository" includes—
(a) a depository as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); and
(b) any other entity declared by the Central Government, by notification in the Official Gazette, to be a depository for the purposes of this Act;';
(e) in clause (12), the words and figures "and includes attribution of electronic record within the meaning of section 11 of the Information Technology Act, 2000 (21 of 2000) " shall be inserted at the end.
(f) for clause (14), the following clause shall be substituted, namely:—
'(14) "instrument" includes—
(a) every document, by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded;
(b) a document, electronic or otherwise, created for a transaction in a stock exchange or depository by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded; and
(c) any other document mentioned in Schedule I,
but does not include such instruments as may be specified by the Government, by notification in the Official Gazette;';
(g) after clause (15), the following clause shall be inserted, namely:—
'(15A) "issuer" means any person making an issue of securities;';
(h) for clause (16A), the following clauses shall be substituted, namely:—
'(16A) "marketable security" means a security capable of being traded in any stock exchange in India;
(16B) "market value", in relation to an instrument through which—
(a) any security is traded in a stock exchange, means the price at which it is so traded;
(b) any security which is transferred through a depository but not traded in the stock exchange, means the price or the consideration mentioned in such instrument;
(c) any security is dealt otherwise than in the stock exchange or depository, means the price or consideration mentioned in such instrument;';
(i) after clause (23), the following clause shall be inserted, namely:—
'(23A) "securities" includes—
(i) securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(ii) a "derivative" as defined in clause (a) of section 45U of the Reserve Bank of India Act, 1934 (2 of 1934);
(iii) a certificate of deposit, commercial usance bill, commercial paper, repo on corporate bonds and such other debt instrument of original or initial maturity upto one year as the Reserve Bank of India may specify from time to time; and
(iv) any other instrument declared by the Central Government, by notification in the Official Gazette, to be securities for the purposes of this Act;';
(j) after clause (26), the following clause shall be inserted, namely:—
'(27) "stock exchange" includes—
(i) a recognised stock exchange as defined in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); and
(ii) such other platform for trading or reporting a deal in securities, as may be specified by the Central Government, by notification in the Official Gazette, for the purposes of this Act.'.
Section 12, The Finance Act, 2019 (No. 1).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Questions about Section 12

What does Section 12 of the Finance Act, 2019 (No. 1) deal with?

Section 12 of the Finance Act, 2019 (No. 1) is headed "Amendment of section 2". Amendment of section 2 12. In section 2 of the Indian Stamp Act, 1899 (2 of 1899) (hereafter in this Part referred to as the principal Act),— (a) | for clause (1), the following clauses shall be substituted, namely:— '(1) "allotment list" means a list containing details of allotment of the securitie

How do I find court cases under Section 12 of the Finance Act, 2019 (No. 1)?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act, 2019 (No. 1) 12, section 12 Finance Act, 2019 (No. 1), section 12 of the Finance Act, 2019 (No. 1). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 12 of the Finance Act, 2019 (No. 1), and has it changed?

Its own text turns on Depositories Act 2 (Definitions), Depositories Act 8 (Options to receive security certificate or hold securities with depository), section 2 (Income-tax), so none of them can safely be read on its own.

When was the Finance Act, 2019 (No. 1) enacted?

Finance Act, 2019 (No. 1) was enacted in 2019. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

2. Income-tax3700 words
15. Insertion of new Part AA724 words
21. Amendment of Schedule I324 words
17. Amendment of section 29251 words
19. Insertion of new section 73A206 words
18. Insertion of New section 62A192 words

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.

(a)		for clause (1), the following clauses shall be substituted, namely:—
		'(1) "allotment list" means a list containing details of allotment of the securities intimated by the issuer to the depository under sub-section (2) of section 8 of the Depositories, Act, 1996 (22 of 1996);
		(1A) "banker" includes a bank and any person acting as a banker;';
(b)		in clause (5), the following long line shall be added at the end, namely:—
		"but does not include a debenture;";
(c)		after clause (7), the following clauses shall be inserted, namely:—
		'(7A) "clearance list" means a list of transactions of sale and purchase relating to contracts traded on the stock exchanges submitted to a clearing corporation in accordance with the law for the time being in force in this behalf;
		(7B) "clearing corporation" means an entity established to undertake the activity of clearing and settlement of transactions in securities or other instruments and includes a clearing house of a recognised stock exchange;';
(d)		after clause (10), the following clauses shall be inserted, namely:—
		'(10A) "debenture" includes—

(i)		debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not;
(ii)		bonds in the nature of debenture issued by any incorporated company or body corporate;
(iii)		certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity upto one year as the Reserve Bank of India may specify from time to time;
(iv)		securitised debt instruments; and
(v)		any other debt instuments specified by the Securities and Exchange Board of India from time to time;

(a)		a depository as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); and
(b)		any other entity declared by the Central Government, by notification in the Official Gazette, to be a depository for the purposes of this Act;';

(e)		in clause (12), the words and figures "and includes attribution of electronic record within the meaning of section 11 of the Information Technology Act, 2000 (21 of 2000) " shall be inserted at the end.
(f)		for clause (14), the following clause shall be substituted, namely:—
		'(14) "instrument" includes—

(a)		every document, by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded;
(b)		a document, electronic or otherwise, created for a transaction in a stock exchange or depository by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded; and
(c)		any other document mentioned in Schedule I,

		but does not include such instruments as may be specified by the Government, by notification in the Official Gazette;';
(g)		after clause (15), the following clause shall be inserted, namely:—
		'(15A) "issuer" means any person making an issue of securities;';
(h)		for clause (16A), the following clauses shall be substituted, namely:—
		'(16A) "marketable security" means a security capable of being traded in any stock exchange in India;
		(16B) "market value", in relation to an instrument through which—

(a)		any security is traded in a stock exchange, means the price at which it is so traded;
(b)		any security which is transferred through a depository but not traded in the stock exchange, means the price or the consideration mentioned in such instrument;
(c)		any security is dealt otherwise than in the stock exchange or depository, means the price or consideration mentioned in such instrument;';

(i)		after clause (23), the following clause shall be inserted, namely:—
		'(23A) "securities" includes—

(i)		securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(ii)		a "derivative" as defined in clause (a) of section 45U of the Reserve Bank of India Act, 1934 (2 of 1934);
(iii)		a certificate of deposit, commercial usance bill, commercial paper, repo on corporate bonds and such other debt instrument of original or initial maturity upto one year as the Reserve Bank of India may specify from time to time; and
(iv)		any other instrument declared by the Central Government, by notification in the Official Gazette, to be securities for the purposes of this Act;';

(j)		after clause (26), the following clause shall be inserted, namely:—
		'(27) "stock exchange" includes—

(i)		a recognised stock exchange as defined in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); and
(ii)		such other platform for trading or reporting a deal in securities, as may be specified by the Central Government, by notification in the Official Gazette, for the purposes of this Act.'.