SEBI Proposes Scrapping LTCG Tax For FIIs, Reliance Surges 9.5%, Auto Stocks Rally
Reports indicate that the Securities and Exchange Board of India has recommended scrapping the 12.5% long-term capital gains tax for foreign investors to encourage equity inflows and counter recent capital outflows. SEBI has also proposed tax relief for domestic mutual fund investors switching schemes after holding units for over a year. Meanwhile, Indian equity benchmarks witnessed a sharp rally, led by Reliance Industries surging over 9% and adding more than 1.2 lakh crore rupees to its market capitalization following strong quarterly earnings. Automobile manufacturers, including Maruti Suzuki and Hyundai, recorded robust October monthly sales, boosting sectoral stocks ahead of Dhanteras and Diwali. In commodities, gold and silver saw price corrections amid shifting demand. Separately, the Central Drugs Standard Control Organisation canceled the import registration for South Korean cosmetic brand FatX over misleading therapeutic claims, intensifying scrutiny across imported beauty products.





