Shri Anil Bokil has made a private email response as follows ...
In Commodity/ Share/ money market, if the transaction are made directly between the buyer and the seller, with the Broker receiving only his commission, he will have to pay Tax only on the Commission amount.

Furthermore, with abolition of Security Transaction Tax which at present is being levied on each transaction, the effect will be nullified. This aspect has been adequately dealt with in FAQs - kindly refer to the WEBSITE.
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I now add my thoughts on this issue.

Since many financial transactions occur in a single day for a particular consumer, many which may be reversible or 'hedge type' ... it is important that each NOT be subject to a Transaction Tax same as any other normal purchase of goods or services. Repeatable TT on each such transaction will make it very expensive and deny equity for the entire business.

One solution may be to subject only that particular or net transaction which is left pending at the expiry of its tenure. I am not sure how this will work ... however, since normal settlement is T+2 or 'end of contract' ... this time instant may be the time for imposing the TT. Further, the rate for such a TT may be kept at a lower level to reduce loading of the transaction (which is a global method for 'price discovery' and price stability).

If the broker is charged a TT for each transaction, may be five in a day for similar deal, the net tax will be five times. Generally the big traders are their own brokers and will not pay anything, while the small and medium investor who goes to a broker will be exposed to serious inequity in the form of multiple TT. Thus injustice is done to many more while the big corporate get away with lower costs. I will mention that Mutual Funds will be the worst affected since their product is meant for the small investor, yet they transact through 'broker' and sometime many times a day for same counter. I think this solution therefore needs a review.