Ahead of Union Budget, FM Arun Jaitley meets capital market experts

Jun 07 2014, 23:54 IST
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Finance Minister Arun Jaitley with DG & Additional Secretary, Department Of Economic Affairs, K.P. Krishnan at a meeting with members from the business community in Mumbai. PTI Finance Minister Arun Jaitley with DG & Additional Secretary, Department Of Economic Affairs, K.P. Krishnan at a meeting with members from the business community in Mumbai. PTI
SummaryTwenty one participants alongside the FM were part of the round-table discussions.

After concluding his meeting with the financial regulators, Finance Minister Arun Jaitley met with select participants of India's capital markets on Saturday evening to discuss key issues pertaining to the industry, and sought suggestions ahead of the Union Budget and economic policy to be unveiled next month.

Twenty one participants alongside the FM were part of the round-table discussions. Among the officials present at the meeting include Department of Economic Affairs’ Secretary Arvind Mayaram, Additional Secretary KP Krishnan, Principal Economic Advisor (MoF) Ila Patnaik, Life Insurance Corporation (LIC) Chairman SK Roy, BSE chief Ashishkumar Chauhan, National Stock Exchange (NSE) managing director and CEO Chitra Ramkrishna, and 15 representatives from domestic and foreign brokerage houses as well as private equity firms.

While the meeting was convened behind closed doors and participants were given strict instructions to keep discussions confidential, it could be ascertained that issues pertaining to revival of initial public offering (IPO) markets and streamlining of capital market tax structure were among the key topics of discussion.

FE learnt that members also discussed and may review the securities transaction tax (STT) and commodities transaction tax (CTT). The FM also asked for participants’ feedback on General Anti Avoidance Rules (GAAR) and retrospective tax rule, sources said.

“The dignitaries present at the meeting will now consolidate the issues discussed and present it to the Finance Ministry for further decision making,” one person familiar with the development said, requesting confidentiality.

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