Mumbai: A section of brokers and retail investors today (Jul 8, 2004) held demonstrations in front of the stock exchange in protest against the introduction of turnover tax in the Budget proposals even as leading brokers met the SEBI (Securities and Exchange Board of India) chairman G N Bajpai to discuss the issue.

The investors raised slogans against the Finance Minister P Chidambaram alleging that such a tax would lead to freezing of liquidity and lowering of volumes on the bourses.

Bajpai has already clarified to the brokers that the tax would be applicable only after the Finance Bill is passed in the Parliament.

The SEBI chief assured them that he would take up the issue with Chidambaram next week.

Meanwhile, police intervened and the agitating brokers were taken to Phalton Road police station, sources said.