Blogs

PMS investments are taxed exactly like direct equity, because the stocks sit in your own demat account rather than in a pooled scheme. Gains beyond ₹1.25 lakh held for over 12 months attract 12.5% Long-Term Capital Gains (LTCG) tax, while gains on positions held under...

Portfolio design is arguably the single biggest driver of outcomes in Portfolio Management Services (PMS). Unlike a mutual fund, where thousands of investors share one standard basket, a PMS portfolio is built stock by stock around a manager's philosophy,...

Yes, resident Indians can invest in GIFT City by utilizing SEBI-registered Alternative Investment Funds (AIFs) and selective offshore structures, based on certain eligibility criteria and minimum investment requirement of ₹50 lakh and above. The GIFT City ensures a...

GIFT City isn’t tax-free. It offers a more favourable tax framework than domestic India under IFSCA rules, but if you’re an NRI tax resident in the US, UK, or Canada, you’re taxed on worldwide income at home. The India-side advantage reduces your Indian tax burden; it...

First-principles investing starts with the business. What does it sell, who pays and why, what does it cost, how protected is the margin, where does the cash go. Thesis built from there not from peer multiples worked backward or consensus targets dressed up as...

GIFT City is worth it for NRIs who want Indian equity exposure without NRE/NRO account management, domestic TDS and repatriation caps. It’s not worth it if you pick a badly run fund just because the structure is clean. The IFSC framework is regulated by IFSCA,...

Yes, resident Indians can invest in GIFT City funds under LRS, up to USD 250,000 per person per financial year. FEMA treats GIFT City as a foreign jurisdiction, so money moving from your domestic account into a GIFT City AIF counts against your limit. In return, you...

A DCF values a business by discounting its future free cash flows to today’s money. It’s the most rigorous valuation method and the most abused. Get the growth rate off by 2%, the discount rate wrong, or terminal value misread, and the output can swing 40%. In India,...

Diversification is sold as risk management. Past a point, it mostly manages the manager’s career risk. Research shows 15 to 20 stocks eliminate most unsystematic risk; every addition after that barely cuts volatility while diluting high-conviction ideas. In India,...

Earnings are an accounting construct. Cash flow is what hits the bank account. A business can report growing profits while burning cash through aggressive revenue recognition, capitalised expenses, or stretched receivables. Free cash flow tells you whether the...