Kaveri Seed Company - Buyback Offer 2021

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(This is just for information purpose only. This should not be construed as a recommendation. Please consult your financial adviser before taking any action.)

 

(For the 2022 buyback offer, please check here) 

 

Kaveri Seed Company Limited on 17Aug2021 announced, through a BSE stock exchange filing, that its board of directors would meet on 25Aug2021 to consider a proposal to buyback the company's shares. The following are the details / timeline of the buyback offer:

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Read more: Fed Tapering is Postponed

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1. BSE filing dated 17Aug2021 announced that the Company's Board would meet for a buyback proposal (the BSE announcement came after closure of market hours -- end-17Aug2021, the company's market price was Rs 577 per share with a market cap of Rs 3,480 crore).

2. Board would meet on 25Aug2021 for, inter alia, considering the above buyback offer.

3. On 18Aug2021, the stock opened at Rs 605 per share, touched an intra-day high of Rs 623 before closing for the day at Rs 583 (market cap Rs 3,517 crore).

4. This will be the fourth buyback by the company in the past four years. The previous three buyback offers were in 2019, 2018 and 2017 with ex-dates of 21Nov2019, 02Aug2018 and 15Jun2017 respectively.

5. 2019 buyback details: (post buyback) Tender offer of 28 lakh shares at a buyback price of Rs 700 per share -- company bought back 28 lakh shares at Rs 700 with a total of Rs 196 crore -- offer closed on 13Jan2020 -- promoters participated in the buyback by tendering 12,82,578 shares. Weblink for Letter of offer is here.

6. 2018 buyback details: (post buyback) Tender offer of 29.63 lakh shares at a buyback price of Rs 675 per share -- company bought back 29.63 lakh shares at Rs 675 with a total of Rs 200 crore -- offer closed on 07Sep2018 -- promoters participated in the buyback by tendering 14,30,245 shares. Weblink for Letter of offer is here.

7. 2017 buyback details: (post buyback) Tender offer of 29.63 lakh shares at a buyback price of Rs 675 per share -- company bought back 29.63 lakh shares at Rs 675 with a total of Rs 200 crore -- offer closed on 21Jul2017 -- promoters participated in the buyback by tendering 13,74,934 shares. Weblink for Letter of offer is here.

(more details will be added as when more events are announced) 

Update 21Aug2021

8. On 20Aug2021, the stock price of Kaveri Seed weakened to Rs 564 (market cap Rs 3,400 crore) despite the buyback proposal from the company. The price pressure suffered by mid- and small-cap stocks in Indian stock market in the past two weeks seemed to have negatively impacted Company's stock price.

While deciding on the buyback price, companies consider various factors, such as, market price trends on stock exchanges, company's net worth, impact of buyback on company's financials and price-earning ratio.

A perusal of the Kaveri Seed's previous letters of offer during 2017, 2018 and 2019 indicate that the company's buyback price represented a premium over current market price (the date of intimation of Board meeting for buyback proposal); a premium over the average of the two-week value-weighted average price (VWAP) on stock exchanges prior to the date of intimation; a premium over the average of 3-month VWAP and a premium over the average of 6-month VWAP.

The premium, in general, was between 30 and 50 per cent. 

The relevant date for us in calculating the likely buyback price is 17Aug2021, the day the Company informed the stock exchanges of its decision for a Board meeting (on 25Aug2021) to consider the buyback of shares.

On the relevant date (17Aug2021), the price data are as follows:

a) Current market price is Rs 577

b) Two-week average of daily VWAP, prior to the relevant date, is Rs 704 on NSE stock exchange

c) Three-month average daily VWAP, prior to the relevant date, is Rs 724 on NSE

d) Six-month average daily VWAP, prior to the relevant date, is Rs 644 on NSE

Going by these base rates, one could surmise that the Board is likely to fix the buyback price between Rs 700 and 800. It may be repeated that the previous buyback prices were Rs 675 (2017), Rs 675 (2018) and Rs 700 (2019).

In my opinion, the buyback price to be decided by the Company's Board on 25Aug2021, in all likelihood, will be above Rs 700. Overall, the current market price of Rs 564 (end-20Aug2021) appears to be below its intrinsic value, though the first quarter (Apr-Jun2021) results were below par due to supply chain issues faced by the Company.

However, our opinions are subordinate to markets. As such, let us wait and see what the Board will decide about the buyback price. Considering the previous three offers, this offer too is likely to be through 'tender offer,' and not via buyback mechanism by purchases via stock exchanges.

Update 25Aug2021

9. On 25Aug2021, the company announced (during market hours) the Board's decision (BSE filing dt 25Aug2021) to approve buyback of equity shares for a total amount of nearly Rs 120 crore with a maximum buyback price of Rs 850 per share. 

The total amount to be spent on buyback this time is 40 per cent below the size of previous buyback. The stock reacted mildly to the buyback announcement. The stock price on 25Aug2021 closed at Rs 579, with a market cap of Rs 3,492 crore.

Contrary to my expectations, the buyback route chosen by the Board this time is through the 'open market via the stock exchanges' mechanism--and not 'tender offer' as was the case in 2017, 2018 and 2019. 

As the buyback route is through 'open market via the stock exchanges,' the promoters cannot participate in the buyback as per SEBI norms. Based on the maximum buyback price of Rs 850, the company is likely to buy back a maximum of 14,11,780 shares--representing 2.34 per cent of the paid-up capital of the company as on 31Mar2021.

More details are available in the Board resolution (BSE filing dated 25Aug2021). The starting and closing date of buyback will be announced later.

As the company will be buying back shares from the stock exchanges directly, investors need not do anything. It may be mentioned that in the case of 'tender offer' route, investors need to surrender their shares to the company and simultaneously they will receive the amount of buyback. 

Update 07Sep2021 

10. On 27Aug2021, Kaveri Seed Co made a public announcement stating that the buyback period starts from 02Sep2021 and ends on 01Mar2022 (subject to certain conditions). 

Details of daily back are available here and cumulative details are here. The stock price closed at Rs 601 on 07Sep2021, with a market cap of Rs 3,624 crore.

