'Holy moly!': Bengaluru CEO reacts to Budget 2026 announcement on Sovereign Gold Bonds (SGB)

Budget 2026 reactions: Capitalmind CEO Deepak Shenoy shared a thread on X, with his take on various announcements made by Nirmala Sitharaman.

Updated on: Feb 2, 2026, 11:44:30 IST

By Shylaja Varma

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Union Finance Minister Nirmala Sitharaman on Sunday announced in her Budget 2026 speech that an exemption from capital gains for Sovereign Gold Bonds (SGBs) will be given to only those who have bought the SGB at the primary issue.

Deepak Shenoy is the CEO of Capitalmind AMC. (X/@deepakshenoy)

"It is proposed to provide that the exemption from capital gains tax in respect of Sovereign Gold Bonds shall be available only where such bonds are subscribed to by an individual at the time of original issue and are held continuously until redemption on maturity," Sitharaman said while presenting the Union Budget 2026.

"It is also proposed to provide that this exemption applies uniformly to all issuances of Sovereign Gold Bonds by the Reserve Bank of India."

Deepak Shenoy, founder and CEO of Capitalmind, was among those who reacted to the announcement on the paper-based alternative to physical gold.

"Holy moly! If you buy SGBs in the market (not from primary issuance) you will pay full tax on capital gains when the bond is redeemed! This is from April 1, 2026. Very negative for SGBs if you have bought in the market," the Bengaluru-based CEO wrote on X.

Take a look at Capitalmind CEO Deepak Shenoy's reaction:

What are Sovereign Gold Bonds (SGBs)?

Sovereign Gold Bonds are a digital alternative to buying or holding physical gold and are issued by the Reserve Bank of India (RBI). SGBs are denominated in grams of gold, with each bond unit representing one gram of gold.

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ABOUT THE AUTHOR
Shylaja Varma
Shylaja Varma is the Trending Editor at Hindustan Times. Having worked in some of India’s top newsrooms, she has established herself as a keen observer of internet culture. Her work often bridges the gap between fast-paced digital developments and traditional reportage. From writing about the human toll of disasters and decoding the hottest memes to tracking what Elon Musk, Indian CEOs, billionaires and tech leaders are doing on social media, Shylaja’s editorial lens is defined by accuracy, speed and a deep understanding of the online landscape. She also writes stories about Indians abroad, the NRI life and struggles. She also has a keen eye for stories about Bengaluru and its startup and IT culture, having grown up in the Karnataka capital and seen its evolution. Prior to her current role, Shylaja spent several years at CNN-News18, NDTV and Moneycontrol, where she honed her skills in real-time news reporting and digital storytelling. She started her career in television news, reporting from Bengaluru and New Delhi. Shylaja built Moneycontrol’s Trends vertical and set up the team, turning it into a high-traffic destination. She also did video interviews for events like Startup Conclave and The Creator Economy Summit A microbiology graduate from Mount Carmel College, Bengaluru, she went on to complete a Master’s in Journalism and Audio-Visual Communication from COMMITS, Bengaluru.Read More

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