Zerodha's Nithin Kamath wants Nirmala Sitharaman to check this anomaly out: 'On one side Sebi is working on...' - Hindustan Times
close_game
close_game

Zerodha's Nithin Kamath wants Nirmala Sitharaman to check this anomaly out: 'On one side Sebi is working on...'

Jul 10, 2024 01:53 PM IST

The Zerodha co-founder urged Nirmala Sitharaman and the finance ministry to look into the discrepancy.

Zerodha co-founder Nithin Kamath pointed out an anomaly in cryptocurrency transactions which he recently spotted in an ad about a cryptocurrency F&O exchange. Nithin Kamath said the 1% TDS rule is not applicable to crypto F&O but for regular crypto transactions, 1% of the transaction amount is deducted as TDS. The Zerodha co-founder urged Nirmala Sitharaman and the finance ministry to look into this discrepancy.

Zerodha co-founder Nithin Kamath is seen,
Zerodha co-founder Nithin Kamath is seen,

Read more: Union Budget 2024: Longest and shortest budget speeches presented in Parliament

He wrote in a post on X (formerly Twitter), “On one side, SEBI is working on restricting F&O, but on the other side, this crypto F&O ad is on the front page of ET. By the way, all these platforms have taken the stance that the 1% TDS rule doesn't apply to crypto F&O. For regular crypto transactions, 1% of the transaction is deducted as TDS.”

Read more: Vishal Mega Mart weighing confidential filing of IPO papers: Report

Earlier Nithin Kamath had recently commented on Sebi's new transparent pricing circular which he said could significantly impact brokers, traders and investors.

He said, “This circular has a significant impact on brokers, traders, and investor. The difference between what the brokers charge the customer and what the exchange charges the broker at the end of the month is a rebate, which goes to brokers."

Read more: Mahindra & Mahindra records sharpest intraday fall in 28 months, plunges over 7%

“Such rebates are common across the major markets in the world. These rebates account for about 10% of our revenues and anywhere between 10-50% of other brokers across the industry. With the new circular, this revenue stream goes away,” he explained. 

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, July 22, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On