Update 11Oct2021 

11. The company on 11Oct2021 announced closure of its buyback programme. During the buyback programme between 02Sep2021 and 06Oct2021, the company bought back 20,07,473 shares worth about Rs 120 crore at an average price of Rs 597.50 per share.  

After the buyback, the promoter's share capital has increased to 57.44 per cent versus prior figure of 55.52 per cent.

It's no surprise that the company's share price declined in the past one month as the closure was coming to an end. As the details of buyback of shares are available on a daily basis on the stock exchanges, market knew in advance, about the end of buyback programme, well before today's official announcement by the company.

The current market price of Kaveri Seed Company is Rs 558 with a market cap of Rs 3,365 crore (end 11Oct2021). It's interesting to note that the company's share price was Rs 577 (with a market cap Rs 3,480 crore; see para 1 above) when the buyback proposal announcement was first made on 17Aug2021--losing 3.3 per cent of its value since the buyback announcement.

As on date, the price-to-earnings ratio is 16, price-to-book ratio 2.7 and price-to-sales ratio is 3.6. The 52-week high is Rs 816 (17May2021) and 52-week low is Rs 463 (02Nov2020).

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Disclosure:  I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets. 

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He blogs at:

https://ramakrishnavadlamudi.blogspot.com/

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Twitter @vrk100

India CPI Inflation versus WPI Inflation - vrk100 - 15Aug2021

India CPI Inflation versus WPI Inflation 

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Compare Consumer Price Index (CPI) and Wholesale Price Index (WPI): 

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Read more: Fed Tapering is Postponed

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(please click on the chart for a better view)

 

Inflation numbers in India have been elevated for more than a year. In the last one year, CPI inflation registered a high of 7.6 per cent in October 2020, before cooling off to 5.6 per cent in July 2021. 

 

Similar to  CPI Inflation, WPI inflation too has been rising in recent months. It reached a peak of 12.9 per cent in June 2021, before falling slightly to 12.1 per cent last month.

 

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Read more:

Indian savers and negative real interest rates 05Aug2021 

Why worry about negative interest rates 14Jul2020

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As shown in the WPI inflation chart, manufacturers in India seemed to have attained some pricing power since the beginning of 2021. This pricing power is reflected in the steep rise in WPI in recent months. Sectors, like, metals and chemicals have gained pricing power which increased their profit pools hugely in recent  quarters.

As described in the comparison chart above, there are slight differences between the weights (basket of goods and services) of CPI and WPI. CPI inflation numbers are more relevant to households and corporates. Prior to April 2014, India's central bank Reserve Bank of India (RBI) used WPI inflation as a nominal anchor for setting its monetary policy.

But from April 2014, RBI started using new CPI (combined) inflation as a key measure of its monetary policy. RBI adopted this inflation rate as the nominal anchor as part of the Urjit Patel Committee Report of January 2014. 

CPI inflation closely reflects the cost of living for households. It also impacts inflationary expectations in the economy.

Even though RBI's monetary policy moved to Flexible Inflation Targeting (FIT) regime effective June 2016, RBI has failed to control inflationary expectations in India with the key measure of its monetary policy CPI inflation staying persistently above the upper bound (6 per cent) of its inflation target.

It may be mentioned that RBI signed an agreement called Monetary Policy Framework (MPF) with the Ministry of Finance, Government of India on February 20, 2015 whereby RBI was obligated to ensure that CPI inflation remained in the range of 2 to 6 per cent.

As the CPI inflation has been persistently above its outer range of 6 per cent (in 13 out of 20 months since December 2019), it is hoped that RBI will soon get a grip on the primary objective of its monetary policy, that is, anchoring inflationary expectations within the target range of 2 to 6 per cent.

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References:

Flexible Inflation Targeting - RBI report dated 25Nov2016

CPI inflation - Trading Economics

WPI inflation - TE

Disclosure:  I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets. 

CFA Charter credentials  - CFA Member Profile

CFA Badge

 

He blogs at:

https://ramakrishnavadlamudi.blogspot.com/

https://www.scribd.com/vrk100

Twitter @vrk100 

Real (Inflation-adjusted) Sensex From 1990 to 2021 - vrk100 - 14Aug2021

Real (Inflation-adjusted) Sensex From 1990 to 2021 

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(This is for information purposes only. This should not be construed as a recommendation or investment advice even though the author is a CFA Charterholder. Please consult your financial adviser before taking any investment decision. Safe to assume the author has a vested interest in stocks / investments discussed if any.)

 

(An updated blog dated 14Mar2024 is available here)

 

(please find three updated charts of real Sensex as on 31Mar2022 at the end of this article)

Today's media headlines are awash with the news of Sensex reaching a record high. BSE Sensex closed yesterday at 55,437, posting a gain of 16 per cent since the start of this year. Indian equity investors have been more than happy with the gains they have made this year and last year despite the COVID-19 pandemic hitting the real economy severely in 2020.

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Read more: Fed Tapering is Postponed

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Indian economy underwent a huge change with the Indian government undertaking several economic reforms in the 1990s. The economic reforms have benefited all sections of the society, though several imbalances remain even today. 

 

In fact, reforms are a continuum. It's pointless to precisely give a starting point for any reforms. One could also argue it was the then finance minister VP Singh who started some clean-up in the mid-1980s. Anyway, it's a different story. 

The stock indices partly reflect the progress we've made in the past three decades. So, let us see how Sensex has done after the reforms started. Between 1990 and now, Sensex moved from 800 at the end of March 1990 to 55,400 now, rising by 70 times in 31 years. The annual average (CAGR) growth in Sensex since 1990 till now works out to 14.60 per cent, which is quite impressive.

 

Inflation adjustment

But this is not the time to be jumping for joy. Because, if you adjust the Sensex returns for the rising prices, you'll have a surprise awaiting for you. Actually, this is the time for deflation--I mean deflating this infectious enthusiasm.

What the media headlines don't tell you is the fact that inflation is a perennial problem in India. India has seen three high inflation episodes in the past three decades. The first one lasted from 1990 to 1999; the second one lasted from 2008 to 2015 and the third one started in December 2019 and continues still. 

