Macquarie fear over India tax

● 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. The $1.5bn Macquarie Asian Alpha Fund also cut India long exposure in March.