It also contends that recent bid rumours have given artificial buoyancy to the shares, making a private equity transaction less likely.

The original tax rate was set at 0.125% for a delivery-based equity transaction and 0.025% on an intra-day transaction.

It also takes a levy on equity transactions above 10,000, delivering 7 million in 2014.

There have been a couple of highprofile private equity transactions.

But the financial institutions that are making money by the truckload from private equity transactions have different incentives.