As per the report, up to 20-25 percent of open interest or outstanding F&O positions are being transacted through Société Générale, BNP Paribas and the French units of Morgan Stanley and Bank of America Merrill Lynch.
After April 2017, some of these banks that had offices in Mauritius and Singapore moved them to France after the Indian government changed the tax agreements on share transactions done via the island nation. Prior to that, Mauritius was the most preferred route for foreigners as it offered zero taxes on investments.
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