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Paisa Vaisa with Anupam Gupta

Paisa Vaisa with Anupam Gupta

By: IVM Podcasts
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Paisa Vaisa is India's premier podcast on personal finance, boasting over 4 million downloads, featuring over 200 hours of insightful content and discussions, hosting more than 250 guests, and presenting a wealth of knowledge through over 450 episodes. Since 2017, Paisa Vaisa hosts experts from mutual funds, stocks, real estate, loans, education financing, insurance, and much more. It has recently introduced a sub-series offering valuable insights in businesses and entrepreneurship.

You can catch this podcast on YouTube 'Paisa Vaisa with Anupam Gupta' or find it on top audio streaming platforms like Apple Podcasts, Spotify, Amazon Music, Google Podcasts, JioSaavn, Gaana, and others.

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Episodes
  • Investing Mistakes Senior Fund Manager With 20 Years Experience Still Sees Every Single Day | Paisa Vaisa | Anupam Gupta

    Investing Mistakes Senior Fund Manager With 20 Years Experience Still Sees Every Single Day | Paisa Vaisa | Anupam Gupta
    Mar 30 2026

    In this episode of Paisa Vaisa, host Anupam Gupta sits down with Karthikraj Lakshmanan, Senior Vice President and Fund Manager Equity at UTI Asset Management Company, one of India's most experienced equity fund managers with over two decades in the markets. Karthik manages the UTI Large Cap Fund (formerly UTI Master Share, one of India's oldest mutual funds with a 40-year history), the UTI MNC Fund, and the recently launched UTI Multicap Fund. This is a masterclass in how professional fund managers think about Indian equities, sectors, valuations, and long-term wealth creation.

    We cover India's macroeconomic outlook for FY26, why large cap stocks are better positioned than small and mid caps right now, the state of the Indian banking sector (private vs PSU banks), the future of Indian IT in an AI-disrupted world, and how UTI uses its proprietary 'Score Alpha' framework a 3x3 ROC and operating cash flow matrix to evaluate and rank stocks across the entire investable universe. Karthik also breaks down the difference between flexi cap and multicap funds, explains how MNC funds are evolving with Indian exporters now included, and shares his honest views on gold and silver inflows chasing momentum. Whether you are a first-time investor or a seasoned market participant, this episode is packed with actionable insights on asset allocation, position sizing, behavioral investing mistakes, and what it really takes to outperform over the long term.

    If you have ever wondered why your mutual fund returns are consistently lower than the fund's actual returns, or why patience and behavioral discipline matter far more than stock-picking skill in today's information-equal world, this conversation will change how you think about your portfolio.
    Subscribe to Paisa Vaisa for India's best personal finance and investing conversations with top fund managers, economists, and market experts.
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    6 Key Takeaways
    Patience Beats Analysis: Behavioral discipline and staying invested through market cycles will consistently deliver better investor returns than even the best stock analysis, because markets reward patience over perfection.

    Large Cap Advantage: Revenue growth between large, mid, and small cap companies has been broadly similar over the last five years, but large caps remain less expensive on valuations today, making them structurally preferable in the current market environment.

    The Moat Framework: UTI's equity strategy centers on identifying companies with durable competitive advantages brands in FMCG, distribution networks in retail, and technology advantages in MNC industrials to build a portfolio with long-term earnings visibility.

    Private Banks Still Win: The top four to five private sector banks continue to gain market share every year, carry healthy balance sheets and return ratios, and are likely to grow faster than both the banking industry and the overall economy over the long run.

    IT Sector Is Adaptive: Indian IT companies have successfully navigated every major technology disruption from Y2K to ERP to cloud and are now positioned to lead AI implementation for global clients, making the current pessimism potentially an opportunity for long-term investors.

    Score Alpha Is The Edge: UTI's proprietary 3x3 scoring framework evaluates every stock in their universe on ROC and operating cash flow over five years companies that upgrade from lower to higher scores on both metrics are the ones that consistently outperform in the long run.

    From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

    Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
    Watch full episodes right here on YouTube
    Explore more at ivmpodcasts.com

    Connect with Anupam Gupta:
    Twitter: @b50
    Instagram: @b_50
    LinkedIn: Anupam Gupta

    Follow IVM Podcasts
    We’re @ivmpodcasts on Facebook, Twitter & Instagram

    #PaisaVaisa #UTIMutualFund #MutualFunds #IndianStockMarket #EquityInvesting #LargeCapFund #KarthikRajLakshman

    See omnystudio.com/listener for privacy information.
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    37 mins
  • STOP Investing Only in India: Why US Stocks Belong in Every Indian Portfolio | Vasanth Kamath | Paisa Vaisa | Anupam Gupta

    STOP Investing Only in India: Why US Stocks Belong in Every Indian Portfolio | Vasanth Kamath | Paisa Vaisa | Anupam Gupta
    Mar 23 2026

    In 10 years, Smallcase went from a simple idea in a Bengaluru garage to a platform managing ₹1.8 Lakh Crore across 20 million+ investors. And its founder, Vasanth Kamath, has never spoken this openly about where it's all heading next.

    In this episode, we sit down with Vasanth to unpack the full Smallcase story the origin, the failures, the breakthroughs, and the bold bets being placed on India's financial future. From investing in US stocks starting at just $1, to a game-changing joint venture with Zerodha, to an AI-powered Wealth Office that tracks your entire financial life this is the most comprehensive deep-dive on Smallcase ever recorded.

    If you're an investor, a founder, or someone trying to build real wealth in India this episode is for you.

    key takeaways
    10-Year Journey- Smallcase spent 10 years building a platform that now serves 20 million customers and processes ₹1.8 lakh crore annually.

