New Delhi, Feb. 8 -- Financial awareness, not taxation, drives responsible investing, says Bhubaneswar-based finance researcher and former futures and options (F&O) trader Narayan Das, who has spent over a decade trading in derivatives, gaining firsthand experience of leverage, volatility, and how transaction costs steadily erode retail profits.

"Many investors enter high-risk trades without understanding them. Educating people about market risks and diversification is far more effective than trying to curb participation through higher STT or other levies," said the 56-year-old, who is also pursuing a PhD in financial literacy and its impact on mutual fund investment decisions.

But the Union Budget 2026-27 has taken a different tack, ra...