Mumbai: Brokers, unhappy with the transaction tax proposed in the budget on Thursday, met SEBI officials today.

"Broking community is concerned overt turnover tax, as liquidity is likely to go down. But let me clarify, the taxes are not applicable from April 1 and will be so only after the finance bill is passed. So there is no need to panic," said GN Bajpai, SEBI chairman.

"We will seek an appointment with the finance minister to convey the concerns of the brokers," he added.

Meanwhile, Finance Minister P Chidambaram ruled out any roll back on it.

Chidambaram will meet the market participants next week to resolve the confusion on the issue.

The brokers are demanding an exemption for day traders or arbitrageurs and F&O. They also hope that the negotiated dealing system will be exempted.

A section of brokers and retail investors also held demonstrations in front of the Bombay Stock Exchange today over the issue.