FM says to address transaction tax concerns

P Chidambaram said he would address investor concerns about a proposal to levy 0.15% transaction tax on purchase of securities.

Finance Minister P Chidambaram said on Saturday that he would address investor concerns about a proposal to levy a 0.15 per cent transaction tax on the purchase of securities.

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Chidambaram was replying to an investor at an investors' forum in New Delhi, who said the proposed transaction tax was too high for day traders.

"Your point is well taken. You will find that your concerns are addressed," Chidambaram said. He is expected to announce a reworked transaction tax on Monday in Parliament.

Volumes in the stock and bond markets dropped this week as day traders stayed away to protest against the proposed tax.