The Hindu Business Line : Stock Holding to launch e-stamping in Maharashtra

What is it
E-stamping is computer-based stamping of documents where the record keeping agency maintains the database electronically instead of physically stamping documents, which could be forged.

Our Bureau

Mumbai, May 1 Stamping of documents can be done electronically in Mumbai and rest of Maharashtra soon.

After the launch of ‘e-stamping’ in Gujarat, Karnataka and the National Capital Region (Delhi), Stock Holding Corporation of India (SHCIL) is getting ready to launch e-stamping facility in Maharashtra shortly, the company said on Thursday.

E-stamping is computer-based stamping of documents where the record keeping agency maintains the database electronically instead of physically stamping documents, which could be forged.

Stamp duty is paid on all transactions that need to be registered; these could be land and property transactions where stamp duty is invariably paid to the State Governments. Other kinds of documents such as affidavits, agreements and transactions relating to gifts, issue of equity shares and so on attract stamp duty.

“The agreement for starting e-Stamping in Maharashtra has been executed (with the State Government). e-stamping in Maharashtra is accordingly slated to be launched shortly,” SHCIL said in a news release issued here on Thursday.

“Meanwhile, other major States have expressed interest in tying up with SHCIL to launch e-stamping services and the corporation has already started talks with some of them,” a senior company official said.

“In Karnataka and Delhi, the e-stamping facility was launched last month. The services had received good response in Gujarat where it was launched last year in February.”

The Corporation has been authorised by the Union Government to act as central record keeping agency for the e-stamping project.

SHCIL’s main business earlier was as custodian of physical shares traded in the stock markets. Now the corporation has diversified into other financial services such as depository, broking, derivatives, and retailing of third-party financial services to institutional clients and retail investors.

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