Speaking to CNBC-TV18 Sridhar Sivaram, Investment Director AT Enam Holdings, said that the CBDT circular regarding tax norms for FIIs is absurd.
CNBC-TV18's Udayan Mukherjee caught up with Krishna Kumar, investment director of Eastspring Investments and began by asking him what he thinks of the year gone by.
Sridhar Sivaram, investment director at Enam Holdings believes it is time to protect capital, not even to bottom-fish, as domestic earnings are not improving while there are strong global headwinds.
Since regulators first started supporting the market on June 27—in the form of a surprise interest rate cute by the People's Bank of China—Shenzhen and Shanghai shares have tumbled 18 and 15 percent respectively.
After a rough start in which the Shanghai Composite Index briefly slid more than 4 percent, key indexes recovered to bounce in and out of positive territory, and they ended the day mixed.