Swaps are taxed based on the nature of cash flows, but since these are not used by retail clients in India, taxation is typically handled at the institutional or corporate…

Yes, certain hedge funds, mutual funds, and Portfolio Management Services (PMS) may use equity swaps for efficient exposure or hedging, depending on SEBI's framework and risk disclosure norms.

No. While all are derivatives, the key differences are: FeatureSwapsFutures/OptionsTrading VenueOTC (private contracts)Exchange-traded (NSE/BSE)StandardizedNoYesMargin SystemNegotiated termsRegulated margin requirementRetail AccessNo (India)Yes