The Core Report #806 Trade Chaos Sweeps The World But India Is Shielded For Now
Feb 23, 2026
Jairaj Purandare, founder-chairman of JMP Advisors and tax expert, breaks down changes in international tax treaties. He highlights a new France-India tax protocol, shifting capital gains rules, and how treaty tweaks affect multinational listings and investment flows. Short, sharp takes on trade shocks, repatriation via secondary sales, and India’s evolving tax strategy.
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US 15% Tariff Triggered Global Market Shock
- Global 15% US tariff move created market shock and uncertainty across Europe and the US markets.
- Govindraj Ethiraj noted rapid shifts: gold rose, oil fell, and US futures dropped as traders reassessed inflation and growth risks.
Multinationals Use India Listings To Repatriate Capital
- Multinationals are listing Indian units to capture local valuation premiums, often via secondary share sales that repatriate capital.
- Examples include Carlsberg preparing a potential $700m India unit IPO and Hyundai's India unit trading at far higher P/E than its parent.
RBI Tightens Broker Financing To Curb Household Risk
- RBI tightened rules on bank financing to brokers and proprietary traders, raising collateral and banning lending for prop trading starting April 1.
- The move responds to household leverage risks after retail derivatives turnover surged and households lost about $33bn over four years.