Mutual fund

A series of regulatory changes in derivatives trading had pushed many firms to diversify their business models and expand into multiple investment products.

And now, moving on to our final story of the day, a fascinating debate from the Money Control Startup Conclave 2026, where venture capitalists and mutual fund managers found themselves looking at the same log deal from very different perspectives.

For mutual funds, venture capital exits are creating opportunities.

ICISA Prudential AMC Chief Investment Officer S. Naren said that as early investors sell large chunks of stock in listed new age companies, mutual funds are increasingly stepping in on the other side of those transactions.

As he put it, when private equity players eventually sell their holdings, founders are often left with relatively smaller stakes, leading to a broader public market ownership structure.

The conversation comes at a time when secondary market transactions are rising sharply, helped by the expiry of post-IPO lock-in periods and the ability of early investors to monetize long-held stakes.

In many ways, what we are seeing is an investment relay race.

For venture capital and private equity funds, block deals provide an opportunity to return money to investors after years of supporting companies through their private market journeys.

Jo thodi bahut savings ho rahi hai, woh stock market mein jaa raha hai.

Woh stock market ka paisa desh se nikal raha hai through the MF.

Agar ye reform ka mahol nahi aaya, then rather than losing 40% to the dollar, we'll most likely end up losing 50% to the dollar each, each decade because of this twin deficit.

Ye jo naya mahol ban gaya hai ki current account mein bhi pitayi, capital account mein bhi pitayi.

The number is now crawled up to साढ़े पांच, छह, right? But this is still close to a 50 year low.

RBI is saying net household financial savings are close to a 50 year low.

जो थोड़ी बहुत savings हो रही है, वो stock market में जा रहा है। वो stock market का पैसा देश से निकल रहा है through the MF going to FII route, right? So, so यह बड़ा wealth transfer है। This has no precedence in Indian history.

इतने बड़े पैमाने पर 80 billion, 100 billion dollar, इतना बड़ा पैसा हमने कभी देश से इस rate पर निकलते हुए नहीं देखा है and as I'm saying basis my travels across, अ, the Western world, यह, यह structural story लग रही है and this structural story is not good.

Do you know how much, if you invest in mutual fund in Indonesia, do you know how much is the expense ratio just gets? Three to four percent, man.

And nobody knows about how bad is this expense ratio in this Indonesian mutual fund.

We call it Reksadana.

And most of people who doesn't know investing, they invest in Reksadana, right? So then, my God, there's so many story behind this ETF compared to the regular mutual fund in Indonesia that I could tell to my Indonesian audience, right? and then in terms of what ETF also and also again in Singapore you have zero capital gain Indonesia is a bit different in terms of tax and so on right so a lot of good angle good hook good information that my audience can learn about what I've been doing the last 10 plus years right and then In terms of which ETF, right? My ETF is very boring.

My ETF is VWRA, which is the Ireland Domicile Total World ETF.

I think that is my biggest position right now, right? Initially, it was CSPX, but I was like so nervous about the whole America thing.

So, you know, it creates more of an angst that, uh, this was money which was supposed to be relatively safe, stable, give me some kind of regular return and, you know, uh, I made nothing out of it.

Uh, so how do you approach your investing decision, right? So, you know, do you keep all your money in India? Do you have, have some global diversification? How do you invest across asset classes in India? Uh, I think the MF industry or the asset management industry does have solutions for all of this, but I don't think we've done anywhere near enough messaging around that.

It's a lot of the, uh, lot of what we talk about is equity, but I think this is a great opportunity.

Let's talk about something other than equity.