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Reason For Sharp Correction in Equity Market – FM dashes hopes of a tweak in FPI surcharge

Foreign portfolio investors (FPis) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019, Finance Minister Nirmala Sitharaman said, in a discussion on the Finance Bill in the Parliament on July 18.

FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, dashing hopes the government may tweak relevant portions of the Finance Bill to ring-fence FPIs from the effects of the “super-rich” tax.

Foreign investors have pulled out more than Rs 5,000 crore from the cash segment of Indian equity markets so far in July.

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Reason For Sharp Correction in Equity Market – FM dashes hopes of a tweak in FPI surcharge

Foreign portfolio investors (FPis) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019, Finance Minister Nirmala Sitharaman said, in a discussion on the Finance Bill in the Parliament on July 18.

FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, dashing hopes the government may tweak relevant portions of the Finance Bill to ring-fence FPIs from the effects of the “super-rich” tax.

Foreign investors have pulled out more than Rs 5,000 crore from the cash segment of Indian equity markets so far in July.