Though the magnitude of the three episodes differs, consumer prices have impacted the purchasing power of Indians very badly in the past three decades. Please check the the table below to figure out how severe inflation has been all these years:

 

As can be seen from above table, the average annual inflation between 1990 and 1999 was 10 per cent. And between 2008 and 2015, the average annual inflation was around 9 per cent. In the third episode that started in December 2019 and continuing unabated still, the average annual inflation is more 6.20 per cent.

 

Now coming to the key point of this article, we need to adjust the Sensex numbers with the inflation numbers. The average inflation (CPI is considered here) is 7.34 per cent in the past 31 years--which means one rupee is worth only 11 paise today after 31 years. To put differently, consumer prices in India have risen by 9.2 times. 

 

These are official numbers. As everyone knows, actual inflation we suffer on a daily basis is much higher, even though price rise affects different segments of the population differently.

 

Real Sensex

As described above, Indian stock market players have been happy with average yearly return of 15 per cent since 1990. But most of them have no freaking idea about how inflation has eaten away their returns. 

 

The following is a table showing the Sensex in nominal terms (nominal Sensex) and Sensex in real terms (real Sensex). Real Sensex is Sensex adjusted for inflation numbers:

 (please check below graph, with yellow backdrop, for latest real Sensex)

As you can see from above (middle column), Sensex moved from 800 in 1990 to 55,400 now--which means it has gone up by 70 times in the past 30 years and odd. Now you check the extreme right column which shows the real (inflation-adjusted) Sensex. Real Sensex moved from 800 to 6,050--going up by 7.7 times only during the same period.

 

Against the CAGR of 14.60 per cent for Sensex in nominal terms, real Sensex has delivered a return of only 6.76 per cent. No doubt, considering the real returns generated in other countries, Sensex has done well--even in real (inflation-adjusted) terms. To sum up, this is how Sensex, real Sensex and inflation are stacked up during this period:

 

As you know, inflation is a silent tax shrinking our wallets constantly. So, next time someone tells you that she has made a return of 15 or 20 per cent, please ask for the real return, not the nominal returns.

 

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Abbreviations used:

BSE - BSE Limited, formerly known as Bombay Stock Exchange

CAGR - compounded annual growth rate 

CPI - consumer price inflation

P.S.: The following information is added for information purpose after the above blog was published on 14Aug2021: 

Update with new data on 31Mar2022: Sensex is not 60,000 but just 6,300! 

Table 1: Real Sensex

Table 2: CPI inflation from 1990 to 2022 

Table 3: Sensex / Real Sensex growth in 32 years

Update with new data on 25Sep2021: Sensex is not 60,000 but just 6,600!

Disclosure:  I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets. 

CFA Charter credentials  - CFA Member Profile

CFA Badge

 

He blogs at:

https://ramakrishnavadlamudi.blogspot.com/

https://www.scribd.com/vrk100

Twitter @vrk100   

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Weblinks and Investing - vrk100 - 11Aug2021

Weblinks and Investing Follow @vrk100 This blog post was created by me originally on 11Aug2021. Since then, I’ve made several changes to his blog by adding more weblinks. On 06Dec2021, I redesigned the blog for a better positioning of the blog post.

 

There are various sources of information available for Indian retail investors for researching stocks, mutual funds and other investments. 

Personally, I have used the services of the following websites and weblinks--but not all of them. Some I find particularly useful for retail Indian investors are: Valueresearch Online, Morningstar India, Screener.in and Trendlyne.

One of the tricks in personal finance is that it would be better for us to investigate the primary sources of information rather than blindly depending on information services provided by various firms and / or websites.  

For example, I depend regularly on filings provided by listed companies to stock exchanges (BSE is more user friendly than NSE website). Moreover, important data relating to shareholder information, market capitalisation, promoter stock pledge, corporate actions (like, dividend, bonus, etc.) are available on these exchanges.

In case of mutual funds, it’s better to read the actual material -- like, scheme information documents (SID), key information memorandum (KIM), monthly fact sheets and statements of additional information (SAI) -- provided by the mutual funds / asset management companies (AMCs) themselves. 

Moreover, we should regularly read the monthly portfolios of mutual fund schemes provided by the respective AMCs. 

The following are the weblinks pertaining to information related to financial markets -- stocks, bonds, commodities, hedge funds, crypto assets, etc -- in India, the US and the rest of the world (will be updating this blog whenever I find new sources):

The details are divided into the following sections:

Daily weblinks (mostly India-related)

Daily weblinks (global markets)

Monthly weblinks (mostly India-related)

Monthly weblinks (global markets)

Occasional weblinks (India and global markets)

New-age FinTech apps India-based

FinTech apps US-based 

Daily weblinks (mostly India-related): 

Googel Finance - compare stocks / indices with other stocks / indidces - both global as well as Indian

Data for India - population, health, economy / GDP, Living Conditions and many more - Rukmini S

Valueresearch Online

Moneycontrol.com

TrendLyne

Morningstar India

Screener.in

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Read more: 

Real Sensex is just 6,600; not 60,000!

BSE Broad and Sectoral Indices Returns

Fed Tapering is Postponed

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MoneyLife

Tijori Reverse DCF

Finology DCF calculator - discounted cash flow

RupeeVest 

MoneyWorks4Me

advisorkhoj 

rupeeiq

Stockaxis

Google News

DSIJ

Economic Times

BSE India

NSE India 

Indian ADRs overnight

Screener.in screen - screen for stocks 'percentage down from 52 week highs' (login required) - top losers

CCIL India - G-Sec yields for 10-year and other tenors / maturities, call money & exchange rates

India 10-year G-Sec bond yield - TE

yield spread - India 10 year yield vs US 10 year yield - India 10 year G-Sec yield vs US 10 year Treasury yield - yield spread chart -

Fred data (as of 12Apr2022, chart updated till Jan2022 only)- India 10-year G-Sec yield  

India 10-year G-Sec bond yield  

India 10-year G-Sec bond yield - Investing.com 

CCIL India - historical G-Sec yield  - archive Rakshitra monthly publication - for example, Jan2012 PDF

Trendlyne Top gainers of the quarter BSE AllCap

Trendlyne Top losers of the quarter BSE AllCap

Nifty Indices - Nifty index movers - index contribution / change in points (drop down menu for Nifty 50, Nifty Next 50, etc.)  

