---
title: "Macro, Tax, and SEBI Regulations for Indian Investors"
description: "RBI policy, inflation, FII flows, the Union budget, capital gains tax after July 2024, SEBI framework, and tax efficient portfolio construction. 14 modules."
source_url: "https://www.rupeecase.com/learn/macro-tax-regulation"
---

[Home](/)/[Learn](/learn/)/Macro, Tax, Regulation

## Macro and market regimes

    Understanding the macro environment will not tell you which stock to buy tomorrow. It will tell you whether the current market setup favours momentum, quality, or defensive positioning. Path 7 builds the framework that systematic investors use to understand the backdrop without getting seduced into trying to time it.

      [Path 7 · Module 1How to read the Indian economy: key indicatorsGDP, IIP, PMI, credit growth, FX reserves. Which move markets and which do not.](/learn/path-7/module-7-1-how-to-read-indian-economy-key-indicators.html)
      [Path 7 · Module 2RBI monetary policyRepo rate, CRR, SLR, OMO. Transmission to yields, equity, and currency.](/learn/path-7/module-7-2-rbi-monetary-policy.html)
      [Path 7 · Module 3Inflation: types, measurement, investment impactCPI, WPI, core inflation. Which assets protect against which kind.](/learn/path-7/module-7-3-inflation-types-measurement-investment-impact.html)
      [Path 7 · Module 4INR, FII flows, and global linkagesWhy the dollar index matters to Indian equity. When FII selling becomes a buying signal.](/learn/path-7/module-7-4-inr-fii-flows-global-linkages.html)
      [Path 7 · Module 5Government budget and fiscal policyHow the Union Budget moves markets. Capex cycles, subsidies, fiscal deficit.](/learn/path-7/module-7-5-government-budget-fiscal-policy-market-impact.html)
      [Path 7 · Module 6Corporate earnings cycle in IndiaWhy aggregate earnings move in cycles. How to read the Nifty composite earnings revision.](/learn/path-7/module-7-6-corporate-earnings-cycle-india.html)
      [Path 7 · Module 7Credit cycle and the NBFC sectorWhy banks and NBFCs trade in cycles. Leading indicators for financial stress.](/learn/path-7/module-7-7-credit-cycle-nbfc-sector.html)
      [Path 7 · Module 8Macro regime investingFour quadrants of growth and inflation. Which factor wins in which regime.](/learn/path-7/module-7-8-macro-regime-investing.html)

## Tax and SEBI regulation

    The July 2024 changes to capital gains tax reshaped after-tax returns for Indian investors. STCG went from 15 percent to 20 percent, LTCG from 10 percent to 12.5 percent, and the exemption threshold shifted. Every rebalance frequency and every strategy choice now has a different net-of-tax answer than it did 12 months ago.

    Path 11 covers the new rules plus the SEBI regulatory framework every investor should understand. Tax loss harvesting for systematic investors is in Module 11.3, and tax efficient portfolio construction is in Module 11.6.

      [Path 11 · Module 1Equity taxation after July 2024: the new rulesSTCG 20 percent, LTCG 12.5 percent, ₹1.25L exemption. What changed and what it means.](/learn/path-11/module-11-1-equity-taxation-after-july-2024-the-new-rules.html)
      [Path 11 · Module 2Tax treatment: MFs, ETFs, SGBs, bonds, F&OCategory by category, the applicable rate and holding period for each.](/learn/path-11/module-11-2-tax-treatment-mfs-etfs-sgbs-bonds-and-fno.html)
      [Path 11 · Module 3Tax loss harvesting for systematic investorsAnnual mechanics. Why it matters more with the new 20 percent STCG rate.](/learn/path-11/module-11-3-tax-loss-harvesting-for-systematic-investors.html)
      [Path 11 · Module 4SEBI regulatory framework: what every investor must knowRegistration categories (IA, RA, PMS, AIF), investor grievance, rights.](/learn/path-11/module-11-4-sebi-regulatory-framework-what-every-investor-must-know.html)
      [Path 11 · Module 5AIS, TIS, and ITR: reconciling your capital gainsHow to reconcile your broker statement with AIS and file without mismatch notices.](/learn/path-11/module-11-5-ais-tis-and-itr-reconciling-your-capital-gains.html)
      [Path 11 · Module 6Tax efficient portfolio constructionTurnover, holding periods, asset location. How to minimise net-of-tax drag.](/learn/path-11/module-11-6-tax-efficient-portfolio-construction.html)

      Take stock

      Every strategy on RupeeCase publishes turnover so you can estimate your tax impact.

    [View Strategies →](/#strategies)

### Related pillars

      [Systematic InvestingRules over gut feel](/learn/systematic-investing.html)
      [Indian MarketsFoundations and products](/learn/indian-markets.html)
      [Portfolio ConstructionAnalytics and execution](/learn/portfolio-construction.html)
      [Behaviour and BusinessPsychology and fundamentals](/learn/behaviour-and-business.html)

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