Capitalmind with Deepak & Shray

In July 2001, about 2 crore Indians found out they couldn't get their money out of the country's most trusted investment. US-64, run by UTI, had paid tax-free dividends for years at a price it simply announced once a year. No NAV, no market value of holdings. Then it stopped buying back units. This episode tells the story of how that happened. US-64 started as a debt scheme and kept adding equity, ending up close to 70% in stocks through a decade when the market went nowhere. Holdings were carried at cost, so nobody could see the damage. Dividends kept getting paid out of reserves until, by 1998, the reserves had gone negative and were eating into unit capital. The Deepak Parekh committee recommended NAV-based pricing and a cleanup. UTI got a rescue but never really moved to NAV. Then came 2001: the Ketan Parekh crash, the BSE board being sacked, the Tehelka fallout, a 30% fall in the market, and redemptions UTI couldn't meet. The government stepped in with a bailout of around Rs 14,000 crore, UTI was split up, and the new UTI AMC came under SEBI like every other fund house. We also talk about what the industry learned: publish the NAV and the holdings, never guarantee returns, take the hit instead of pretending and extending, and segregate bad assets. From there, a long run of reforms (no entry loads, direct plans, recategorisation, trail commissions) built the trust that today's 80 lakh crore mutual fund industry runs on. Topics: - What US-64 was and why it paid "assured" tax-free dividends - How hidden losses piled up through the 1990s - The 1998 near-miss and the Deepak Parekh committee - The 2001 market chaos and the freeze on redemptions - The government bailout and the creation of UTI AMC - Lessons for today's mutual fund investors If you enjoy thoughtful conversations on investing, mutual funds, markets and personal finance, subscribe to the Capitalmind Podcast for new episodes every week 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: https://www.capitalmind.in 🐦 X (Twitter): https://x.com/Capitalmind_in 📸 Instagram: / capitalmindHQ 💼 LinkedIn: / capitalmindwealth-pms Disclaimer: This podcast is for educational and informational purposes only and does not constitute investment, tax or financial advice. Investment products are subject to market risks. Regulations and tax treatment may change. Please consult an appropriate professional before making investment decisions.

You may have no debt yourself, but that doesn't mean you're protected from the risks of leverage. Someone else's borrowing decisions can affect your investments, your home, and even the broader economy. In this episode of the Capitalmind Podcast, Shray Chandra, Co-Founder & Director, Capitalmind Financial Services, speaks with Deepak Shenoy, Founder & Chairperson, Capitalmind Financial Services, about how leverage creates risks for investors, including those who have never borrowed money. They discuss: Housing loans: Why borrowing to buy under-construction property carries risks that investors often underestimate. Stock market leverage: How margin calls, leveraged hedge funds, and forced selling can drive down stock prices. Promoter pledging: How debt taken by company promoters can hurt shareholders, even when the underlying business has little or no debt. Government debt: How rising sovereign debt, interest rates, and Japan's carry trade can affect global financial markets. Personal borrowing: The risks of margin trading funding (MTF), credit card debt, and no-cost EMIs, and when taking on debt can make financial sense. Through real-world examples, from Zee Entertainment and the LTCM crisis to leveraged AI stock investments, the conversation examines how debt-related risks spread through financial markets and what investors can do to identify them. The central takeaway: Understanding leverage in your portfolio means looking beyond what you owe to what others have borrowed against the assets you own. If you enjoy thoughtful conversations on investing, mutual funds, markets and personal finance, subscribe to the Capitalmind Podcast for new episodes every week 📌 Subscribe for more data-driven investing content every week. 🔗 Follow us: 🌐 Website: https://www.capitalmind.in 🐦 X (Twitter): https://x.com/Capitalmind_in 📸 Instagram: / capitalmindHQ 💼 LinkedIn: / capitalmindwealth-pms Disclaimer: This podcast is for educational and informational purposes only and does not constitute investment, tax or financial advice. Investment products are subject to market risks. Regulations and tax treatment may change. Please consult an appropriate professional before making investment decisions.

Deepak Shenoy, Founder and Chairperson of Capitalmind Financial Services and market commentator on Indian markets. He explains why India moved to a Closing Auction Session, how auction mechanics and order types shape closing prices, and why liquidity, transparency and execution quirks matter for mutual funds, indices and traders. Short examples and practical watch‑points for investors are discussed.

