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May 2025 proved to be a robust month for Portfolio Management Services (PMS) in India, with several strategies delivering double-digit returns. The top 10 PMS strategies posted returns ranging from 16.49% to 13.80%, highlighting strong market momentum and increasing investor optimism.  Performance Highlights: 2025 These returns reflect a bullish trend across Small & Midcap, Multicap, and Flexi Cap segments.  Sectoral Trends and Holdings Analysis Leading PMS performers leaned into high-growth sectors:  Strategy Deep-Dive: Top PMS Fund Managers 1. Money Grow – Small Midcap Fund 2. NAFA Clean Tech Portfolio 3. Negen Capital Multicap Fund 4. Aurum Small Cap Opportunities 5. Samvitti Capital – Multicap 6. Ambit Emerging Giants 7. Bin73 Sunrise Alpha 8. Decennium Opportunity Fund 9. Bonanza Multicap Fund 10. Accelt Long Term Equity Fund  Key Takeaways for Investors  Why Track PMS Performance? For HNIs and serious investors, PMS offers curated, actively managed portfolios designed to generate alpha. Monitoring performance and understanding fund strategies is essential for aligning with your risk and return goals. 📚 Want to Learn How to Evaluate & Invest in PMS or Stock Markets? Explore expert-level stock market training at ISFM – India’s Best Stock Market School. Learn from SEBI-registered advisors and industry professionals through practical, job-oriented programs: ✅ New Batches Every Month📍 Visit us: ISFM Location – Gurgaon📞 Call: +91 8882000233 | Website

In a move aimed at strengthening investor protection and enhancing compliance, stock exchanges—under the guidance of the Securities and Exchange Board of India (SEBI)—are expected to release a consultation paper reviewing the regulatory framework for sub-brokers, also known as Authorized Persons (APs). What’s Changing in the Sub-Broker Regulations? According to industry insiders, a working group has already submitted a detailed report, and the exchanges are preparing to finalize proposed changes. These updates may include: Two-Tier Classification of Authorized Persons Likely The upcoming consultation paper is expected to introduce a dual-tier system for APs: 1. Referral-Based Authorized Persons 2. Full-Service Authorized Persons Educational & Experience Criteria Under Consideration Regulators may propose stricter eligibility requirements: Existing APs not meeting the new norms might be given a window to clear the NISM Series VII certification, which covers: Explore NISM-focused training at ISFM – India’s Best Stock Market School, where you can get certified with expert guidance. Enhanced Monitoring & Compliance Measures To tackle misuse and protect investors, the proposed framework may include: No Cap on Referral Fees or AP Limits SEBI has clarified there will be no limit on referral fees or the number of APs a broker can appoint—supporting wider financial inclusion and partner-driven growth models. Interested in becoming a certified professional in financial markets?Check out ISFM’s flagship Chartered Financial Market Expert Course—which includes NISM modules and real-world trading exposure. Push for Uniform Regulations Across Exchanges The paper is likely to push for harmonization of sub-broker norms across NSE, BSE, and other platforms, as there are currently minor variations in implementation. Conclusion The upcoming SEBI-backed consultation paper is set to reshape sub-broker regulations in India, focusing on transparency, compliance, and investor protection. Stakeholders—including aspiring and current sub-brokers—are encouraged to upskill with market-relevant training from institutions like ISFM Gurgaon, which offers:

SEBI (Securities and Exchange Board of India) has introduced a game-changing digital payment safeguard named ‘Valid’, aimed at protecting investors from financial fraud in capital market transactions. This innovative UPI-based payment mechanism is designed to ensure that investors only send money to verified SEBI-registered intermediaries, adding a vital layer of transparency and trust in the securities ecosystem.  What is SEBI’s Valid UPI Mechanism? ‘Valid’ is a Unified Payments Interface (UPI)-based structured payment ID that will be issued exclusively to SEBI-registered market participants—such as stock brokers, mutual fund houses, investment advisers, research analysts, and portfolio managers. This verified payment tool allows these entities to collect funds from clients through a secure and traceable route, thereby reducing the risk of fraudulent activities and unregistered money collection schemes.  Why SEBI Introduced the Valid UPI System SEBI has observed a growing threat from unregistered players soliciting investments under false pretenses. This fraudulent behavior often results in severe financial losses for investors. To counter this, SEBI collaborated with NPCI (National Payments Corporation of India), banks, and market participants to develop a secure, verified UPI ecosystem.  How Does ‘Valid’ Work?  Launch Date and Transaction Limit 🧭 SEBI Check: Real-Time UPI ID Verification Tool In a move to further strengthen investor protection, SEBI is also developing a new tool called “SEBI Check”. This feature will allow users to:  SEBI’s CeFCoM: A Secure Fee Payment System for Investment Advisers and Analysts Earlier, SEBI introduced the Centralized Fee Collection Mechanism (CeFCoM) for Investment Advisers (IA) and Research Analysts (RA). This system is a secure, closed-loop payment gateway enabling investors to pay advisory fees only to verified professionals through methods like: This enhances both compliance and investor trust by restricting fee payments to only SEBI-recognized experts.  Final Thoughts SEBI’s introduction of the ‘Valid’ UPI handle and tools like SEBI Check and CeFCoM mark a significant milestone in digital transparency, investor protection, and fraud mitigation in Indian financial markets. These steps reflect SEBI’s proactive stance in using fintech innovation to make Indian capital markets safer, faster, and more reliable for millions of retail and institutional investors.