NSDL FPI monitor - inflows & outflows of FPIs in India

FPI / DII activity - daily data from NSE

StockEdge FPI / DII activity - separate info for primary and secondary markets

FPI / FII / DII activity - daily data Moneycontrol 

FPI / FII inflows - India portfolio investment inflows, equities - country-wise data - GlobaleEonomy.com - data from 1975 to 2020 - other data, like, current account balance, trade balance, reserves, etc., too area available

Nifty 50 index long term chart (since 1991) - Trading View

Nifty 50 comparison / compare with other indices, like, Nasdap, Nifty IT, Nifty Pharma and Nifty Auto - Google Finance

Reserve Bank of India

Securities and Exchange Board of India

ICICI Direct - research reports 

 

India news Trading Economics TE 

Livemint Mark to Market

Livemint Economy 

Livemint Companies

Livemint Company Results 

Livemint Markets

Livemint Mutual Funds - Mint 50 top funds

Livemint Money

Livemint Industry

Livemint Columns  

Tickertape

EquityMaster

Tijori Finance

Investello

MarketsMojo

StockEdge

PIB Press Releases

MarginValue - stock valuation / reverse DCF / historical PE, PB, PS, etc.

Ticker by Finology - Indian stocks research / peer comparison

Ticker by Finology - all 14 companies of RPG  Enterprises Group (find them below 'peer comparison') - other Group of Companies can also be seen

Ticker by Finology - list of sector - list of all sectors - useful for Peer comparison and profit pool -

Ticker by Finology - Peer comparison of all 'consumer food' companies (total 96) - sector-wise and industry-wise

Buyback offers and weblinks - vrk100 blog 15May2023

KFinTech buyback allotment and entitlement ratio status - also Letter of Offer (LOF), tender form, etc. - buyback status

LinkInTime buyback allotment and entitlement ratio status - also Letter of Offer (LOF), tender form, etc. - buyback status

Bigshare Services buyback allotment and entitlment ratio status - also Letter of Offer (LOF), tender form, etc. - buyback status

BSE weblink - historical public issues - drop down menu - (like, buyback tender offer, buyback open market, delisting, takeover, take over, IPO, offer for sale or OFS (secondary issue),  rights issue, InvITs, REITs, etc.)

-- example for accessing information from the above weblink: click on this weblink > leave the 'security name' box blank > select 'issue start date' (say 01Jan23) > select 'issue end date' (say 18May23) > leave the 'select' box (for type of issue) blank > click 'submit' button in blue colour > now, issues of various types -- like, buyback tender offer, buyback open market, takeover, REITs, rights issues, debt issue, delisting, call money notice, offer for sale or OFS, book building IPO, fixed price IPO, etc. -- between 01Jan23 and 18May23 are displayed in chronological order > from this list, select any company > for example, click 'Natco Pharma' (buyback open market closed 12May23) > now, you can find details, like, BSE demand schedule, date wise cumulative shares bought back, buyback opening date and closing date, etc., for this buyback offer which was already closed > the same exercise described here can be performed for other companies or for other dates or for other types of issues (BSE historical public issues)

SEBI buyback issues -  drop down menu - tender offers & open market purchase via stock exchanges

BSE Live public issues (forthcoming issues also) - drop down menu - buyback, rights issue, IPO, fixed price, book building, InvITs, REITs, offer for sale or OFS (secondary issue), rights, takeover, delisting, etc. 

Some X / Twitter handles for exclusive IPO information - one, two, three, four, five, and six

IPO Central - upcoming buybacks (both tender offer and open market route) - buyback

IPO and More - Info on IPOs, Buybacks, special situations, corporate actions, etc. 

KFinTech buyback offers details - tender form download, Letter of Offer, share transfer deed and other details (dropdown menu) 

IPO and More - list of buybacks  

Screener.in - (after login) search results for 'buyback,' or 'consider buyback' in the search bar of Screener (top right corner) -- other search words are: rights issue / scheme of arrangement / spin off / amalgamation / bonus issue / share split / stock split / voluntary delisting -- one can also use 'fund raising' phrase to know about fund raising via QIPs and rights issue

BSE corporate announcements -  corporate action like buyback / buy back, bonus shares, rights issues, amalgamation, merger, demerger, stock split, spin off, etc. ; financial results, quarterly results, shareholding pattern or SHP updates, SAST, insider trading, etc. 

BSE results calendar - forthcoming quarter results (dates announced, but results are forthcoming)

BSE Security-wise corporate actions (dropdown menu) - stock wise corporate actions, like, amalgamation, buybacks (only 'tender offer' route), dividend, rights issue, scheme of arrangement, share split, bonus, etc. -  

BSE Security-wise corporate actions (dropdown menu) - stock wise corporate actions, like, buybacks (only 'tender offer' route), dividend, share split, bonus, etc. - 

Bonus Issue History (search for stock > click corporate actions > bonus issue) - Capital Market - historical data of bonus issues (Screener.in website does not give full information about bonus shares -- it misses some old data before 2006 or 2007 -- but, Capital Market gives old data of 1990s also) - bonus history - 

Bonus Issue History (search for stock > click corporate actions > bonus issue) - Capital Market - historical data of bonus issues (Screener.in website does not give full information about bonus shares -- it misses some old data before 2006 or 2007 -- but, Stock Price Archive gives old data of 1990s also) - bonus history - 

SEBI takeovers - takeover - take over - take overs - corporate actions -

BSE IPO performance tracker (drop down menu for year-wise data) - historical data since 2017

BSE IPO - (scroll down) IPOs / Live pubic issues / forthcoming issues, listing statistics

NSE IPO (old website) - past IPO issues (drop down menu)

NSE IPO (new website) - past IPO issues 

Special Situations - demergers, spin offs, corporate actions, etc. 

BSE QIP issues 1 -  qualified institutional placement (placement documents, details of investors / allottees, shareholding, etc.)

