Mumbai, July 31 -- The Association of National Exchanges Members of India (ANMI), a leading body representing stock brokers and trading members across the country's capital markets, has urged the government to either reduce the Securities Transaction Tax (STT) or abolish the Long-Term Capital Gains (LTCG) tax on equities to encourage greater retail participation in the stock market.

Speaking to media on the sidelines of the 31st ANMI Foundation Day celebrations at the National Stock Exchange (NSE) in Mumbai, ANMI National President Kamlesh Shroff said the association has already submitted its recommendations to the Finance Ministry.

"We have submitted recommendations earlier to the Ministry. One option is that STT can actually be reduce...