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Will secondary market SGB maturity returns now be taxed? Budget 2026 has changed the rules

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Will secondary market SGB maturity returns now be taxed? Budget 2026 has changed the rules
The Union Budget 2026 has introduced an important clarification on the taxation of Sovereign Gold Bonds (SGBs), raising fresh concerns for investors who bought these bonds on the secondary market. The update challenges the long-held belief that all SGB holders would receive tax-free redemption benefits at maturity.

With new issuances already discontinued, the latest clarification has important implications for thousands of retail investors who bought SGBs through stock exchanges rather than directly from the government at the time of issuance.

Also Read | Silver & gold ETFs rally up to 9% as bullion boom continues. Should you invest now?

This is the case of Rishi, an SGB investor and viewer of The Money Show on ET Now. He has bought it from the secondary market and wants to know what the changes are and how they are likely to affect his return now.

The expert financial planner, Pankaj Mathpal, explained how the interpretation of tax benefits has now changed under Budget 2026.

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Mathpal said that traditionally, Sovereign Gold Bonds offered a clear tax benefit, which means that if an investor bought an SGB at the time of issuance and held it till maturity, the capital gains at maturity were tax-free.
Over time, many investors assumed that this benefit applied even to those who purchased SGBs from the secondary market. “But earlier it was assumed if somebody has bought from the issuer and somebody buys now in the secondary market, so when you are buying from the secondary market, holding till maturity in that case also it was tax-free,” said Mathpal.For example, if an investor bought an older SGB series from the stock exchange that had already completed five years of its tenure and planned to hold it for the remaining three years till maturity, it was widely believed that the maturity proceeds would also be tax-free.

According to the clarification made in Budget 2026, the tax-free benefit at maturity will apply only to primary investors — those who purchased Sovereign Gold Bonds directly from the issuer (the government) at the time of original issuance. If an investor buys an SGB from the secondary market, the redemption or maturity proceeds will no longer be tax-free in their hands.

This means that investors who purchased SGBs from the stock exchange, even if they hold them till maturity, will now be liable to pay tax on the gains at redemption.

For investors like Rishi, who bought Sovereign Gold Bonds from the secondary market, this change directly affects the post-tax return calculation. Earlier, investors expected full tax-free maturity proceeds, which made secondary market purchases attractive, especially for bonds close to maturity. With the new clarification, the final return will now be reduced by applicable capital gains tax, making the investment less efficient from a tax perspective.

Also Read | Best large cap mutual funds to invest in February 2026

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Finance Minister Nirmala Sitharaman announced the move in her Budget 2026 speech, made on Sunday. She said the relief will be given only to those individual investors who have bought it from the Reserve Bank of India (RBI) and hold it till maturity.

“It is proposed to provide that the exemption from capital gains tax in respect of Sovereign Gold Bonds shall be available only where such bonds are subscribed to by an individual at the time of original issue and are held continuously until redemption on maturity,” FM Sitharaman said in her speech. “It is also proposed to provide that this exemption applies uniformly to all issuances of Sovereign Gold Bonds by the Reserve Bank of India,” she added.

The provisions of section 70(1)(x) of the Act provide an exemption from capital gains tax on income arising from the redemption of SGBs issued by the RBI under the scheme that was launched in 2015. The SGBs were issued on a recurring basis through multiple series notified from time to time, each constituting a separate issuance.

According to Nirmala Sitharaman, this move is meant to differentiate SGBs from trading instruments as the government wants to reward committed investors, not speculators.

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“SGBs are meant to be a safe, hassle-free alternative to buying physical gold jewellery or coins for your family’s future. By ensuring only patient, buy-and-hold investors get the tax exemption, the policy reinforces that SGBs are about wealth creation through disciplined savings, not quick profits. The uniformity across all RBI issuances also means every investor gets the same fair treatment, regardless of when they invest,” she added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and twitter handle

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Sezzle: Positive Growth Momentum And An Improved Valuation (NASDAQ:SEZL)

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Sezzle: Positive Growth Momentum And An Improved Valuation (NASDAQ:SEZL)

This article was written by

David focuses on growth & momentum stocks that are reasonably priced and likely to outperform the market over the long-term. He is a long term investor of quality stocks and uses options for strategy. David told investors to buy in March 2009 at the bottom of the financial crisis. The S&P 500 increased 367% and the Nasdaq increased 685% from 2009 through 2019. He wants to help make people money by investing in high-quality growth stocks.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The article is for informational purposes only (not a solicitation or recommendation to buy or sell stocks). David is not a registered investment adviser. Investors should do their own research or consult a financial adviser to determine what investments are appropriate for their individual situation. This article expresses my opinions, and I cannot guarantee that the information/results will be accurate. Investing in stocks involves risk and could result in losses.

