Equity derivatives par badhe STT ne retail traders ko commodity market ki taraf dhakel diya hai. MCX par volume badh raha hai, lekin yaad rahe ki risky trading har jagah same hoti hai.
Tax ka game aur traders ka shift
Indian retail traders ab equity index derivatives se apna capital nikaal kar commodity market mein daal rahe hain. Iska sabse bada reason hai April 1, 2026 ko hua STT (Securities Transaction Tax) ka hike. Ab equity options par 0.15% aur equity futures par 0.05% STT lagta hai, jo frequent traders ki jeb par bhaari pad raha hai. Wahi dusri taraf, commodity transactions par abhi bhi sirf 0.05% tax hai, jo traders ko attract kar raha hai.
Kya risk kam ho gaya?
Bilkul nahi! Asset class badalne se risk kam nahi hota. Commodities mein bhi energy, bullion aur metals ki price mein jabardast volatility hoti hai. Pichhle saal ka data dekhein toh equity derivatives mein 88% retail traders ne loss kiya tha, jo total ₹91,685 Crore ka tha. Equity F&O mein active traders ki sankhya bhi 20% tak gir gayi hai, matlab log ya toh market chhod rahe hain ya nayi jagah risk le rahe hain.
Regulatory nazar aur aage kya?
MCX jaise exchanges par ab volume aur activity badh gayi hai kyunki trading hours bade hain aur volatility zyada hai. Lekin, regulators ki nazar yahan bhi hai. Jaise equity mein weekly expiries ko control kiya gaya, waise hi agar commodity mein retail ka nuksaan aur systemic risk badha, toh regulators yahan bhi kadak rules la sakte hain. Tax bachane ke chakkar mein apni puri capital daanv par lagane se pehle market ke risks ko zaroor samjhein.