Best Value For Your Money from RamaKrishna Vadlamudi: SPIVA report

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Wednesday, 22 February 2023

Why Do Indian Equity Mutual Funds Always Disappoint Investors? - vrk100 - 22Feb2023

Why Do Indian Equity Mutual Funds Always Disappoint Investors?

(Updates 10Apr2024, 11Oct2023 and 12Apr2023 are available at the end of the article)

Actively managed equity mutual funds in India are one of the worst performing against their respective benchmarks; as compared to the performance of other major countries across the globe.

You take any asset class, be it stocks or bonds or gold, mutual funds not only in India but the world over, underperform their benchmark indices by a wide margin.

I've highlighted the underperformance of Indian equity funds in the past. You can check my previous blogs mentioned below.

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Related Blogs:

Indian Mutual Funds and the Art of Ripping off Investors

Who is Eating My Gold ETF Return?

Mutual Fund Asset Class Returns 31Dec2022

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What Experts Say

Several research studies done over 55 years have found mutual funds underperforming well diversified benchmark indices. The first comprehensive study of mutual funds' performance was done by Michael C. Jensen covering 115 mutual funds over 10 years from 1955 to 1964.

As per Jensen's study, only 26 of the 115 funds (23 percent of total) outperformed the market. On average, the underperformance of mutual funds for ten years was 15 percent. Absent loading charges (commissions paid by investors to mutual fund brokers), the loss of wealth was 8.9 percent with 43 of the 115 funds (37 percent) outperforming the market.

Veteran market researchers and money managers, like Charles D. Ellis, Burton Malkiel and late David Swensen too have outlined why active money managers routinely fail to beat well diversified benchmark indices.

Institutional and professional money managers tend to follow the crowd and hold the stocks that are part of the major indices, like, Dow Jones, S&P 500, Nasdaq or FTSE 100. Their portfolios look like any passive portfolio tracking a benchmark index (known as index hugging).

Most of the time, they tend to chase stocks that are hot favourites currently. They often have high portfolio turnover, churning the portfolio of stocks too often. (see post script)

After fund fees, these money managers are unable to beat the market.

SPIVA Reports

S&P Dow Jones Indices for over 20 years has done pioneering work on documenting the performance of actively managed mutual funds versus the benchmark indices. Their research covers most markets globally. These reports are known as SPIVA (S&P Indices Versus Active Funds).

The following three tables highlight the performance of equity mutual funds in India as pointed out by SPIVA reports. As per the reports, more than 80 percent of equity funds fail to beat the returns of their benchmark indices over most of the time periods.

I've analysed how Indian equity funds performed over a period of five years from 2018 to 2022 -- covering large-cap, ELSS (equity linked savings schemes) and mid-/small-cap funds -- for one-, three-, five- and 10-year periods.

Data in these tables are based on absolute returns (not on risk-adjusted returns). Latest data available from SPIVA are as of 30Jun2022 (report for 31Dec2022 may come out in Apr2023).

Table 1: Indian equity large-cap funds' underperformance:

As shown above, as of 30Jun2022, 91 percent of large-cap funds underperformed, on a one-year basis, the benchmark index, namely BSE 100. On a 10-year basis, the performance of active funds looks slightly better with 67 percent of large-cap funds underperforming as on 30Jun2022.

The underperformance of active funds is similar for other time periods, between 2018 and 2021. Only in COVID-19 outbreak year (30Jun2020), 52 percent active funds outperformed the BSE 100 on one-year returns basis.

Table 2: Indian equity ELSS funds' underperformance:

As compared to large-cap funds, ELSS funds seemed to have done better than BSE 200 index for periods between 2018 and 2021 when compared on a 10-year returns basis. But the overall underperformance of ELSS is similar to that of large-cap funds for 1-year, 3-year and 5-years returns in all time periods between Jun2018 and Jun2022.

Table 3: Indian equity Mid-/Small-cap funds' performance:

The performance of mid- and small-cap funds looks interesting. On a one-year returns basis, as on 30Jun2022, 30Jun2020 and 30Jun2019, majority of these funds, as shown in Table 3 above, have done better than their benchmark index, that is, BSE 400 MidSmallCap index.

For example, as on 30Jun2019, 81 percent of mid-/small-cap funds outperformed their benchmark index on a one-year basis; and 73 percent of funds outperformed the index on a 5-year basis.

On a 10-year basis, majority of these funds performed better than their benchmark index between Jun2019 and Jun2022.

Investment Implications

So, making money by mutual funds or asset management companies (AMCs) based on good performance is tough; so, they resort to asset-gathering abandoning asset management altogether -- asset gathering seems to be the only way left for them in order to make money for themselves, if not for unitholders of mutual funds.

You may have observed that AMCs in recent years have been floating a plethora of passive funds (index funds and ETFs or exchange traded funds), most of which are unsuitable for a common investor. (see post script)

Fund managers are afraid of holding off-beat stocks that are neglected by markets. They are most of the time chasing relative performance -- comparing themselves with other fund managers' performance.