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Rat poison found in HiPP baby food jar in Austria, police say

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Rat poison found in HiPP baby food jar in Austria, police say

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9 stocks that may get demoted to smallcap in AMFI rejig

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The Economic Times

Jubilant Foodworks and Godrej Industries are borderline names in the midcap stocks list that may get smallcap status in H2 CY26. They have market capitalisations of Rs 30,234 crore and Rs 31,137 crore, respectively.

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'My school cannot afford free breakfast club'

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'My school cannot afford free breakfast club'

Barbara Middleton says she cannot afford to staff the government’s free breakfast clubs.

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Defence stocks breakout: Should you book profits or buy the dip? Anand James answers

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Defence stocks breakout: Should you book profits or buy the dip? Anand James answers
Defence stocks are surging once again, posting double-digit gains and decisive breakouts that have captured investor attention. But with key heavyweights flashing overbought signals, is it time to exit or add more? Anand James, Chief Market Strategist at Geojit Investments Limited, analyses the technicals and advises investors to avoid chasing the rally and instead use a ‘buy-on-dips’ strategy to navigate this strong, well-entrenched bullish trend.

Edited excerpts from a chat:

Nifty ended in the green for the second consecutive week. Safe to say we are out of the woods yet and that the index can eye 25k in the week ahead?

We had gone in last week, favouring a push towards 24,400 or more. Friday saw a test of the same and a close not far from the same. Continuation patterns are aplenty, which favour an extension of the uptrend, aiming for 25,600. However, with oscillators overbought, we prefer to start the week on a cautious note, once in the 24,900-25,000 vicinity, before deciding on the 25,600 play. Be warned against a rough week ahead if we do not get to float above 24,900.

Nifty Smallcap 250 index is up 15% in the month so far. If the trajectory continues, then it could be the best month for the index in the last several years. How strong are the odds of a continued bull run in the smallcap world?

We favour a selective approach, as opposed to a broad-based bullish approach among small caps. Breadth remains robust with 50% of stocks near monthly highs, 10% at fresh all‑time highs, 95% above the 20‑DMA and 80% above the 50‑DMA, signalling strong participation across the universe. Importantly, momentum is supportive but not stretched. The average 14‑day RSI near 60, with nearly half the stocks still below that mark, indicates scope for further catch‑up rallies.

Technically, the Nifty Smallcap 250 index has broken out of a downward-sloping wedge and posted a decisive weekly close above the Supertrend at 16,385, confirming a trend reversal after a prolonged consolidation. If the index holds above this zone, 16,900 is a natural near‑term objective, followed by 17,400. However, given the sharp 15% monthly surge, short-term consolidation and stock level rotation are more likely than a straight-line rally. The broader uptrend stays intact above 15,770.

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Defence stocks are stealing the limelight once again, with multiple counters recording double-digit gains in the week. What are the charts indicating? Time to book profits off the table or stay on the course?

The Nifty India Defence index has delivered a decisive breakout from a multi‑week consolidation, supported by strong weekly gains and a reclaim of all key short and medium‑term moving averages. Momentum indicators validate the move with RSI holding comfortably above 60 without entering extreme overbought territory, while MACD has turned decisively positive on both daily and weekly timeframes, signalling acceleration rather than fatigue. Nearly 80% of the constituents are trading close to their monthly highs, and all stocks are positioned above their 50 and 100‑day averages, underscoring a well‑entrenched uptrend.

That said, heavyweights such as HAL, BEL, Solar Industries and Mazagon Dock are approaching overbought levels on the daily charts, raising the likelihood of short‑term consolidation or profit booking. Encouragingly, their weekly structures remain constructive. The preferred strategy is to avoid chasing rallies and instead buy on dips to participate in the medium‑term bullish trend.

Gallantt Ispat and Shipping Corp were among the two biggest Nifty 500 gainers in the week. How to trade now?

