The recent Foreign Portfolio Investors (FPI) guidelines that Sebi came out with got a lot of positive reaction and positive feedback and that sets a positive tone in the market.
You always have to be conscious of the costs in the system and must always be focused on how competitive we are as a market
Chitra Ramakrishna
MD & CEO
NSE
Doing away with the Securities Transaction Tax (STT) will reduce costs and will help stock exchanges, says Chitra Ramakrishna, MD and CEO, National Stock Exchange. In an exclusive interaction with CNBC-TV18's Shereen Bhan, Ramakrishna also spoke about other key reforms needed to boost stock exchange business in India.
Below are excerpts from the interview:
Q: How can you increase growth of stock exchanges in India?
A: You always have to be conscious of the costs in the system and we always have to be focused on how competitive we are as a market. So definitely, taxes as cost are a part of that. We can't have an exaggerated focus on just one thing and so, anything that reduces cost will help us.
Q: How hard is it to attract business in this country from stock exchange point of view given where statutory costs are?
A: It is not the only factor.
Q: Is it one of the big impediments that you are faced with?
A: I wouldn't put it that way at all. The recent Foreign Portfolio Investors (FPI) guidelines that Sebi came out with got a lot of positive reaction and positive feedback. Such things set a very positive tone.
Q: Do you believe that will go a long way in reversing the Indian business, which is not easy to deal with, also reduce the kind of paper work and the kind of approvals that you require and so on and so forth because there are still concerns on the tax front which haven't been addressed?
A: The FPI framework which Sebi has put out has got a lot of good positive feedback. It is a paradigm shift from where we were even five years ago. So, it is certainly a very important factor in making India look attractive.
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