Whalesbook
Market Mein Pressure, Buybacks Ki Demand
Market mein abhi jo pressure hai, usko dekh kar lagta hai ki flexible open market buybacks ki kami mehsoos ho rahi hai. Experts keh rahe hain ki agar companies share buyback karein toh yeh FPIs ke selloff ko counter karne mein madad kar sakta hai aur investors ka mood bhi theek kar sakta hai.
SEBI Ka Plan Aur Market Ki Zaroorat
Socho, SEBI ka plan toh tha ki April 1, 2025 se open market buybacks ko totally band kar diya jaaye. Par abhi March 2026 mein jab market itna gir raha hai, toh industry wale keh rahe hain ki isko dobara socha jaaye. Mohandas Pai jaise log, Madhu Kela aur purane SEBI wale JN Gupta bhi keh rahe hain ki agar companies apne shares khud buy karein toh yeh ek achha signal dega aur market ko liquidity bhi milegi. Halanki, SEBI ka goal toh hamesha se transparency rakhna raha hai.
Tax Ke Chakkar Aur Buybacks Ka Future
Aur yeh tax ka chakkar toh sabse bada hai. Pehle kya tha ki buybacks shareholders ke liye tax-efficient hote the. Par Finance Act 2024 ke baad, buyback se milne wale paise ko 'deemed dividend' maana gaya aur shareholder ke income slab ke hisaab se tax lagne laga, jo 42.74% tak ja sakta tha. Isse toh companies ke liye yeh mehnga padne laga, aur woh open market sale kar rahe the jahan capital gains tax kam hai. Ab yeh bhi khabar hai ki Finance Bill 2026 se yeh policy wapas change ho sakti hai, aur buyback ko capital gains hi maana jaayega, jismein sirf profit par tax lagega. Yeh sab cheezein abhi ke debate ko aur complicated bana rahi hain, jab buybacks tax-wise nuksaan de rahe hain aur regulations bhi band ho rahe hain.
FPI Selloff Ne Machaya Haal, SIPs De Rahe Support
March 2026 mein toh FPIs ne record selling ki hai, lagbhag ₹88,180 Crore toh 20th March tak nikaal chuke hain! Iski wajah West Asia mein badhti tension, crude oil prices ka $100 ke upar jaana aur rupee ka kamzor hona hai. Iske karan SENSEX 10.8% aur NIFTY 50 9.5% gir gaye hain. India ki total market cap bhi $533 billion kam ho gayi hai. Par ek achhi baat yeh hai ki retail investors SIPs ke through paise laga rahe hain. February 2026 mein toh ₹29,845 Crore SIP mein aaye hain. Yeh paisa market ko girne se bacha raha hai aur retail confidence dikha raha hai.
Global Practices Aur Cash-Rich Indian Companies
Duniya bhar mein toh share buybacks kaafi common hai companies ke liye apna excess cash shareholders ko wapas dene ka tareeka. India mein SEBI ne zarur ise control kiya hai, par TCS ke paas ₹73,000 Crore se zyada, Infosys ke paas ₹36,000 Crore aur Wipro ke paas ₹37,000 Crore se zyada cash hai September 2025 tak. Yeh companies buyback kar sakti hain, jisse shareholders ko fayda hoga aur company ke EPS bhi badh sakte hain. Abhi SENSEX ka P/E ratio around 20.460 hai (March 22, 2026 tak), aur kuch analysis toh yeh bhi keh rahe hain ki market 12.21 ke P/E par hai (March 20, 2026 tak), toh buyback karne ka sahi time ho sakta hai valuation ke hisaab se.
Kya Buybacks Band-Aid Solution Hain?
Par kya buybacks sach mein sabhi problems solve kar sakte hain? JN Gupta toh keh rahe hain ki jo tensions hain woh global hain, itne bade hain ki buybacks se solve nahi honge. Pehle bhi buybacks mein transparency aur sabhi investors ko equal treatment dene par sawal uthte the. Agar buyback ka short window diya toh sirf kuch shareholders ko fayda ho sakta hai. Aur isko market support ka main tool banana ek short-term fix ho sakta hai, jo asli economic problems ko chupayega. Agar SEBI ne abruptly policy change ki toh regulatory uncertainty badh sakti hai. Jaise ki March 23, 2026 ko Nifty 2.60% aur Sensex 2.46% gir gaye, yeh dikhata hai ki volatility abhi bhi hai.
Aage Kya? Volatility Aur Tax Changes Ko Kaise Handle Karein
Toh abhi market tensions aur FPI outflows se deal kar raha hai. Buybacks par jo discussion hai, woh ek temporary solution lag raha hai. Yeh jo tax reform hone wala hai April 1, 2026 se, woh buybacks ko zyada attractive bana sakta hai. Filhaal toh market volatile hai. Retail SIPs hi support ka main source hain. Agar SEBI ne buybacks allow kiye bhi, toh strict rules honge taaki minority shareholders ko nuksaan na ho aur manipulation na ho.