Piggy banks’ sit on display. (Photographer: Billy H.C. Kwok/Bloomberg)
India’s super-rich withdrew commitments made to hedge funds and other such short-term investment vehicles for the first time in nearly seven years after the increase in tax rates for the wealthy.Commitments by high-net-worth investors to Category-III alternative investment funds fell Rs 4,832 crore quarter-on-quarter to Rs 42,223.4 crore in the three months ended September, according to data released by the Securities and Exchange Bo...