SEB backs removal of LTCG tax for foreign investors: Report

SEBI has urged the government to scrap long-term capital gains (LTCG) tax on foreign investors to boost India's struggling equity markets, Reuters reported. It has also proposed exempting domestic mutual fund investors from LTCG when they sell existing holdings to reinvest in new schemes, sources said. The recommendations are non-binding, with the final decision resting with the government.