On June 6, 2025, the Reserve Bank of India (RBI) released updated guidelines regulating loans against gold and silver assets. The move aims to strengthen risk management in the gold loan sector by placing restrictions on what can be accepted as collateral. The key takeaway: banks and NBFCs can no longer extend loans against gold bars, digital gold, or gold/silver-backed mutual funds and ETFs. Why Did RBI Tighten Gold Loan Rules? The central bank’s primary goal is to curb credit risk and market volatility linked to highly speculative gold-based financial instruments. Assets such as gold bullion, gold and silver ETFs, and mutual fund units are susceptible to sudden price fluctuations, which pose significant risk to lenders. “Gold bullion or ETFs are fundamentally different from gold jewellery. Their value can swing sharply, exposing lenders to losses,” says Shaji Varghese, CEO of Muthoot FinCorp. These changes are part of RBI’s broader strategy to enhance the stability and transparency of asset-backed lending across all regulated financial institutions. Key Highlights of the New RBI Guidelines 🚫 Prohibited Collateral: ✅ Permitted Collateral: No Major Impact on Gold/Silver ETF Investments While investors may worry about the implications, experts clarify that this move is more about loan eligibility than investment returns. “Most investors purchase gold or silver ETFs for diversification, not as collateral,” notes Puja Singh, CEO of Manipal Fintech. The restrictions won’t affect portfolio allocation or capital gains from these financial instruments, and ongoing investments in ETFs or digital gold remain unaffected. What Happens to Existing Loans? According to Lt. Col. Rochak Bakshi, Founder of True North Finance, loans sanctioned before April 1, 2026, are grandfathered under the old rules. This means they can continue as is until maturity—no need for prepayment or changing the collateral structure. Concerns Over Financial Inclusion While the move improves regulatory oversight, some believe it could have unintended consequences. “Excluding ETFs and digital gold could reduce financing options, especially for tech-savvy retail investors who prefer holding digital assets,” says Bakshi. The lack of a centralized registry for ETFs also raises concerns about double pledging, which may have influenced RBI’s cautious stance. A Balancing Act: Risk Management vs Investor Flexibility The new rules reflect RBI’s attempt to strike a balance between risk mitigation and financial accessibility. While gold jewellery continues to be a reliable source of collateral, investors relying on digital gold or ETFs for liquidity may need to explore alternative financing options. For investors seeking to build wealth with better financial planning and training on Sovereign Gold Bonds (SGBs) or gold-related market strategies, institutions like the ISFM – Best Stock Market School offer specialized Fundamental Analysis Training and Certified Financial Planning Course to help navigate new regulations effectively. You can also explore how asset-backed instruments like SGBs can be part of your investment portfolio with ISFM’s expert-led Chartered Financial Market Expert Course — which includes both fundamental and technical analysis for smarter financial decisions. Final Thoughts The RBI’s gold loan policy revamp is a clear step toward improving credit discipline and systemic resilience. For investors, understanding these changes is key to making informed decisions around asset allocation and liquidity planning. If you’re looking to deepen your understanding of market regulations, gold-backed investments, or credit risk management, join ISFM and turn your financial knowledge into lasting success.

