SEBI favors tax breaks for municipal bond subscribers: Official

The Securities and Exchange Board of India (Sebi) has approached the government to provide tax breaks for subscribers to municipal bonds that are critical for funding grassroots infrastructure development, a senior official said on Tuesday.

The capital markets watchdog will also root for a tax break for municipal bonds during a meeting with the Finance Commission, Sebi Whole Time Member Ashwani Bhatia said.

The regulator may soon take further steps to further strengthen investor protection in the futures and options (F&O) segment, he added.

Bhatia was speaking at an event organized by the Institute of Chartered Accountants of India (ICAI) in the national capital.

Bhatia said that municipalities in India have raised only Rs. 2,700 crore, representing just 0.6% of the country’s overall bond market.

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This pales in comparison to the $4 trillion US municipal bond market, which represents 7% of the American bond market. Also, most municipal bond proceeds in the US are tax-exempt.

About F&O, Bhatia said, “Sebi is going to do something about F&O soon. The study has come (lately).”

In a recent consultation paper, SEBI has suggested seven steps to tighten regulations for index derivatives. These include revision of minimum contract size and requirement of upfront collection of option premium.

Experts have said that these measures will improve risk management in the derivatives market.

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