Here is what the Finance Minister has announced for the mutual fund industry in his Budget speech.
New Delhi Here is what the Finance Minister has announced for the mutual fund industry in his Budget speech.
Important Budget announcements for Mutual Funds:
* STT (Securities Transaction Tax) on MF units at 0.25 per cent
* Dividend distribution tax on close-ended funds to go
* FII limit in MF's to be increased from $ 1m to $ 2m
* Investor protection fund to be set up by Sebi
* Cap for MFs on reciprocal foreign holding removed
* Mutual funds to be allowed to invest $1bn in Overseas Exchange Traded Funds, ETFs
* To remove 10% foreign investment cap for Mutual Funds
* Electronic bond trading net extended to mutual funds, pension, and provident funds
* Tax withholding for NRI MF investors rationalized
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