Finance Minister Arun Jaitley is likely to address the boards of markets regulator Sebi and Reserve Bank on February 10, a senior official said. Soon after the presentation of Union Budget, it is a customary practice for the finance minister to address the boards of the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI). The Budget for 2018-19, which would also be the last full budget by the present NDA government, is scheduled to be presented on February 1. A senior regulatory official said the finance minister is likely to address the boards of Sebi and RBI on February 10, especially on topics related to the Budget.
Earlier, a leading stock brokers’ group the Association of National Exchanges Members of India (Anmi) had suggested the government should reduce GST on brokerages to 12 per cent as well as scrap taxes on securities transactions and dividends. Post GST, the burden of taxation on the transaction charges has increased, the grouping had said in a representation to the finance ministry. It had requested the ministry to do away with the securities transaction tax and abolish dividend tax for growth of the capital markets. According to the Anmi, the STT plays a detrimental role in enhancing liquidity and creation of depth in Indian capital market.