Deepak Shenoy, Founder and CEO of Capitalmind Mutual Fund and market strategist, weighs in on India’s supposed uninvestability. He outlines the bear case — rupee, crude, gold imports, FPI outflows and AI fears — then compares past crises and current data. The conversation covers earnings recovery, a CapEx revival, AI’s impact on IT, and practical ways to deploy cash through phased and diversified equity strategies.

Vashistha Iyer, Executive Director at Capitalmind Mutual Fund, brings investment and AI-in-finance expertise. Deepak Shenoy, Founder & CEO of Capitalmind Mutual Fund, is an investor and portfolio strategist. They discuss where AI genuinely helps investors today. They debate why human judgment and accountability still matter. They examine AI’s threat to income, reskilling, emergency funds and using AI as a research sparring partner.

Deepak Shenoy, founder and long-term investing strategist, and Anoop Vijaykumar, data-driven equity fund manager, unpack mutual fund selection. They discuss why avoiding the worst funds can beat chasing the best. Short takes cover rolling underperformance, core vs satellite portfolios, multi-asset simplicity, taxes and churn, AUM and red flags, and how many funds to actually hold.

Shray sits down with Deepak Shenoy from Capitalmind to unpack the real playbook for NRIs thinking about investing in India — the taxes, the paperwork, the returns, and the traps nobody warns you about. What we uncover: The 3 types of NRIs who should invest in India — and the ones who absolutely shouldn't. Why patriotism and FOMO are the worst investment strategies. The real return math: 12% in rupees, ~8% in dollars after currency depreciation — and why falling inflation could change this equation entirely. Stocks vs. mutual funds vs. real estate: Why your passport decides your investment vehicle. UAE and Singapore NRIs get tax-free mutual fund gains; US and UK residents face PFIC nightmares. The paperwork horror: Why 5% of your portfolio in India creates more admin than the other 95% abroad — and why Deepak respects any NRI who's actually opened a Demat account. The "famous stocks" trap: Why buying Indigo, Swiggy, or Jubilant from abroad without local context is a recipe for pain. Great brands ≠ great investments. Moving back math: ₹2L/month puts you in India's top 1%. $500K in fixed income could fund your entire re-entry. And why you still shouldn't bring everything back. Deepak breaks down the Doordash minimum wage vs. Indian purchasing power, why small caps hold India's real growth story, and why NRI investing success is measured in rupees — not dollars. Chapters: 0:00 - Not every NRI should invest in India 1:36 - Who is this conversation really for? 3:54 - The 3 types of people who SHOULD invest in India 6:34 - You have family & money sitting idle in India 7:19 - You know you're coming back someday 11:44 - The worst reason to invest in India 18:16 - Stocks, mutual funds, real estate — where to put your money? 22:07 - Your 12% return is actually 8% (here's why) 29:43 - Is Indian real estate worth it for NRIs? 36:57 - The paperwork nightmare no one warns you about 37:26 - Where you live changes everything 38:09 - UAE & Singapore NRIs — this is your tax cheat code 40:07 - Why US & UK NRIs should avoid Indian mutual funds 45:25 - Why buying Indian stocks from abroad is risky 51:44 - Great company. Terrible investment. Here's the difference 1:03:15 - Should you move more money to India as you plan to return? 1:09:26 - What does winning actually look like? 1:16:29 - Invest with your head, not your passport

A data-driven dive into why 8% GDP and low headline inflation feel at odds with a weakening rupee and muted market returns. They unpack headline vs core inflation, rent spikes, and measurement quirks behind GDP. Discussion covers gold imports, RBI choices on the currency, why markets ignore growth, and implications of new mutual fund fee rules.

Deepak Shenoy, founder of Capitalmind and investment expert, dives into the unseen forces shaping your investments. He exposes how proxy advisors like Glass Lewis and ISS exert influence over fund managers, even challenging big names like Elon Musk. Deepak discusses the subjective nature of index manufacturers, revealing their role in corporate mergers and demergers. He highlights the staggering ₹21 lakh crore stagnant in corporate accounts and offers insights on the pitfalls of passive investing, stressing the need for greater transparency in financial practices.

Deepak Shenoy, founder of Capitalmind and a seasoned investor, reflects on his market predictions over 17 years, including notable successes like forecasting the 2008 crash. He discusses why crashes often arise when cash sits on the sidelines and parallels between today’s AI hype and the 2000 dot-com bubble. Shenoy explores the challenge of predicting real estate and gold markets, emphasizing the unpredictable nature of crowd behavior. His insights on interest rate cycles reveal why predicting them may be easy, yet profiting from them is a different story altogether.