Seeking to deepen the markets and attract more investors, the Union Budget today proposed tax incentive for mutual funds and new derivative products even as hike in securities transaction tax left stock brokers disappointed.
In a significant move, the government has decided to allow up to 15 per cent foreign shareholding in domestic exchanges, a step which BSE feels would boost investments and improve overall functioning of the bourses.
As part of efforts to expedite cases, the government would increase the benches of the Securities Appellate Tribunal and in this regard, Sebi Act would be amended.
Unveiling measures to attract more investors, Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
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