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  • OUTLOOK ARENA  >>   VIEWS ON NEWS >>  JULY 13, 2004

    Personalfn's 5th Investor Empowerment Programme

    Personalfn organised its 5th Investor Empowerment Programme (IEP) on July 9, 2004 to discuss the Budget and its implications on retail investors under the auspices "Union Budget 2004-05: The Road Ahead".

    Mr. Kanu Doshi, leading chartered accountant and Dean Finance, Welingkar Institute of Management shed light on the changes in various tax provisions. He made participants aware of the "back door entry" made by the Gift Tax, thanks to the restrictions imposed on transfers. Mr. Doshi also stressed on the need to look at the provisions of stock markets in a positive light. He termed the proposed turnover tax of 0.15% on securities a marginal one as compared to the benefit being availed by investors i.e. rationalisation of short-term capital gains tax at 10% and waiver of long-term capital gains tax. Mr. Doshi also made participants aware of the working of the provision whereby no person having a taxable income of less than Rs 100,000 would be required to pay income tax, despite the fact that no changes were made in the tax slabs.

  • Download Mr. Kanu Doshi's note

    Mr. Suyash Choudhary, Fund Manager, Standard Chartered Mutual Fund spoke about the Indian debt markets and their tendency to closely follow the interest rate changes in the U.S. He opined that the turnover tax of 0.15% was rather steep and probably harsh on the debt market participants. Mr. Choudhary also expressed his surprise at the lack of rationalisation in small savings schemes, which were available to all sections of the society. He also advised retail investors to consider investing in income funds, which actively manage durations and make interest rate calls as the present interest rate environment was not conducive for long-term bonds.

  • Download Mr. Suyash Choudhary's presentation

    Mr. Rajat Jain, CIO, Principal Mutual Fund was the final speaker for the day. Mr. Jain spoke about the equity markets and their tendency to overreact. He citied examples like the stoppage of the "badla" system, the introduction of shares in the demat format, which had markets reacting very adversely but also accepting them in due course of time. He felt the markets would eventually learn to live with the turnover tax as well. Mr. Jain also spoke about the recent fall in the stock markets and pointed out how the Indian markets were probably the ones to have suffered the least vis--vis other emerging markets. Mr. Jain's presentation also included an insightful analysis of the budget on various sectors.

  • Download Mr. Rajat Jain's presentation

    The IEP was another step by and to educate investors about their investments and financial decision-making. We remain - the investor's best friend.

    Read the minutes of our earlier Investor Empowerment Programmes -
    May 2004, March 2004, November 2003, July 2003

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