BSE QIP issues 2 (with different details from above)  

NSE QIP issues -  qualified institutional placement

KFINTECH Rights issues - latest rights issues - for example, FAQs on a company's rights issue (Jan2023) about rights entitlements (REs) - Tweet 10May2020 on SEBI's new rules on rights issues

BSE draft letter of offers (DLOF) for public comments - Rights issues 

SEBI draft letter of offers (DLOF) - Rights Issues 

SEBI Final letter of offers (LOF) - Rights Issues

SEBI corporate filings -  like, shareholding pattern, financial results, voting results, related party transactions (RPT), unit holding pattern (for INVITs, REITs, etc.), insider trading and others

BSE shareholding pattern - latest changes 

Regulation30 - BSE Screener - daily BSE announcements 

Fixed deposit maturity calculator / compound interest calculator (this matches with those given by State Bank of India) 

SEBI calculators - interest rate, mutual fund, time value of money, retirement, goal planning, SIP calculator, net worth, cost of delay, present value, annuity, etc.

SEBI power of compounding calculator  

Daily weblinks (Global markets): 

RealVision Finance - videos on markets

Trading Economics 

CNBC

YCharts

Google Finance

Yahoo Finance (From 26Aug2021, Yahoo stopped publishing news items in India as Indian government changed FDI regulations

Tradingview

Investing

Bloomberg 

US 10-year/2-year yield spread - Fred graph

US bond yields - US gov't bond yields - US Treasury yields - yield spread -  yield curve analysis - inverted yield  curve - yield spreads for different times -

CoinMarketCap - all crytptocurrencies - crypto assets - Bitcoin - Ethereum - market cap of all -  

Baltic Dry Index or BDI - TE

Frieghtos Baltic Index (FBX) - global container freight index

Monthly weblinks (mostly India-related): 

All RBI press releases for penalties on banks and cooperative banks (from 2001 to till now, that is, Nov2023) - RBI website for 'common person'

Tax saving alternatives (Section 80C deductions) Value Research - NPS, PPF, NSC, SCSS, post office deposits, small savings schemes, Sukanya Samriddhi Account or SSY, POTD, ELSS, etc. -- Government Gazette

04Feb2023 New tax regimes vs old tax regime - Value Research - salary tax calculator - income tax calculation for resident Indian individuals -

NIPFP opinion columns - by Ajay Shah, Vijay Kelkar, Rathin Roy, Ila Patnaik, Radhika Pandey, Renuka Sane and others

RBI database - data on Indian economy & financial markets

Insurance and Bankruptcy Board of India

AMFI India - mutual fund industry in India

WhiteOak Capital MF - downloads >  Product documents > Presentation -- 31Jul2023 PDF for Large cap scheme

AdvisorKhoj - historical NAV of Indian mutual funds - both direct and regular plans

PrimeInvestor - compare expense ratios of direct and regular plans side by side 

TheFundoo - compare mutual funds - mutual fund overlap - common stocks in two mutual funds 

AMFI India - Scheme-wise Annual Reports of AMCs / Mutual Funds 

Advisorkhoj - monthly factsheets of all mutual funds in India (59 AMCs as of Jan2022)

SEBI SAI - statement of additional information of mutual funds 

AMFI SAI - statement of additional information of mutual funds 

AMFI SID - scheme information documents of mutual funds

AMFI other data - like, benchmark indices, tracking error, industry data, scheme details, etc. 

AMFI other data - AMC-wise tracking error data as on a particular date  

SEBI filings -  Draft prospectuses filed by mutual funds for new fund offers (NFOs) 

DSP Mutual Fund (DSP Investment Managers) - latest literature  - trends on macro, investments, economy, etc.

Financial Benchmarks India Pvt Ltd - FBIL - money market rates

NSE NCFM - model test for NCFM modules

NSE ISMR - (choose ISMR on the weblink) Indian Securities Market Review monthly - available from 1999 to 2019  

FIMMDA - money market and derivatives

FEDAI - foreign exchange dealers

AUM NPS Trust - assets under management and subscribers of National Pension System

CRAs for NPS -  Central Record keeping Agencies for National Pension System (NPS) authorised by PFRDA are: CAMS, KFin Technologies and Protean eGov Technologies (formerly, NSDL eGovernance Infrastructure) - NPS - CRA -

MoneyWorks4Me - Stock screener based on index-wise, like BSE 500 or Nifty 50

ICICI Direct - Covid Recovery Pulse (this is one of several topics)

ICICI Direct - monthly corporate actions (one of several topics), like, average dividend payout ratio of CNX 500 index, stock splits, bonus, preferential allotment, etc.

BSE equity market capitalisation - historical data also - group-wise market cap

BSE equity market capitalisation - date-wise market cap 

Trendlyne New 52 week high - BSE AllCap index (drop down menu - change the index and periodicity)

Trendlyne New 52 week low - BSE AllCap index (drop down menu - change the index and periodicity)

ratestar - super investor holdings  

Ticker by Finology - super investors

Trendlyne - super investors / superstars (all individual) 

Trendlyne - super investors / superstars (all institutional)

Trendlyne - super investors

Investing Blogs in India - shout-out by Nooresh Merani

SEBI half-yearly categorization data - large-, mid- & small-cap stocks cut-off - AMFI India

ValuePickr - chat, gossip and info

KFin Technologies - to check IPO allotment status 

Link Intime India - one more weblink - to check IPO allotment status  

Prime database - IPOs, FPOs and others

CHITTORGARH - year-wise IPO information

CCI press release - Competition Commission of India

CCI antitrust orders - Competition Commission of India

Multipie Social - FY 2020-21 annual reports - Google Sheets weblink (others include industry-wise ARs, top gainers, consistent growth 10 years & stocks near ATH)

old annual reports - BSE annual reports of 1990s are also available here 

ICICI Direct - all-time high stock prices

Value Research Mutual Fund category Trailing / Annual returns 

Value Research Stocks Trailing / Annual returns  

Finshots - short news items 

Finception - stock investing

Solidarity Investment Managers - quarterly newsletters on investing

India ETFs - index funds and ETFs

India ETFs - total return index of NSE indices

NSE ETF market watch - BSE ETF market watch 

 NSE Dashboard monthly - PDF for Jan2022

India ETFs - Nifty 50 historical total returns (month-wise from 2000 till 2021) 

MF Central - all mutual funds at one place - SEBI initiative - MF transactions

Protean eGov Technologies Ltd - formerly NSDL e-Gov - Twitter handle

IEPF Authority -  this works under MCA, Govt of India and administers IEPF (Investor Education and Protection Fund) making refunds of shares, unclaimed dividends, matured deposits / debentures, etc., to investors - Twitter handle

