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Where an instrument is chargeable with ad valorem duty in respect of any stock or of any marketable or other security, such duty shall be calculated on 1[the market value of such stock or security.] 2[Provided that the market value for calculating the stamp-duty shall be, in the case of-- (i) options in any securities, the premium paid by the buyer; (ii) repo on corporate bonds, interest paid by the borrower; and (iii) swap, only the first leg of the cash flow.]
<span style="margin-left:15px;"></span>Where an instrument is chargeable with <i>ad valorem</i> duty in respect of any stock or of any marketable or other security, such duty shall be calculated on <sup>1</sup>[the market value of such stock or security.]<br> <span style="margin-left:15px;"></span> <sup>2</sup>[Provided that the market value for calculating the stamp-duty shall be, in the case of--<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span> (i) options in any securities, the premium paid by the buyer;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span> (ii) repo on corporate bonds, interest paid by the borrower; and<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span> (iii) swap, only the first leg of the cash flow.]<br> <span style="margin-left:15px;"></span> <br><br>