Indian firms may flee taxes

23 May 2005

A new stamp duty tax imposed last week on all equity futures and options and commodity futures trading in the state of Maharashtra may drive some local and international proprietary trading firms away from Mumbai.

Mumbai is the capital of Maharashtra and is also the country's financial capital, accounting for half of futures activity.

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"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”

The FOA's Anthony Belchambers responds to the EC's Mifid review.