    The Bridge- Smallcase bridges the gap between mutual fund investors and stock market investors through curated, research-backed model portfolios.

    Beyond An App- With 250+ brands, 140 research analysts, and 20 top brokers Smallcase is an ecosystem, not just an investing app.

    Passive Costs Less- Zerodha Fund House offers index funds and ETFs at just 15–20 basis points among the cheapest investment products in India.

    Invest Globally- Indians can now access 7,000+ US stocks and ETFs through Smallcase's fractional investing feature starting from just $1.

    AI Is Next- Smallcase's upcoming Wealth Office feature will use AI to aggregate your entire financial life stocks, funds, assets in one dashboard.

    From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

    Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
    Watch full episodes right here on YouTube
    Explore more at ivmpodcasts.com

    Connect with Anupam Gupta:
    Twitter: @b50
    Instagram: @b_50
    LinkedIn: Anupam Gupta

    Follow IVM Podcasts
    We’re @ivmpodcasts on Facebook, Twitter & Instagram

    See omnystudio.com/listener for privacy information.
    Show more Show less
    1 hr and 12 mins
  • Don't Touch Property Until You Watch This: REITs, Hidden Costs & 14% Returns | Paisa Vaisa | Anupam Gupta

    Don't Touch Property Until You Watch This: REITs, Hidden Costs & 14% Returns | Paisa Vaisa | Anupam Gupta
    Mar 16 2026
    In this episode of Paisa Vaisa, host Anupam Gupta sits down with Preeti Chheda CFO of Mindspace Business Park, Executive Committee Member of the Indian REITS Association, and a finance professional with 25 years of experience for the most comprehensive conversation on Real Estate Investment Trusts (REITs) in India. Preeti brings an extraordinary academic and professional pedigree CA, CS, CFA, CPA and has spent the last 19 years with the K. Raheja Corp group heading finance for Mindspace, one of India's largest commercial real estate platforms. She is uniquely positioned to explain exactly how REITs work, why SEBI built one of the world's most robust regulatory frameworks around them, and why ₹2.5 lakh crore in assets are now held within REITs and InvITs combined all within just eight years of the first REIT launch in India. The episode begins with the formation of the Indian REITs Association (IRA), launched in September 2023 at SEBI's nudging, with three clear goals: creating product awareness, driving policy changes to grow the instrument, and improving governance standards. Preeti then explains the fundamental structure of REITs pooled investment vehicles, structured as trusts (mirroring Singapore's regulation), that hold bundles of commercial real estate assets and provide investors with a combination of recurring income (yield) and capital growth. She breaks down the three income streams unit holders receive: tax-free dividends, taxable interest, and return of capital (which reduces cost of acquisition and is taxed only on exit as capital gains). REITs are mandated to distribute at least 90% of their net distributable cash flows (NDCF), and every unit holder receives a Form 64B detailing their income breakdown. The performance discussion is eye-opening. Indicative yields range from 6-8%, but total returns combining yield and growth have historically averaged 14-16%. Mindspace REIT itself has gone from a listing price of ₹275 in August 2020 to over ₹490 in February 2026, delivering over 50% price appreciation in six years on top of continuous distributions. Growth comes from three engines: inbuilt contract escalations of around 5% annually, rent reversions of 7-8% when leases renew at market rates, and acquisitions plus development (up to 20% of portfolio value can be under development within existing parks). A standout section of the episode compares REITs to physical real estate investment. REITs offer a starting ticket size as low as ₹500, instant liquidity via exchange trading, professional management, and diversification across cities and properties. Physical real estate, by contrast, requires massive capital, is illiquid (2-3 months minimum to sell), demands active management, and carries transaction costs of 10-11% of the purchase price in brokerage, stamp duty, registration, and maintenance. As Anupam points out, your property needs to appreciate by 10% just to break even a bar that most residential real estate in India fails to clear. The regulatory deep-dive reveals why institutional investors starting with FPIs trusted Indian REITs from day one. SEBI mandates that 80% of REIT assets must be completed and rent-generating, leverage is capped at 49% (with credit rating and unit holder approval required beyond 25%), all related-party transactions pass through multiple governance layers, reporting is half-yearly (double the typical listed company frequency), and NAV per unit is disclosed regularly so investors can compare market price against intrinsic asset value at any time. During COVID, Indian REITs collected 99% of contracted rental income possible because tenants are overwhelmingly MNCs and large corporates on 9-10 year leases with 3-5 year lock-ins. The conversation also covers major recent developments. From July 1, 2026, REITs will be classified as equity for mutual fund purposes a landmark reform that opens the door to index inclusion, passive fund flows, and dramatically improved liquidity. Office absorption has surpassed pre-COVID levels at 55 million square feet of net absorption, with Global Capability Centers (GCCs) accounting for over 50% of each REIT's leasing. RBI now allows borrowing at the REIT level, enabling fixed-cost debt that reduces cash flow volatility. And the potential for government asset monetization through REITs including CPSU land banks could unlock massive new supply. For first-time REIT investors, Preeti outlines the key evaluation parameters: NOI growth, NDCF and distribution track record, portfolio quality and tenant profile, city-wise diversification, occupancy rates, and WALE (Weighted Average Lease Expiry). She also points investors to the IRA website, individual REIT websites, and SEBI-authorized benchmarking platforms like Kay Fintech and NRTA for side-by-side REIT comparison. Whether you're a first-time investor exploring alternatives to fixed deposits and physical property, an experienced investor building a diversified portfolio, or simply...
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    55 mins
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