Orkla India, the powerhouse behind popular spice and packaged food brands MTR and Eastern, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking the first step towards launching its Initial Public Offering (IPO). According to the DRHP filed on Tuesday, the IPO will be a complete Offer for Sale (OFS) involving 2.28 crore equity shares, which will be offloaded by the company’s promoters and existing shareholders. This means that the company will not raise any fresh capital, and all proceeds will go directly to the selling shareholders.  Key Highlights of Orkla India’s IPO Filing: Orkla India, formerly known as MTR Foods, is a leading Indian packaged food company operating in multiple categories including spices, ready-to-eat meals, masalas, breakfast mixes, and sweets. It retails under the household names MTR, Eastern, and Rasoi Magic.  Market Landscape & Industry Outlook: As per a report by Technopak, the Indian packaged food industry was valued at ₹10.18 lakh crore in FY24, growing at a CAGR of 10.8% since FY19. Orkla India stands as a major player in this rapidly growing segment, riding on strong brand equity and a loyal consumer base. ️ IPO Lead Managers: Strategic Moves Before the IPO: In March 2025, as part of a corporate governance revamp, Orkla India appointed four independent directors to its board, signaling strong intent to align with best practices and strengthen investor confidence ahead of the IPO.  What This Means for Investors: With a legacy of trusted food brands and a strong position in India’s fast-growing FMCG sector, Orkla India’s IPO is expected to attract significant investor attention. However, as it is an OFS, prospective investors should note that no fresh capital is being infused into the business, and the offering is solely a shareholder exit event.  Learn Stock Market Investing with ISFMAs IPOs like Orkla India’s attract investor interest, it’s essential to understand how to evaluate such offers. The Institute of Stock Market (ISFM) offers expert-led Stock Market Investment Courses, Fundamental Analysis Training, and specialized classes on IPOs and equity research.

India’s power sector is poised for a major transformation with the Securities and Exchange Board of India (SEBI) granting approval to the National Stock Exchange (NSE) to launch monthly electricity futures contracts. This development follows SEBI’s earlier nod to the Multi Commodity Exchange (MCX), paving the way for deeper electricity market participation and long-term structural reforms under the Electricity Act, 2003. Want to understand derivatives and power markets better? Join ISFM – India’s Best Stock Market School to learn Options, Futures, Commodities & Energy Trading from industry professionals. Available online and offline. Free Demo Available. What Are Electricity Futures? Electricity futures are standardized financial contracts that allow participants to buy or sell electricity at a predetermined price for delivery in the future. These are financially settled contracts, meaning there’s no physical delivery—just a price differential payment. They are critical tools for hedging against electricity price volatility and for ensuring price transparency and efficient risk management in the energy sector. NSE’s Strategic Vision for Electricity Derivatives Ashishkumar Chauhan, MD & CEO of NSE, stated: “This approval marks the beginning of NSE’s larger vision to develop a robust and integrated electricity derivatives ecosystem in India.” NSE plans to roll out more advanced instruments in phases—such as Contracts for Difference (CFDs) and long-duration derivatives like quarterly and annual electricity futures, subject to further regulatory approvals. With this launch, the NSE is set to leverage its experience as the first Indian exchange to establish an electricity marketplace through Power Exchange India Limited (PXIL) in 2008. Benefits of Monthly Electricity Futures The introduction of electricity futures on NSE is expected to: Aligning with India’s Clean Energy Goals According to a NITI Aayog report, India will require $250 billion annually until 2047 to meet its net-zero emissions target. By 2030, renewable energy is expected to constitute over 50% of India’s installed power capacity. A dynamic electricity derivatives market is essential to mobilize this scale of green finance from both domestic and international investors. The Role of Spot and Futures Market Synergy A calibrated and phased rollout of electricity derivatives is vital for maintaining market integrity and investor confidence. Experts stress the importance of the spot market evolving alongside the futures market. A robust day-ahead spot market ensures real-time price discovery, while financially settled futures provide long-term hedging capability—together creating a virtuous cycle of growth and liquidity. Also Read: How NRIs Can Legally Reduce Taxes on Indian Income Through Special Relief Provisions Regulatory Backing and Industry Coordination SEBI’s green light comes after extensive discussions with the Central Electricity Regulatory Commission (CERC), aligning with policy initiatives such as Market-Based Economic Dispatch (MBED) and market coupling. In February, SEBI had invited exchanges to submit proposals following a mutual understanding between SEBI and CERC regarding the introduction of electricity futures. Conclusion: A New Dawn for Power Sector Trading With the launch of monthly electricity futures, NSE is not just introducing a financial product—it’s laying the foundation for a future-ready, transparent, and efficient power trading ecosystem in India. As electricity becomes the cornerstone of India’s energy transition, the availability of reliable hedging instruments will be vital to support industrial growth, clean energy adoption, and financial market innovation.

