High trading costs impact liquidity of Indian equities: study

8 min read
  1. According to a study by the World Bank,the turnover ratio of the Indian stock market had fallen from 143 in 2008 to 58 in 2018.
  2. The turnover ratio which is a universally accepted parameter to gauge trading volumes,is the total value of the shares traded in a specific period divided by the average market capitalisation of that period.
  3. The fall had been the highest among most leading markets of the world, barring the U.S. and the European Union.
  4. Separately, as part of their pre-budget recommendations to the government, capital market participants had sought rationalisation of the securities transaction tax (STT) apart from bringing back certain exemption benefits that were available earlier.
  5. In 2007-08,the government had stopped treating STT as tax paid and treated it as an expense that led to double taxation for the gains assessed under business income.
  6. Further,while long-term capital gains (LTCG) tax was made nil while introducing STT in 2004, the transaction tax was not done away with when LTCG was reintroduced in 2018.
  7. Securities transaction tax (STT) is a tax levied at the time of purchase and sale of securities listed on stock exchanges in India.
  8. Securities are tradable investment instruments such as shares, bonds, debentures, equity-oriented mutual funds (MFs) and so on and are issued either by companies or by the Indian government.
  9. LTCG is the tax paid on profit generated by an asset such as real estate, shares or share-oriented products held for a particular time-frame.

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