Edelweiss Head Rashesh Shah Urges Removal of Capital Gains Tax for Foreigners

Edelweiss Financial Services Chairman Rashesh Shah called on India to remove capital gains tax for foreign investors to boost market inflows.

Foreign investors have been net sellers with outflows exceeding $28 billion this year, though recent weeks saw over $5 billion in inflows.

Shah estimated that domestic mutual funds and insurance companies could channel up to $80 billion annually into equities.