Brokerages seek tax exemption enjoyed by foreign funds in Gujarat's GIFT

The National Stock Exchange of India Ltd. is trying to woo foreign investors to trade at venues in Gujarat's Gift City after a fight with Singapore Exchange Ltd

Brokerages representing offshore investors are asking for more concessions to trade in India’s nascent international financial hub in Gujarat, according to people with knowledge of the matter.

The brokers, who transact on behalf of overseas funds, are seeking the same exemption from local taxes enjoyed by foreign funds in the Gujarat bourse, said the people, who asked not to be identified as the discussions are private. They also want Indian authorities to have easier customer identification rules, the people said. The Futures Industry Association is expected to write to India’s securities regulator to voice the concerns of the brokerages and their