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Finance Minister Nirmala Sitharaman said “a sleeping partner cannot answer sitting here” while replying to a tricky question asked by a concerned broker on the high taxes imposed on stock market brokers and real estate transactions.
At a BSE event in Mumbai on Wednesday, a stock broker raised a question to the minister on the amount of taxes levied by the government on stock market transactions and on buying a house.
Labelling the government as a sleeping partner, the broker said the Centre was making more money than his community from various taxes such as CGST, STT, long-term capital gains tax.
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“I am investing everything, I am taking a whole lot of risk and the government of India is taking away the entire profit of mine. How can a broker function with hoards of taxes where the government of India is my sleeping partner and I am working partner with no income,” he asked the Minister.
The question was how the government will assist people with limited resources to buy a house and how can a broker function with hoards of taxes where the government is a sleeping partner and the broker is a working partner.
“A sleeping partner cannot answer sitting here,” Sitharaman answered smiling.
Sitharaman’s response to the question garnered a strong backlash on social networking platform Reddit where users criticized the minister’s statement on the issue.
At the event, the minister also appealed to the BSE to work closely with capital markets regulator, Securities & Exchange Board of India (SEBI) to help investor confidence by stringent compliances and robust regulatory standards.
She also flagged an unchecked explosion in retail futures & option (F&O) trading, saying it can pose challenges to the markets and household finances.
“Any unchecked explosion in retail trading of F&O can create future challenges, not just for the markets, but for the investor sentiments and also for household finances,” Sitharaman said.
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