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Brokerages Are Said to Seek Tax Easing for Offshore India Trades

  • Firms representing foreign funds also want ID rules relaxed
  • Indian authorities want more trading to come onshore
General Views Of The Under-Construction Gujarat International Finance Tec-City
Photographer: Dhiraj Singh/Bloomberg
Updated on

Brokerages representing offshore investors are asking for more concessions to trade in India’s nascent international financial hub in Gujarat, according to people with knowledge of the matter.

The brokers, who transact on behalf of overseas funds, are seeking the same exemption from local taxes enjoyed by foreign funds in the Gujarat bourse, said the people, who asked not to be identified as the discussions are private. They also want Indian authorities to have easier customer identification rules, the people said. The Futures Industry Association is expected to write to India’s securities regulator to voice the concerns of the brokerages and their clients, they said.