Union Budget 2026 has delivered an unexpected jolt to India’s fast-growing retail investing ecosystem. A revision in the Securities Transaction Tax (STT) structure—announced quietly but decisively—has sparked intense debate across Dalal Street. While the government framed the move as a step toward “market stability and responsible participation,” its ripple effects could be far-reaching, especially for discount brokerages such as Zerodha, Groww, and Angel One.
Over the past five years, India has witnessed an explosion in retail market participation. Low brokerage fees, seamless mobile apps, and aggressive investor education have brought millions of first-time traders into equities, derivati
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