New Delhi: Representatives of the broking community met finance minister, P. Chidambaram, and suggested that the burden of taxation on the different players in the capital market should be commensurate with their incomes.

Besides making recommendations on the rates, applicability of tax on different market players, the broking community also expressed keenness that the effect of taxation between the buyer and the seller should be equitable.

Informed sources said that the finance minister had told those present at the meeting that he would prefer to consult the bankers before taking a final view on the matter of levy of securities transaction tax on the bonds that are traded in the recognised stock exchanges.

The majority of those present at today''s meeting were from the equity broking community. Interestingly, most of them said they had not sought the levy of securities transaction tax from the government.

Without going into the details of the nearly two hour long meeting at the North Block on Tuesday evening, the Securities and Exchange Board of India (SEBI) chairman, G.N. Bajpai, told presspersons that the finance minister would have to take a view on the matter after considering the suggestions of the different market players.

"As a regulator, I can only pass on the taxation concerns of the market players to the finance minister. He has to take the decision," Bajpai said.

Bajpai also met the finance minister on Tuesday morning on the same issue.

The former president of the Stock Exchange, Mumbai, Deena Mehta, told reporters that the concerns of the broking community over the proposed securities transaction tax were conveyed to the finance minister. "We told the minister that there are different players in the capital market and the level of taxation on each player should be in line with their incomes. The tax should not become a burden and threaten their survival. We are hopeful of a favourable review of the proposed system," she said.