Sensex rolling returns for one-year till 20-year (1980 to Mar2021)- India ETFs

Sensex historical returns -  from 1990 to 2024

Finsight Beta - real time filing alerts, document search, news feed, media articles and others

Top Stock Research - Beta, standard deviation and mean price of companies for several time periods (select 'volatility' on the horizontal bar of the web page)

Entrackr Unicorns - Fintrackr - India's 100 Unicorns  - article 10May2022

Tijori Finance - India macro indicators

India per capita GNI (current US dollars) World Bank - in graph

India per capita GNI World Bank - data download 

India per capita GNI Macrotrends - graph 

Nifty PE Analytics - Nifty 50 historical PE ratio 

Nifty 50 PE ratio chart - PMS AIF World

Nifty 50 PE ratio chart (includes graph for PE ratio and Nifty 50 index level) / Nifty 50 PB ratio / Nifty 50 dividend yield

Nifty 50 PE ratio (includes graph for PE ratio and Nifty 50 index level) - Nifty 50 price to earnings ratio (trailing)

Trendlyne Nifty 500 index - high dividend yield stocks -- data for 1 year, 3 year and 5 years is available -- data whether it's special dividend is also available

NSE Total Returns Index Values - historical data - (drop down menu for Nifty 50, Nifty Next 50, etc.) -- this weblink is not working as of 10May2023

NSE historical data (drop down menu - at three places) - Nifty Indices historical data reports - Nifty 50 historical data (drop down menu for all NSE indices, like, Nifty Next 50, Nifty Bank, Nifty IT, etc.)

NSE historical reports - Nifty 50 and Bank Nifty - P/E, P/B, dividend yield (drop down menu) - Total Return Index values (drop down menu) - NSE historical data of bulk deals, block deals, advances declines, ETF data of price and volume, India VIX, etc

Nifty 50 monthly returns (Jan1994 to Dec2022) - Capital Mind - old tweet - latest tweet 31Jan2023

Nifty Indices (drop down menu for different types of indices) - NSE broad based indices / monthly factsheets / NSE Indexogram

Nifty Indices - return profile of broad, sectoral and thematic indices (1-month to 10-year total and price returns) -- one could select a particular date and know the historical returns also, by changing the date field

NSE Market Pulse - monthly reports - Oct2021 PDF - archives (drop down menu) are also available  

NSE Indices - methodology document (162 page-PDF) for Nifty equity indices as on Dec2021 

NSE Indices - Nifty Indices - all research papers 

Bank holidays - Good Returns - Telangana and other states - 2021 and 2022

BSE Index Dashboard - monthly returns reports (including old reports)

ASIA Index Pvt Ltd - all BSE Indices -  for fact sheets, total returns, top stocks, sectors and other data 

S&P Dow Jones Indices - all BSE Indices -  for fact sheets, total returns, top stocks, sectors and other data  

BSE Allcap sector wise market cap (daily update) 

BSE Sensex sector wise market cap (daily update) 

NSE Sovereign Gold Bond prices - SGBs - SGB 

Sovereign Gold Bonds (SGBs) - All RBI's notifications, press releases & FAQs - Tweet 24Apr2020

IBJA gold, silver rates - Indian Bullion and Jewellers Association 

IBJA Daily Market Update in PDF form 

IBJA Rates PDF Opening & Closing Rates for Gold and Silver (last three months data)

GoldPrice - historical rupee gold prices 

bankbazaar historical rupee gold prices - latest rates 

RBI DBIE - HBIE Table 39 - gold and silver rates - yearly average in USD (London & New York) and INR (Mumbai) and spreads

RBI DBIE - HBIE Table 162 - gold and silver rates - monthly average

CDSL Annual Report 2020-21 - CDSL call transcript 14Feb2022 - for market info, like, number of demat accounts, etc. 

CDSL newsletter / CDSL infoline - monthly - for market info - demat accounts, DPs, etc. - May2022 newsletter -

 NSDL updates - for market info, like, number of demat accounts, AUC, custody value, etc.

NSDL ISIN search  (equities, etc.)

CDSL ISIN search (corporate bonds)

ISIN mutual fund search NSDL (html --  list of MFs -- but some are missing from the list)

ISIN mutual fund search (Google and NSDL - excel file)

ISIN mutual fund search (NSE website - below 'Trade Information')

ISIN mutual fund search (BSE website -- beside the name header)

RBI Notes from HBIE (pages 401 to 404) - HBIE explanatory notes on tables - mutual fund name changes - MF mergers and takeovers (details of various fund house changes given here)

VR mutual fund AMCs and size of AUM - size of assets - fund size - fund asset size - 43 AMCs as of 07Feb2024

Axis Direct - AUM movement for past five years - historical AUM - historical assets - asset size

Morningstar India - AUM movement for the past quarter - average AUM - all AMCs in single page - asset size growth - historical also (drop down menu)

Morningstar India - AUM movement for the past quarter - average AUM - AMC wise - historical also (dropdown menu) - scheme wise growth data

NFRA auditors - National Financial Reporting Authority (NFRA) press release PDF dt 18Feb2022 on list of companies and their auditors as on 31Mar2021 -- this list of MS Excel file can be downloaded from NFRA domain - 

Moneycontrol Name change of companies  - old name - new name

CDSL Name change of companies - (scroll down page, with search function) old company name and new company name - changes in names of companies - old name and new name -

IiAS in News - Institutional Investor Advisory Services - Anil Singhvi - Amit Tandon - news items on corporate governance, Indian companies, etc.

IiAS - Governance and ESG news

IiAS Specials

IiAS Institutional Eye 

RBI Monetary Policy page - monetary policy statements, monetary policy committee or MPC, MPC statements, annual policy, MPC minutes, MPC meeting schedules, monetary policy report and others

RBI Fintech page - Fintech definition - "FinTech is broadly used to describe emerging technological innovations in the financial services sector, with ever increasing reliance on information technology. The Financial Stability Board (FSB) defines FinTech as 'technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services'."

