Perhaps the writing was on the wall. Even the bull run of Indian public markets in 2025 which ended the year roughly 9-10% higher than a year ago and the record public market listings did not stop the government from putting brakes on the aggressively growing but highly volatile derivative trading in the country.
Building upon its commitment of raising the transaction cost for Futures & Options trading, the union finance minister Nirmala Sitharaman announced during Budget 2026 further raising of the Securities Transactions Tax on F&O trading,…

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