NSE to implement transaction tax cut as of June 1

Reuters Market Eye - The National Stock Exchange will reduce the securities transaction tax (STT) on equity futures to 0.01 percent from 0.017 percent from June 1, NSE said in a statement.

Purchases of a unit in an equity-oriented fund will not attract any STT compared to 0.1 percent earlier, while sale of such units would have STT of 0.001 percent versus 0.1 percent previously, the NSE said.

These changes in the STT were included in the budget unveiled for 2012/13 that has subsequently been passed by parliament.

(Reporting by Abhishek Vishnoi)