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Macquarie hedge fund exits short bets in India on tax fears

Reuters – Macquarie’s Asia hedge fund has exited its short positions in Indian single stock futures in response to a controversial set of proposed tax rules that could lower investment returns.

Instead, it has decided to use a futures contract linked to India’s 50-share NSE index Nifty on the Singapore Exchange to get its short exposure to India, according to an investor letter of the fund seen by Reuters, a switch other funds may also make.

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