Stamp duty on currency futures

[NAVEEVIa]

Hi All,
I opened a currency trading account with Angel broking in MCX SX.
I inquired about trading charges & they told me following;

1. Brokerage on transaction value.
2. Service tax(10.3% on brokerage)
3. Sebi Fee Rs 10/crore.
4. Turnover charge Rs 115/crore.
5. Service tax(10.3% on turnover charges.
6. Stamp duty .002% ( Rs 200/crore)

Please shed some light on following;
1. Are turnover charge & sebi fee correct?
2. IS the stamp duty correct?
This is biggest cost, i told them that MCX stamp duty is Rs 30/crore only. They said that its decided by Maharashtra state where they are registered.

Is everyone here paying this high stamp duty?

Thanx in advance,
Naveen

 

[Tejpal Rathore]

Hi All,
I opened a currency trading account with Angel broking in MCX SX.
I inquired about trading charges & they told me following;

1. Brokerage on transaction value.
2. Service tax(10.3% on brokerage)
3. Sebi Fee Rs 10/crore.
4. Turnover charge Rs 115/crore.
5. Service tax(10.3% on turnover charges.
6. Stamp duty .002% ( Rs 200/crore)

Please shed some light on following;
1. Are turnover charge & sebi fee correct?
2. IS the stamp duty correct?
This is biggest cost, i told them that MCX stamp duty is Rs 30/crore only. They said that its decided by Maharashtra state where they are registered.

Is everyone here paying this high stamp duty?

Thanx in advance,
Naveen

Hi naveen, these charges are same amongst all the brokers. These are mandatory charges which a client has to pay.

Service Tax- 10.30% of Brokerage Charged
Stamp Duty- 0.002% of on Turnover value

And stamp duty is state specific. Most of the leading brokers are registered in Maharashtra and they will have the same stamp duty.

Keep trading!!!!!!

 

[NAVEEVIa]

Hi Tejpal,
I was under the impression that currency derivatives are the cheapest market to trade but for me MCX is cheaper than MCXSX.
Assuming .01% brokerage, one has to make 1.5 paisa or 6 ticks to breakeven.
Not a day trader friendly market if it stays in range of 20 paisa only.
Thanx for your reply,
Naveen