Morningstar, a leading global investment research firm, has spotlighted some of India’s most successful mutual fund managers, revealing the key factors behind their consistent performance. The analysis underscores how long-term vision, fundamental research, contrarian thinking, and disciplined portfolio management help these fund managers outperform over time—even through volatile markets. Sankaran Naren – ICICI Prudential Mutual Fund Fund Managed: ICICI Prudential Value Discovery FundInvestment Style: Value-focused with a growth overlaySankaran Naren’s investment style blends value investing principles with selective growth opportunities, enabling his fund to navigate sectoral shifts effectively. In a notable instance during 2021–22, Naren drastically reduced exposure to IT—from 20% in early 2021 to just 9% by year-end—while increasing allocation to the energy sector at 11%, reflecting his ability to rotate sectors ahead of market moves. Another standout call was his contrarian investment in Vodafone Group Plc ADR in mid-2021. While the move initially underperformed, it paid off with a 15% return over the following year. His approach to investing is marked by deep introspection, learning from past mistakes, and making fewer errors rather than chasing perfect returns. Even in sectors like pharma, which entered a slump in 2023, Naren held on to his long-term conviction. As the sector rebounded in 2024, his patience proved profitable—showcasing his resilience and foresight in market cycles. Neelesh Surana – Mirae Asset Mutual Fund Role: Chief Investment Officer (CIO) – EquityApproach: Bottom-up stock picking with valuation disciplineNeelesh Surana has been a cornerstone of Mirae AMC since 2008, known for high-conviction investing and an aversion to hype-driven bets. His strategy centers on selecting scalable businesses with strong return ratios and robust management, avoiding overvalued or momentum stocks. Surana believes in alpha through stock selection, not sector timing. For instance, his calculated positions in Zomato (Eternal) and Policybazaar (PB Fintech)—though unprofitable in early valuation metrics—were limited to under 2% of the portfolio. These investments later turned multi-baggers in 2024, validating his foresight and restraint. He maintains a strict sell discipline, exiting stocks once target valuations are achieved—regardless of holding period. His success lies in a research-driven, fundamentals-first approach, paired with the courage to stay the course during temporary volatility. ️Suyash Choudhary – Bandhan Mutual Fund Domain: Fixed IncomePhilosophy: Macro-conscious, risk-averse, capital preservationKnown for his conservative stance, Suyash Choudhary avoids speculative credits, focusing on sovereign and AAA-rated debt instruments. This risk-averse style paid off especially during periods of economic turbulence, when his funds showed remarkable stability due to limited credit exposure. Suyash excels in managing fixed-term strategies, combining macroeconomic awareness with tactical judgment, making him one of the most reliable fixed-income managers in the Indian market. Shobhit Mehrotra – HDFC Mutual Fund Experience: Over two decades in fixed incomeInvestment Style: Conservative with a focus on income and risk-adjusted returnsShobhit Mehrotra, a stalwart in the debt market, brings a disciplined, research-heavy approach. His strategies focus on capital preservation, credit quality, and liquidity management. Notably, between 2021–2023, he shifted portfolios toward short- and medium-duration debt, anticipating rising interest rates amid global inflation and RBI tightening. His consistent income generation with minimal risk highlights his role as a stabilizing force in debt fund investing. Morningstar’s Key Insights: What Makes a Great Portfolio Manager? Morningstar concludes that while no fund manager is infallible, consistent success lies in aligning with a clear philosophy, having a long-term mindset, and demonstrating an honest self-assessment process. These traits—evident in the work of Naren, Surana, Choudhary, and Mehrotra—can serve as timeless lessons for both investors and aspiring fund professionals.

