Whalesbook
SEBI ka Open Market Buybacks ko wapas laane ka plan!
SEBI, India ka market regulator, ek bada move lene jaa raha hai. Woh 'open market buybacks' ko wapas lane ka soch rahe hain, jo pehle April 1, 2025 se band kar diye gaye the. Ye change April 1, 2026 se लागू hoga, aur iska sabse bada impact tax structure par padega.
Pehle kya hota tha ki company buyback par tax deti thi, lekin ab se yeh tax seedha shareholders ko dena hoga, bilkul capital gains ki tarah. SEBI ka kehna hai ki isse dividends aur buybacks ke beech tax mein fairness aayegi.
Naye Rules: Buybacks honge tez aur fair!
Sirf revival hi nahi, SEBI kuch strict rules bhi laa raha hai taaki yeh process jaldi aur behtar ho. Company ko buyback offer start hone ke baad sirf 66 working days mein pura karna hoga. Uske pehle 40% amount toh pehle half period mein hi use karna padega. Isse yeh sure hoga ki companies sirf announcement karke ruk na jaayein.
Aur toh aur, insider trading rokne ke liye promoter shares ko ISIN level par lock kar diya jayega buyback chalne tak. Trading window ki tension bhi khatam, ab share market mein normal trading chalti rahegi. SEBI chahta hai ki retail investors ko zyada fayda mile aur poori process transparent rahe.
Kyu band hue the buybacks aur duniya kya kar rahi hai?
Open market route ko April 1, 2025 ko isliye band kiya gaya tha kyunki fast traders saare shares le lete the aur chote investors reh jaate the. Company level tax bhi issue create kar raha tha. Is wajeh se log 'tender offer' route par shift ho gaye the, jisse overall buyback activity kam ho gayi.
Duniya bhar mein, jaise US aur UK mein, open market buybacks common hain. Ye market ko stabilize karne, liquidity badhane aur company ke paison ko sahi use karne mein madad karte hain. FICCI jaisi industry bodies bhi iske return ki maang kar rahi thi, specially jab foreign investors paisa nikal rahe hain.
Naye Taxes: Retailers ko fayda, Promoters ko kya?
Finance Act 2026 ke baad yeh tax change hone wala hai. Shareholders ke liye, agar woh long-term capital gains category mein aate hain, toh tax sirf 12.5% lagega, jo ki kaafi acha hai. Lekin promoters ke liye yeh thoda complicated hai. Corporate promoters ko lagbhag 22% aur dusron ko 30% tak tax lag sakta hai. Yeh rules tax evasion rokne ke liye hain.
Challenges aur Promoter ka hesitation?
Lekin kuch mushkilein bhi hain. Yeh 66 din ka strict deadline companies ke liye thoda tight ho sakta hai jo zyada flexible timeline chahte hain. Aur promoters ke liye tax structure thoda kam attractive ho sakta hai compared to pehle. Kuch experts ko lagta hai ki promoters ab bhi 'tender offer' route ko prefer kar sakte hain kyunki woh zyada fixed exit deta hai.
Aage kya hoga?
Open market buybacks ko wapas laana aur tax system ko theek karna SEBI ka ek smart move hai. Ab dekhte hain companies is par kaise react karti hain aur yeh market mein liquidity aur stability kaise badhata hai. Yeh sab ek bade shift ka hissa hai jisse Indian market international standards ke kareeb aa raha hai.