International investors owning local Indian stocks are subject to taxation on capital gains at a rate of 15 per cent for positions held for less than one year and of 10 per cent on longer-term holdings
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“India does potentially put itself at a disadvantage versus other emerging markets in this respect,” says the specialist, who did not want to be identified. The Franklin ETF’s tracking difference – the difference between the return of the ETF and that of its underlying index – remained at a steep minus 3.88 percentage points in 2021. However, in 2022, when the index fell 8.36 per cent, the tracking difference turned positive, with the ETF outperforming its benchmark by 0.47 percentage points.
Kenneth Lamont, senior fund analyst for passive strategies at Morningstar Inc., says it was often assumed that a passive fund will lag its index by its combined management fee and running costs. “Franklin Templeton’s tax process was selected for its transparency benefits, given that unrealized capital gains tax is included in daily NAV calculations,” she adds.
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