The decision to increase the Securities Transaction Tax on derivatives trade was one of the major announcements from Nirmala Sitharaman in her Budget 2026 speech.
As per the Budget proposal, STT on futures has been increased from 0.02% to 0.05%. The impact is even steeper in options, where the tax on option premiums will rise from 0.1% to 0.15%, while STT on the exercise of options will be hiked to 0.15%.
The move, aimed at curbing excessive speculation in the futures and options (F&O) segment, triggered a sharp sell-off in equities and raised concerns across the broking and exchange ecosystem.
NDTV Profit brings a list of four stocks you should keep an eye on following the announcement of the STT hike on derivatives-linked trade.
Stocks Impacted By STT Hike On F&O
Angel One
Equirus has already listed Angel One as one of the major companies impacted by the STT hike on F&O, considering the fact that the company derived 75% of their broking revenue from the F&O segment in 9MFY26.
In the December quarter alone, Angel One derived 44% of its income from the F&O segment. Although it fell from 53.5% in Q3FY25, the F&O segment remains the single-biggest revenue driver for the company.
Angel One, therefore, stands among the companies impacted most by the Budget move to hike STTs.
BSE
BSE shares took a huge tumble after Nirmala Sitharaman announced STT hikes on derivatives trade. This was hardly surprising as the stock exchange derives significant revenue from the F&O segment.
BSE generated 60% of its revenue from the F&O segment, as per Equirus and is likely to see an impact once the STT hikes invariably lower volume and affect sentiment.
Groww
Much like Angel One, Groww is also running the risk of topline pressure in the wake of the STT hike on derivatives trade and waning sentiment around F&O, according to Citi.
As of Q3FY26, Groww derived 19% of its income from the equity derivatives segment, with the app hosting 1.47 mn equity derivatives active users. Groww's market share in the F&O segment stands at around 28.8%, up from 21.6% in Q3FY25.
Although the share of F&O-linked income in Groww is significantly lower than Angel One's, it is still an important growth driver for the company.
Nuvama Wealth
Another company highlighted by Equirus, Nuvama Wealth, may also see some impact, even though it is an asset management company, which does not, understandably, reveal direct income derived from brokerage in the derivative segment.
Nuvama Wealth has not presented a revenue-wise split for Q3FY26. But as per its investor presentation, the company derived 11% of revenue from the brokerage segment in 9MFY26. This particular revenue is usually split between cash and derivatives segments, though the company does not reveal the exact split.
However, it must be noted that revenues from brokerages have gone down significantly from 19% in 9MFY25 to 11% in 9MFY26. In the Q2FY26 concall, the management made it clear that brokerages are being "completely as a product which is now less than 10–11% of the overall revenues."
ALSO READ: STT Hike Explained: What Brokerages Say And Why Markets Reacted Sharply
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