First View
HDFC Securities MD, CEO Dhiraj Relli on Union Budget
This story was originally published at 14:57 IST on 1 February 2026
Register to read our real-time news.Informist, Sunday, Feb. 1, 2026
MUMBAI - Dhiraj Relli, managing director and chief executive officer, HDFC Securities, said the following on the Union Budget for 2026-27 (Apr-Mar), presented in the Lok Sabha by Finance Minister Nirmala Sitharaman on Sunday:
While this Budget may not be characterised as transformative, it reflects the finance minister and her team's continued pragmatic approach to economic management. Today's market reaction stems primarily from the revised Securities Transaction Tax framework, which now applies 0.05% to futures contracts (up from 0.02%) and 0.15% to options, representing a measured intervention in the derivatives market. The immediate correction appears to be a knee-jerk response. I remain confident that investors should maintain their market participation, focusing strategically on sectors with strong earnings visibility rather than capital-intensive plays. What distinguishes this Budget is the finance minister's exceptional ability to calibrate policy across diverse sectors and segments. The devil truly lies in the details, and I encourage stakeholders to carefully examine the fine print. Therein lie numerous thoughtful provisions that will become apparent over time.
The cumulative effect of such well-considered government initiatives, combined with favourable economic trends, positions us well for sustainable growth and attractive investment returns through FY27. While the enhanced STT regime may create near-term headwinds for capital market participants, it reflects a long-term vision for market stability and maturity. This trade-off should ultimately benefit the broader financial ecosystem. End
Compiled by Gopika Balasubramanium
Filed by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
