The Securities and Exchange Board of India has conveyed to Finance Minister P Chidambaram the demands and suggestions of brokers and investors over the proposed 0.15 per cent transaction tax.

Sebi Chairman G N Bajpai, however, said it was up to the finance minister to decide on whether to revise the rate of transaction tax or not.

Bajpai met Chidambaram in the morning and briefed him about the securities market and the concerns of broking community over the new tax on purchase of all listed shares and bonds.

"It was a pretty long meeting. I have just conveyed the feedbacks and suggestions of market players to the finance minister," he said.

Asked whether he has suggested any change in the rate, Bajpai said: "It's upto the finance minister to decide."

The Sebi chairman, accompanied by brokers, again met the finance minister in the evening.

A section of brokers want a differential rate of transaction tax for delivery and non-delivery based transactions.

A majority of bond dealers want the finance minister to exempt transactions on government securities and other corporate bonds from the new tax considering the low profit margins.