SEBI ka naya plan: Open Market Buybacks ki wapsi!
Securities and Exchange Board of India (SEBI) ab public se poochh raha hai ki kya open market share buybacks ko stock exchanges par phir se allow karna chahiye. Pehle yeh system April 2025 mein band ho gaya tha. Iske wapas aane ka reason hai India ke tax rules mein hone wala bada change – April 1, 2026 se buyback se milne wala paisa capital gains ki tarah treat hoga. Isse pehle wale tax issues solve honge aur sab investors ko same tax treatment milega.
Naye Tax Rules, Global Standards Ke Hisaab Se
SEBI ke is plan ka main point woh naye tax rules hain. Pehle sirf wohi shareholders jinke shares buyback mein liye jaate the, unhe fayda hota tha. Ab jab buyback proceeds ko capital gains mana jayega, toh India bhi baaki countries ki tarah ho jayega jahaan open market buybacks ek common cheez hai. Duniya bhar mein, yeh method market ko zinda rakhne, price ko sahi tarah decide karne aur paisa efficiently use karne mein help karta hai. US mein toh 1980s se yahi tareeka chal raha hai, kyunki capital gains par tax kam lagta hai dividends ke comparison mein.
Market Stabilize Hogi Mushkil Samay Mein
Yeh sab ho raha hai jab economy mein kaafi challenges hain. Global oil prices badh rahe hain, trade deficit badh raha hai, aur Middle East mein tensions hain. Foreign investors (FPIs) bhi paisa nikal rahe hain, jiski wajah se Nifty 50 jaise indices par pressure hai. Aise mein, experts ko lagta hai ki open market buybacks market mein selling pressure ko control karne, investors ka confidence badhane aur share prices ko support karne mein madad karegi. Madhu Kela jaise experts keh rahe hain ki aise time mein yeh secondary buybacks kaam aayenge. Mohandas Pai bhi keh rahe hain ki SEBI ko market stabilize karne ke liye yeh sab karna chahiye. Yeh SEBI ka step money inject karne aur corporate confidence dikhane ka ek tareeka ho sakta hai jab bahar se risk zyada ho.
Industry Ka Full Support, Purana Record Achha Tha
Open market buybacks ko April 1, 2025 ko isliye band kiya gaya tha kyunki kuch concerns the ki price-time matching se sabko equal chance nahi milta aur tax issues bhi the. Lekin India mein inka history kaafi bada hai. 1999 se 2022 tak, 500 se zyada buyback announcements open market ke liye the. Companies Act 2013 ne bhi buyback process ko easy kar diya tha. FICCI aur Association of Investment Bankers of India jaise industry groups ne SEBI ke proposal ko support kiya hai, keh rahe hain ki yeh selling pressure ko absorb karne, market liquidity badhane aur paisa sahi jagah use karne mein useful hai. Yeh method globally use hota hai aur price discovery mein bhi help karta hai.
Misuse Ka Dar Ab Bhi Hai
Fayde hone ke bawajood, kuch logon ko dar hai ki companies iska galat istemal na karein. Pehle yeh concern thi ki companies sirf share price badhane ke liye buyback announce kar deti hain, lekin asli mein zyada paisa use nahi karti. SEBI ne 2009 mein isko control karne ki koshish ki thi. Pehle buybacks band hone ka ek reason yeh bhi tha ki kuch bade shareholders hi zyada fayda utha sakte hain. Jabki naye tax rules sabke liye level playing field banayenge, lekin open market mein ab bhi yeh risk hai ki chote investors ko nuksan ho sakta hai agar strict safeguards na hon. JN Gupta, jo pehle SEBI mein the, unka kehna hai ki agar dhyan se manage na kiya gaya toh buybacks investors ko nuksan pahuncha sakte hain jo saste mein share kharid rahe hain. Aur haan, buybacks kitne effective honge yeh companies ke paas extra cash aur unke future par confidence hone par depend karta hai, na ki sirf economic problems ka quick fix banne par.
Buyback Program Ka Future Kya Hai?
Open market buybacks wapas aane se listed companies ko apna capital allocate karne ka ek flexible tareeka milega. Analysts ko lagta hai ki isse shareholders ko cash wapas dene ke liye aur bhi flexible strategies banengi, khas kar jab market volatile ho. Yeh move ek positive signal hai jo investor sentiment ko boost kar sakta hai aur foreign investor ke outflow ka impact bhi kam kar sakta hai. SEBI ab April 23 tak public comments maang raha hai, toh final rules mein sabke liye fair participation aur loopholes ko rokne ke liye strong safeguards hone ki puri ummeed hai.