Independent directors' databank - databank login - database for independent directors maintained by Indian Institute of Corporate Affairs (IICA), a body under the aegis of Ministry of Corporate Affairs, Govt of India 

-- all new independent directors are to be registered with IICA databank for independent directors before they officially become directors of companies in India -- once their DIN (director identification number) is activated and registered in IICA databank, independent directors will take charge 

remove paywall 

better sentences - writing -  hemingwayapp - tweet

RBI History: Chronology of Events: From 1926 to 2003

Crisis and Reforms 1991 to 2000: LERMS - unified exchange rate - 

Monthly weblinks (Global markets): 

Global indicators landing page - Trading Economics 

S&P Dow Jones Indices - S&P Global - BSE Indices - all BSE indices (click on India on the landing page) - for fact sheets, total returns, index-linked products and methodology details - for example, Sensex, BSE 500, BSE AllCap

S&P Dow Jones Indices - S&P Global - for fact sheets, total returns, linked products and methodologies

Global equity screener - TIKR Terminal 

Tradingview stock screener - Top US firms by market cap 

Companies Market Cap - Top US firms by market cap; also top global firms by market cap; top firms as per sectors / industries (very comprehensive website) 

Companies Market Cap - you can also companies by revenue, net profit, employees, P/E ratio, dividend and various other categories (even by countries and stock indices)

Companies Market Cap - Top assets by market cap (such as, gold, Bitcoin, silver, etc.)

Companies Market Cap - largest Indian firms by market cap 

 

ETF Screener - global database -  SPDR, Vanguard, iShares, etc.

GoldPrice.Org - gold-silver ratio 

CoinMarketCap - all crytptocurrencies - crypto assets - Bitcoin - Ethereum - market cap of all -  

RWM WisdomTree Crypto Index - Index page - Ritholtz Wealth Management - fact sheet 03Apr2023 - crypto assets - crypto currencies - Bitcoin - DeFi - Metaverse - smart contract platform - NFT - Polygon - Ether -  

MSCI Emerging Markets Index - monthly update PDF 

iShares MSCI Emerging Markets ETF (EEM) - monthly factsheet 

JP Morgan Guide to the Markets - monthly factsheet 

ICE USDX Futures - US dollar index - weights: Eur 57.6%, JPY 13.6%, GBP 11.9%, CAD 9.1%, SEK 4.2% & CHF 3.6%

MarketWatch DXY - US dollar index 

StLouis Fed - trade-weighted US dollar index  

Cboe VIX - Cboe volatility index (daily data available)

US Treasury Yield data - drop down menu for Treasury bill rates, long-term bond yields, real yields, etc.

Fred data - US unemployment rate 

Fred data - US unemployment level

Fred data - US labor force participation rate 

Fred data - US monthly data - population, labor force, etc.

Fred data - US personal saving rate

Fred data - US 10-year treasury yield 

Fred data - US 30-year treasury yield 

Fred data - US CPI inflation rate (edit it with option 'percent change from year ago') 

Fred data - US CPI and Core CPI inflation rates (edit it with option 'percent change from year ago') 

US CPI inflation rate historical 1914 till now

Fred data - US PCE inflation rate and Core PCE inflation (cross check with BEA data below)

BEA data - US PCE inflation rate (cross check with Fred data above)

Fred data - US 30- and 15-year fixed mortgage rate 

Fred data - WTI / Nymex and Brent crude oil prices

Fred data - US Federal debt as a %age of GDP

Fred data - US Total Assets - Fed balance sheet size

Fred data - high yield spread (the key indicator to understand US economy--the higher the spread, the greater the borrowing costs for US businesses and households) -  ICE BofA US High Yield Index Option-Adjusted Spread -

NY Fed data - US economy in a snapshot - PDF for Apr2022

Fred data - US real GDP (in dollars) - quarterly data - US GDP - 

Fred data - US real GDP growth y-o-y (year on year) - US GDP -  

Occasional weblinks (India and Global markets): 

BSE results calendar - forthcoming quarter results (dates announced, but results are forthcoming)

 

Screener upcoming results

 

Livemint Company Results 

 

Company analysis - Dr Vijay Malik - analysis of various listed companies and sectors is available here  

 

Screener latest quarterly results

 

VR Quarterly results Twitter VRO stocks

 

TeN Shares quarterly results Twitter 

 

CNBC TV18 Live quarterly results Twitter

 

CNBC TV18 Live quarterly results Twitter (sometimes they use different hashtags, like "#4QWithCNBCTV18" for each individual quarter)

 

 

RBI weekly statistical supplement (WSS) extract - weekly PDF and excel files available from 1998 till 2022 on a single page for 'Rates and Ratios; - for example for week ended 17Jun2022 - here, CRR, SLR, repo rate, CD ratio, base rate, MCLR, call money rate, treasury bill rates, SB interest rate, USD - INR rate, forward rates, etc., are available

RBI NSDP - National Summary Data Page - comprehensive data of various fields

RBI List of Authorised Entities - Payment System Operators, like, Financial market infrastructure (CCIL), retail payments organisation (NPCI), cards payment networks (Visa, Amex, Diners Club, etc.), cross border money transfer (Western Union, etc.), ATM Networks (BANCS, NFS, etc.), PPIs or prepaid payment instruments (Amazon Pay, Mobikwik, etc.), white lable ATMs, TReDS, BBPS, and cancelled authorisations -- payment and settlement systems

Moody's Analytics - India economic indicators

NSE Limited - list of companies delisted 

NSE Limited - list of companies proposed to be delisted 

BSE Limited - list of companies delisted

Small Savings interest rates and other notifications - DEA, Budget Division, Ministry of Finance, Govt of India - Post Office schemes - PPF, NSC, SCSS, KVP, etc. 

CDSL India - investor charter - depository services, demat, remat, CAS, grievance redressal, etc.

CDSL Ventures Ltd - CVL - CVLKRA (KRA or KYC registration agency) - SEBI SCORES (grievance redressal), insurance repository, commodities repository, academic repository, E-KYC, etc.

