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India's capital market participants have pressed for lower transaction taxes and stronger sector-wide reforms in the upcoming Union Budget 2026-27, during a high-level pre-Budget consultation with Finance Minister Nirmala Sitharaman on Tuesday. According to officials familiar with the discussions,
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FAQ :
Capital market bodies urged for a cut in Securities Transaction Tax (STT), especially on cash market trades, and requested sector-wide reforms to enhance market efficiency and inclusion.
They argued that a lower STT on cash market trades, compared to derivatives, would improve liquidity and encourage greater retail participation.
Proposals included simplifying compliance for intermediaries, measures to widen retail investor access, strengthening risk management, and expanding product innovation.
Representatives from stock exchanges, mutual funds, investment advisers, and commodity market bodies, including BSE, MCX, AMFI, ARIA, and CPAI, attended.
Capital markets mobilised Rs 14.6 lakh crore in FY25, a 33% increase from the previous year, with equity and debt markets contributing Rs 14.2 lakh crore.
The Union Budget 2026-27 is expected to be presented around February 1, 2026.
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