Health insurance has become one of the most commonly purchased financial products in India, especially after the pandemic. But in 2025, simply buying a health insurance policy isn’t enough—understanding what it doesn’t cover is more important than ever. The Harsh Truth: Health Insurance Without Awareness is a Trap More than ever before, Indians are purchasing health plans thanks to easy digital onboarding, tax-saving benefits, and bundled features. But a shocking number are walking into this deal without knowing what their policies actually exclude. And that’s where disaster begins. The illusion of protection is more dangerous than having no coverage at all. According to the IRDAI 2023 Annual Report, over ₹7,500 crore worth of health insurance claims were rejected—not due to fraud or missing paperwork—but because of exclusions, waiting periods, and policy misinterpretation. This isn’t a failure of insurance providers. It’s a failure of consumer awareness. Why Most Health Insurance Claims Get Rejected in India In 2025, thousands of Indian families still face massive medical bills despite being insured. Here’s why: 💡 According to NITI Aayog, over 55% of insured Indians are unaware of these exclusions. What Every Indian Needs to Know Before Buying Health Insurance in 2025 Before you buy or renew your policy, ask yourself: Insurance isn’t just about ticking off “₹10 lakh cover” or “tax benefit under 80D.” It’s about knowing how and when it’ll actually help you. Checklist: How to Be a Smart Health Insurance Buyer in 2025 Here’s how to avoid future regret: From Transaction to Trust: A New Approach in 2025 The real transformation we need in India isn’t just more coverage, it’s better conversations. Insurers and regulators have made progress—standard claim formats, e-insurance accounts, and portability options are helping—but the biggest shift must come from you, the consumer. In 2025, don’t just buy health insurance because it’s mandatory or offers tax benefits. Buy it because you’re actively participating in securing your health and finances. Remember: Health Insurance Isn’t Just for Emergencies—It’s for Peace of Mind In the end, a good insurance policy isn’t one that’s just bought—it’s one that’s understood.

Non-Resident Indians (NRIs) earning income in India can significantly lower their tax liability by utilizing special provisions under Indian tax laws and Double Taxation Avoidance Agreements (DTAAs). However, to truly benefit from these concessions, NRIs must understand eligibility criteria, furnish appropriate documentation, and comply with timely filing requirements. Who Qualifies as an NRI? To be classified as an NRI under the Income Tax Act of India, an individual must reside outside India for 182 days or more in a financial year. NRIs earning income from Indian sources—such as interest, rent, dividends, or capital gains—can access tax exemptions or reduced rates under both Indian law and international tax treaties. Key Tax Benefits Available to NRIs Here are the major types of Indian income that qualify for tax relief under domestic provisions and DTAAs: Note: Rental income from property in India is usually fully taxable unless specifically covered by DTAA provisions. Step-by-Step Guide to Claiming NRI Tax Benefits To effectively reduce tax burden, NRIs must complete the following: 1. Obtain a Tax Residency Certificate (TRC) A TRC from the country of residence is mandatory to claim treaty benefits. It proves that you are a tax resident of that country under DTAA rules. 2. Submit Form 10F Form 10F must be submitted to the Indian Income Tax Department along with a self-declaration of your foreign tax residency if required. 3. Provide Documents to Income Payers Banks and other payers in India may deduct TDS at a higher rate unless you provide the TRC, Form 10F, and declaration in advance. Submitting these on time ensures the correct lower TDS is applied under the DTAA. 4. Report Income Correctly While filing your income tax return in India, report all Indian earnings under the right heads and claim DTAA reliefs accurately. Common Pitfalls and How to Avoid Them Many NRIs miss out on tax relief due to: 👉 Pro Tip: Start your tax planning early in the financial year to avoid these issues and unnecessary deductions. Why These Tax Reliefs Matter for NRIs Failing to utilize available tax concessions could mean: For NRIs focused on efficient global tax planning or looking to maximize returns from Indian assets, leveraging tax benefits under DTAAs and Indian tax law is not just smart—but essential. Final Word As tax filing season approaches, NRIs should proactively gather required documents, review their income sources, and consult professionals if needed. Taking full advantage of India’s NRI tax relief framework can help you save more and invest smarter.