Value Research - BSE 500 index market cap

Nifty Passive insights -  quarterly report on index funds and ETFs - Sep2023 PDF - Jun2023 PDF - for archives, check drop down menu here for Passive insights and other reports -

NSE website dedicated to passive funds (launched on 30Jul2024)

NSE India Ownership Tracker - PDF for Sep2024 (Jul-Sep2024 quarter) - Who Owns India Inc - ownership pattern - shareholding pattern of NSE listed companies - NSE market reports - market insights - macro reports - factbook - ISMR -

SPIVA Library (S&P Global) - region-wise (India included) / mutual fund underperformance - SPIVA reports 

India SPIVA report - as on 30Jun2022 PDF (released on 12Oct2022) -- India SPIVA as on 31Dec2021 PDF (released on 13Apr2022) -- mutual fund underperformance

SPIVA report BSE (available only till mid-year 2021) - year-end 2021 PDF report

SPIVA report US (S&P 500) - S&P Global Indices - mid-year 2021 PDF -- mutual fund underperformance

G20 per capita GDP - TE

G20 per capita GDP PPP - TE

G20 Inflation rate - TE

G20 GDP growth rate - TE

G20 interest rate - TE

G20 forex reserves - TE

G20 gold reserves - TE

G20 Current a/c to GDP ratio - TE

All country - credit rating - TE

G20 capital flows - TE

G20 FDI - TE

GDP per capita - World Bank data -  per capita income (other data country-wise too are available)

GDP country-wise - World Bank data

SEBI registered intermediaries - like, credit rating agencies, AIFs, brokers, DRs, FPIs, investment advisers, MFs, REITs, etc. - market infrastructure institutions - 

SEBI registered intermediaries - by typing the SEBI Registration Number or actual name of a particular intermediary (like, a broker or investment adviser) in the column, you can check whether it's actually registered with SEBI

SEBI registered research analysts

SEBI registered portfolio managers

Novel Investor - Annual asset class returns (return matrix)

Novel Investor - historical returns on stocks, bonds & currencies

Slickcharts S&P 500 market cap

Slickcharts S&P 500 Top 10 my market cap - all components also 

Slickcharts S&P 500 YTD returns of stocks

Slickcharts S&P 500 total returns

Novel Investor - S&P 500 index sector performance

Factset S&P 500 index forward P/E ratio  - forward PE ratio

BSE Bhavcopy 31Jan2018 - useful for calculation of LTCG on shares (with grandfathering for stocks / equity mutual funds bought before 01Feb2018)

GICS classification -  The Global Industry Standard Classification - industries and sectors - GICS is developed by MSCI Inc and S&P Dow Jones Indices

- Tweet 31Aug2018 on GICS 

- GICS consists of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries (as of 30Nov2022) 

- GICS will be revised effective 17Mar2023 

APMI - Association of Portfolio Managers in India -  APMI is a SEBI-registered trade body for portfolio managers - PMS schemes

SEBI portfolio manager monthly report  - details of PMS are available here

SIPC list of brokers or dealers - SIPC is a non-profit corporation (in the US) that protects customers if their brokerage fails - protection provided up to USD 500,000

New-age FinTech apps India-based:

Zerodha - discount brokerage 

Coin by Zerodha - direct mutual funds platform - Direct MF plans

Groww (Nextbillion Technology Pvt Ltd) - mutual funds - direct MF plans

Kuvera (AREVUK Advisory Services Pvt Ltd)- mutual funds - direct MF plans

BSE StAR MF - direct MF plans

ORO Wealth - direct MF plans

MF Utilities  - mutual funds - direct MF plans

 

Upstox - discount brokerage

5paisa - stock trading

smallcase Technologies - smallcases 

WazirX - Bitcoin / buy or sell forex

INDmoneyApp - money app

Angel One - stock brokerage

GooglePay - UPI app

Paytm - finance / payment app

Paytm Money - investment platform

PhonePe - finance, UPI, payments and others

CRED - members-only credit card

BeSensibull - options trading

Streak - stock trading 

03Nov2021 Nithin Kamath's Investing Apps -- Kite, Pulse, smallcase, Sensibull, Streak, Varsity, Trading Q&A, Coin and Finshots

06May2022 - Ankur Warikoo investing apps  - Zerodha for Indian Stocks, @smallcaseHQ for buying portfolio of stocks, @INDmoneyApp for buying US stocks, @CoinByZerodha for buying mutual funds, @WintWealth for corporate bonds, @WazirXIndia for crypto - 

 

26Jul2023 ET - Wint Wealth @WintWealth bags online bond platform provider (OBPP) license from SEBI - Fourdegreewater Capital Pvt Ltd - Anshul Gupta

BondsIndia is a SEBI registered OBPP (Launchpad Fintech Pvt Ltd)

IndiaBonds is a SEBI registered OBPP (India Bond Pvt Ltd)

Grip Broking Pvt Ltd is a SEBI registered OBPP

GoldenPi Securities Pvt Ltd is a SEBI registered OBPP (GoldenPi Technologies Pvt Ltd is the holding company of GoldenPi Securities Pvt Ltd) 

Other OBPP platforms, as per this article, are: InCred Money, BondsKart, The Fixed Income (The LendingKart), Aspero and AltiFi (not sure whether these are SEBI registered intermediaries)

 

13Dec2022 WealthDesk - WealthBaskets - wealth baskets - (Saurabh Mukherjea's Marcellus Investment Managers offers MeritorQ product, with Rs 10 lakh minimum investment, via WealthDesk platform)

ChangeJar Technologies Pvt Ltd - digital gold - mobile app - founders Nischay Babu AG and Misbah Ashraf

Spare8 app -  micro investment app - digital savings - digital investments - digital gold - buy gold in small increments

 

FinTech apps US-based:

Wealthfront - one of the biggest robo advisory firms in the US - Burton Malkiel is the CIO of this firm - Charley Ellis is Wealthfront's investment advisory board member -

Betterment - one of the biggest robo advisory firms in the US

Six Trees Capital LLC (Max or Max My Interest) - cash management services for individuals and businesses -

(check SIPC list of brokers before dealing with FinTech firms)

 

This turns to be an exhaustive list, but I will be adding more websites / web links to this list whenever I find new sources of information. 

 

- - -

Disclosure:  I've vested interested in Indian stocks and other investments. It's safe to assume I've interest in the financial products discussed, if any.

Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets. 

CFA Charter credentials  - CFA Member Profile

CFA Badge

 

He blogs at:

https://ramakrishnavadlamudi.blogspot.com/

https://www.scribd.com/vrk100

Twitter @vrk100