Despite the sharp gains in recent days, Friday saw profit booking from the top, which explains the long wick. This, along with overbought signals from stochastics as well as RSI, rings caution for Monday’s trade. That said, the narrow range break move is still in its early stage, which encourages us to resort to a buy on dips approach with eyes on 272 as the downside marker.

Give us your top trades for the week.

TI (LTP: 470) | View: Buy | Target: 488 | SL: 459Tilaknagar Industries has shown a strong recovery on the weekly charts, breaking out above the recent consolidation zone with a decisive bullish candle. Prices are trading comfortably above key short and medium‑term moving averages, signalling improving trend strength. Momentum indicators support the move, with RSI holding above the mid 50 zone and gradually trending higher, indicating sustained buying interest without signs of excess. MACD is flattening after a prolonged corrective phase and is attempting a bullish crossover, suggesting a potential momentum expansion ahead.

From a price action perspective, the stock has respected higher supports and reclaimed the 460-470 zone, which now acts as a crucial base. Sustaining above this area keeps the upward bias intact and opens room for a move towards 488 in the near term. Any decisive break below 459 would weaken the setup and warrant a reassessment. Overall, the trend favours a buy‑on‑dips approach.

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IGIL (LTP: 373) | View: Buy | Target: 390 | SL: 363

IGIL has delivered a sharp rebound after a prolonged consolidation, marked by a strong bullish weekly candle and a near 10% gain. The stock has decisively moved above its recent range and the supply zone near 360-370, indicating a potential trend reversal. Momentum indicators back the move, with RSI rising close to 60, suggesting improving strength without overstretch, while MACD has turned positive with a fresh bullish crossover, pointing to momentum acceleration.

From a structural perspective, IGIL appears to be forming a base after a lengthy decline, with higher lows taking shape over recent weeks. Sustaining above 370 would keep the bias positive and open the door for an upside move towards 390 in the near term. Any dip towards 363 should be closely watched, as a breach below this level would negate the bullish setup and warrant a reassessment.

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5 MFs add 11 smallcap stocks to their portfolios in March

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The Economic Times

JioBlackRock Mutual Fund, which is a new entrant in the mutual fund industry, had a total AUM of Rs 15,258 crore in March. Here are the top 10 stock holdings, according to monthly data by Prime Database.

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Can crude oil stockpiles in Asia outlast the Middle East conflict?

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RSPS: Consumer Staples Dashboard For April

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RSPS: Consumer Staples Dashboard For April

RSPS: Consumer Staples Dashboard For April

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AL East Teams and Dodgers Nicknames Crack Puzzle 573

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Nancy Guthrie

NEW YORK — Baseball fans and soccer enthusiasts alike found plenty to cheer about in Sunday’s New York Times Connections: Sports Edition, as the April 19, 2026, puzzle blended Major League Baseball divisions, American football positions, Premier League managers and historic nicknames of the Los Angeles Dodgers franchise.

The New York Times Connections
The New York Times Connections

The sports-themed word game, published in partnership with The Athletic, challenged players to sort 16 words into four groups of four. Puzzle No. 573 proved moderately difficult, with many solvers praising its clever mix of current teams, tactical terms and deep-cut franchise history.

Here is the complete breakdown of today’s Connections: Sports Edition answers:

Yellow (Easiest): AL East Teams BLUE JAYS, ORIOLES, RAYS, YANKEES

The American League East division provided the most accessible category for many players. These four teams compete in one of MLB’s most competitive divisions, with the Yankees and Blue Jays frequently in playoff contention, the Orioles enjoying a recent resurgence and the Rays known for their innovative, low-budget success. Solvers who spotted the common thread early often started with this group, using it as a strong foundation.

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Green: First Words of Football Positions DEFENSIVE, RUNNING, TIGHT, WIDE

This category tested knowledge of gridiron terminology. The words form the beginnings of common NFL positions: defensive end or tackle, running back, tight end and wide receiver. The mix of offensive and defensive roles created a satisfying “aha” moment for football fans, though some players initially grouped them under broader terms like “back” or “end” before locking in the precise first-word pattern.

Blue: Premier League Managers EMERY, GUARDIOLA, MOYES, SLOT

Soccer enthusiasts quickly identified this set featuring current or recent English Premier League bosses. Unai Emery (Aston Villa), Pep Guardiola (Manchester City), David Moyes (recently with West Ham and Everton) and Arne Slot (Liverpool) represent a mix of tactical styles and club pedigrees. The category highlighted the global appeal of Connections Sports Edition, drawing in international players familiar with the world’s most-watched league.