If you observe the portfolios of equity mutual funds in India, you may have noticed some funds hold more than 70 to 80 stocks in their portfolios. In addition, these schemes tend to hold a large number of stocks with less than two percent of their total assets of the scheme in a single stock. (see post script)

To be fair to them, I would add that Indian stock markets lack depth and liquidity as compared to the US or European markets. As such, to avoid liquidity risk, some large funds tend to hold a large number of stocks. Naturally, these schemes suffer from over-diversification resulting in lower returns for investors / unitholders.

Indian mutual funds in recent years have been facing competition from alternative investment funds (AIFs) and portfolio management services (PMS).

And, Indians seem to be investing their surplus more in foreign funds, stocks and other asset classes (within the USD 250,000 limit permitted in India under the LRS or Liberalised Remittance Scheme).

All the above are negative for shareholders of listed AMCs in India, because competition within and outside India has been working against the mutual fund industry (now, there are five listed AMCs in India). And the same can be said overall for the unitholders of active mutual funds managed by these AMCs.

Put differently: the chances of actively managed funds beating the market are low to moderate and the chances of getting decent returns from stocks of listed AMCs is tough going forward.

But passive flows, via monthly systematic investment plans (SIPs), Employees Provident Fund Organisation (EPFO) and insurance companies, come automatically -- which will continue to be a positive for the mutual funds.

Summing Up

That equity mutual funds in India fail to beat market returns is a given. That doesn't mean no mutual fund scheme can beat the market. There are always some exceptional money managers -- but it's hard for unitholders to identify them in advance.

Moreover, it's difficult to find fund managers who can beat the market consistently over longer periods, say, 10 to 20 or even 30 years. Here, I'm not even talking about manager churn -- meaning money managers often jump from one mutual fund company to another. So, tracking such managers and funds is arduous.

Most investors will be better off holding passive funds (that is, index and / or exchange traded funds or ETFs) rather than active mutual funds. If you're able to identify well-performing active mid- and small-cap funds, you may pick up these funds based on your risk appetite and investment goals; though small- and mid-cap funds entail greater risks.

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Update 10Apr2024:

S&P Dow Jones Indices (part of S&P Global) on 28Mar2024 released a new India SPIVA Report on Indian mutual funds, with data as at the end of 31Dec2023. The new data (all data presented here are based on absolute return basis, not on risk-adjusted return basis) are presented in the following updated tables >

India's large-cap and mid/small cap funds continue their underperformance as on 31Dec2023 also.

Compared to 30Jun2023 data, on a 1-year basis, large cap funds' performance improved with only 52% (83% underperformance as on 30Jun2023) of active funds underperforming the benchmark BSE 100 index.

However, on a 3-, 5- and 10-year basis, active funds' gross underperformance continues with 88%, 86% and 62% active funds underperforming respectively versus the benchmark.

A pleasant surprise is only 30% of ELSS funds underperformed the benchmark index on a 1-year basis, though more than 50% of active ELSS funds underperformed on a 3-, 5- and 10-year basis (put differently, 70% of ELSS funds outperformed their benchmark on a 1-year basis, which is quite impressive).

Please check the data for large-cap, ELSS and Mid/Small-cap funds in the updated charts below >

Update 11Oct2023:

S&P Dow Jones Indices (part of S&P Global) on 10Oct2023 released a new India SPIVA Report on Indian mutual funds, with data as at the end of 30Jun2023. The new data (all data presented here are based on absolute return basis, not on risk-adjusted return basis) are presented in the following updated tables >

India's large-cap and mid/small cap funds continue their underperformance as on 30Jun2023 also.

On a 1-year basis, 83 percent of large-cap funds underperformed the benchmark index, i.e., BSE 100; though on a 10-year basis, only 61 percent of funds underperformed the benchmark.

When it comes to mid/small cap funds, 78 percent of funds underperformed the benchmark index, i.e., BSE 400 MidSmallCap index; but on a 5-year basis, their performance looks better with only 38 percent of funds underperforming the benchmark.

What is peculiar here is mid- and small-cap stocks have done well in Apr-Jun2023 quarter; but the underperformance of mid- and small-cap mutual funds, on a 1-year basis, is very high at 78 percent -- which is the highest in the past three years.

The stand-out performance of this SPIVA report as on 30Jun2023 is that of ELSS funds. On a 1-year basis, only 34 percent of ELSS fund underperformed the benchmark index -- to put differently, 66 percent of ELSS funds outperformed the benchmark index on a 1-year basis.

Update 12Apr2023:

S&P Dow Jones Indices (part of S&P Global) on 11Apr2023 released a new India SPIVA Report on Indian mutual funds, with data as at the end of 31Dec2022. The new data (all data presented here are based on absolute return basis, not on risk-adjusted return basis) are presented in the following updated tables >

Key highlights as of 31Dec2022:

> majority of Indian equity mutual funds continue to fail the benchmark indices

> bond mutual funds fared the best, with only 45 percent of funds underperforming the indices

> among all the equity categories, Mid-/Small-Cap equity funds fared the best by far in the long run, with exactly 50 percent of them beating the benchmark index over the 10-year period

P.S. 23Feb2023:

1) Large holdings by mutual funds: For example, Kotak Balanced Advantage Fund, managed by Harish Krishnan, Abhishek Bisen and Hiten Shah, has got 100 stocks (excluding debt securities) in its portfolio as on 31Jan2023 -- of which, 79 stocks have individual stakes less than one percent of total assets. It's unfathomable why these fund managers hold such a large number of stocks in their portfolios. There are several such equity oriented funds.

