The new budget shifts share buyback taxes to investors, impacting promoters, large shareholders, and exit strategies, particularly in family settlements. Tax rates on accumulated funds often exceed 23%, according to Ketan Dalal. Prime Database noted 48 firms, including tech companies, spent ₹48,079 crore on buybacks in 2023. The buyback tax started in 2013 for unlisted, extended to listed in 2019.