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Purple (Hardest): Nicknames for the Dodgers Franchise, Over Time BRIDEGROOMS, DODGERS, ROBINS, SUPERBAS

The most challenging group required deeper baseball lore. Before becoming the Dodgers, the Brooklyn franchise was known as the Bridegrooms (referencing players who got married), the Robins (after manager Wilbert Robinson) and the Superbas (during an earlier successful era). Many casual fans missed this historical thread, but dedicated MLB historians and longtime Brooklyn Dodgers supporters celebrated cracking the purple category.

Players reported a wide range of experiences with the April 19 puzzle. Some solved it in perfect order, starting with the yellow AL East group and progressing logically. Others struggled with the purple Dodgers nicknames, mistaking them for generic baseball terms or confusing them with rival franchises. A common misstep involved linking “SLOT” with football positions rather than recognizing it as Arne Slot, the Liverpool manager.

The game’s format remains simple yet addictive: 16 words appear on a grid, and players select four at a time that share a common theme. Correct groups are removed and colored — yellow for easiest, then green, blue and purple for hardest. One mistake is allowed before the puzzle ends in defeat, adding tension to each selection.

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Connections: Sports Edition launched as a beta companion to the original Connections game, focusing exclusively on athletic themes ranging from team names and player positions to rules, equipment, nicknames and pop culture references tied to sports. Its popularity has grown steadily among athletes, coaches, fantasy sports participants and casual fans seeking a quicker, more specialized daily brain teaser than the standard puzzle.

Sunday’s edition arrived amid a busy sports calendar. MLB teams were deep into the 2026 season, with AL East rivalries heating up. In the Premier League, managerial changes and tactical battles remained hot topics, while the NFL offseason continued to spark debates over positional value and scheme innovations.

Social media lit up with reactions shortly after the puzzle dropped at midnight Eastern Time. Many posted their colored grids alongside comments like “Nailed the Dodgers history — finally my obscure baseball knowledge paid off” or “As a Liverpool fan, spotting Slot felt personal.” Others shared near-misses, joking about almost grouping all the bird-named teams (Blue Jays, Orioles, Robins) together.

For newcomers, the game offers gentle onboarding with practice boards and occasional hints. Veteran players track streaks and perfect solves, turning the daily challenge into a personal competition. On April 19, several users reported maintaining long winning streaks thanks to strong sports knowledge across multiple disciplines.

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The puzzle’s design rewards both breadth and depth. While the AL East category felt approachable for American sports fans, the Dodgers nicknames demanded familiarity with franchise history dating back more than a century. The football and soccer categories bridged American and global audiences, reflecting the universal language of sports.

Educational value also shines through. Younger players or those new to certain leagues learned about historic team monikers, while others refreshed their memory on positional terminology or managerial tenures. Teachers and parents have noted the game’s potential for sparking conversations about sports history, geography and strategy.

As with the standard Connections, mistakes can frustrate but also teach valuable lessons in pattern recognition and elimination. Today’s board included tempting red herrings — words that seemed to fit multiple categories — which kept even experienced solvers on their toes until the final groups clicked.

With the 2026 sports calendar in full swing, future editions are expected to incorporate timely themes such as playoff races, Olympic preparations or major transfers. The New York Times and The Athletic have not announced major format changes, suggesting the core four-category structure will remain the engaging constant.

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For those who missed Sunday’s puzzle or want to review it, archived solutions and discussion threads provide full details without spoiling active games. However, the recommended approach is always to attempt the puzzle first for maximum satisfaction.

Whether solved in four smooth moves or after a few thoughtful revisions, today’s Connections Sports Edition delivered a balanced mix of accessible and obscure connections. It reminded players why the game resonates: it turns scattered sports knowledge into structured fun, one cleverly themed group at a time.

As another week of games and matches unfolds across the globe, fans can look forward to Monday’s fresh challenge. Until then, those who conquered AL East teams, football position starters, Premier League bosses and Dodgers nicknames can take pride in another daily victory in this ever-popular word game.

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AEVEX: Drone Player Taking Off

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AEVEX: Drone Player Taking Off

AEVEX: Drone Player Taking Off

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