2) ETF Assets: ETF assets (other than gold ETFs) swelled from Rs 28,800 crore in Dec.2016 to Rs 497,000 crore in Dec.2022 -- a staggering annual growth rate of 60.7 percent in six years!

3) It is fair to say fund managers are bedeviled by large inflows and outflows from unitholders -- so, in order to manage the flows, they need to do some sell trades and buy trades (resulting in portfolio turnover) -- fund managers have no control over such involuntary trades.

References:

'The School of Athens' by Raphael - Wikimedia Commons

Capital Ideas: The Improbable Origins of Modern Wall Street by Peter L Bernstein

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 -- India SPIVA scorecards are available only since Dec.2013.

SPIVA World Report 30Jun2022

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Adani Stocks Meltdown and Nifty Next 50 Index

Are Indian Stocks Immune to Adani stock Meltdown?

Meltdown in Adani group Listed Stocks

JP Morgan Guide to Markets

Why the Divergence Between Sensex and Nifty 50 in Today's Trade?

Indian Stock Market Moves Fully to T+1 Settlement

NSE Indices Comparison 31Dec2022

BSE 500 vs S&P 500 Indices Compare 31Dec2022

Nifty 50 Index Yearly Movement 31Dec2022

India Up the Ladder in MSCI EM Index

New Rules on Ex-date and Record date

Crisil Report - Big Shift in Financialisation

Weblinks and Investing

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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 instruments / 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

Wednesday, 11 August 2021

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

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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

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

Motilal Oswal Financail Services Ltd / MOFSL research reports > Thematic

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

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

Prime Database > Number and amount of Share buybacks from FY 1998-99 to FY 2026-27 >

BSE weblink - all buyback offers (tender offer route only) - in drop down menu, select 'purpose'

BSE weblink - all buyback offers (open market route only) - in drop down menu, select 'issue type'

BSE weblink - all corporate actions, like, amalgmation, scheme of arrangement, demerger / spin off, stock split, bonus, delisting of shares, etc. (drop down menu)

Screener.in weblink (after login) - demergers, spin offs, Scheme of Arrangement (check the link with words 'Scheme arrangement' so that you can know about demerger / spin off proposals)

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.

REITs Tweeet 19Sep2024 - Indian REITs Association (IRA) launches three data benchmarking institutions (DMIs) for REIT investors - CAMS compare REIts - IRA website - CareEdge compare REITs

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

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):

India CPI inflation calculator - for other countries, like, US, UK, etc -- for example, what Rs 100 in 2000 in India would be worth in today's money? - India CPI cumulative inflation

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

EPCES publications - Export Promotion Council for SEZs and EOUs - Monthly trade bulletin PDF Mar2025 - EPCES News Apr-Jun2025 PDF - Commerce Ministry of India - Goods exports / imports data - Services exports / imports data

Insurance and Bankruptcy Board of India

AMFI India - mutual fund industry in India

tickertape.in Mutual funds - stock weights of all individual stocks in Nifty Indices - e.g., Nifty Services Sector Index -- the tickertape website seems to be dynamically changing the weights of each stock based on daily movements in stocks

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

Advisor Khoj - - compare funds - compare mutual funds - mutual fund overlap - common stocks in two mutual funds

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

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

Prime Investor - compare funds - 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 - Oct2025 PDF - note these reports are named differently each month

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 (as of 09Sep2025, only three days data are available on IBJA website, to open daily PDF click on the dates available on this page; for example, PDF for 08Sep2025; PDF for 29Aug2025) (however, after opening a PDF, you can type the individual data in the URL, and then you can access the old / previous data)

(data no longer updated as of 09Sep2025) IBJA rates old data available till 30Jun2025

(not available as of 09Sep2025) IBJA Rates PDF Opening & Closing Rates for Gold and Silver (last three months data)

IBJA Twitter / X

IBJA Daily market update on Twitter / X

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

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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 NSE 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

World Bank data India Foreign Direct Investment, net inflows as a % of GDP - India FDI flows

World Bank data - net India Foreign Direct Investment, (BoP, current USD) - India FDI flows

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 annual returns (total returns) from 1926 to 2025

Slickcharts S&P 500 market cap

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

Slickcharts S&P 500 YTD returns of stocks

Slickcharts S&P 500 total returns

Slickcharts Crypto currencies total market cap - individual cryptos also

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 (Groww Invest Tech Pvt Ltd, formerly known as Nextbillion Technology Pvt Ltd) (Billionbrains Garage Ventures 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)

FinTech apps for Indians to invest in US stocks:

Tweet 19Jan2025

@INDmoneyApp for buying US stocks

@ppreciatewealth

@Vested_Finance

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.