In the wake of market crash on Thursday following the finance minister's proposal to levy a 0.15 per cent turnover tax on securities transactions, the Securities and Exchange Board of India on Friday said there was no need to panic as the proposal will be applicable only after the Finance Bill is passed.

A delegation of brokers from the Mumbai capital markets today met Sebi Chairman G N Bajpai who assured them that he would take up the issue with the Finance Minister P Chidambaram to convey the concerns of the trading community.

Bajpai told NDTV 24x7 that there was no need for panic in the market as the tax would be applicable only after the Finance Bill is passed. "Right now the tax is not there. It is not applicable from April 1 this year. There is no need to panic."

He said Sebi would convey the concerns of the market players to the finance minister.

The brokers conveyed to him their apprehensions against the tax and wanted a decision that will ease liquidity.

To a question, he said such a turnover tax was being levied in several countries across the world and did not feel that the levy would lead to drying up of the market.