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.
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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

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    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.
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    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
  • Why Culture Is the Most Underrated Factor in Quality Investing | Paisa Vaisa | Anupam Gupta

    Why Culture Is the Most Underrated Factor in Quality Investing | Paisa Vaisa | Anupam Gupta
    Mar 9 2026

    In this episode of Paisa Vaisa, Anupam Gupta sits down with Nitin Bhasin, Head of Institutional Equities at Ambit Capital, for one of the most grounded and honest market conversations of the year. Nitin brings over 25 years of experience to the table and covers everything from India's position in the global economy, why FIIs have been selling Indian equities, what the Nifty is likely to do over the next 15 to 18 months, and why the Indian IT sector faces its biggest challenge yet in the age of agentic AI. Whether you are a retail SIP investor trying to make sense of a confusing market or a finance professional building a career in equity research, this conversation has something genuinely valuable for you.

    The discussion goes deep on India versus China, and Nitin's take is refreshingly blunt. He does not believe India and China are even competing in the same league anymore. China is competing with the United States, and India is still figuring out its manufacturing pivot while sitting on a 30 year asset light services mindset that will take a generation to change. He also shares his public market view of a sideways Nifty for another 15 to 18 months, explains why this is a concentration cycle favouring only the top 10 to 15 large cap stocks, and breaks down exactly what SIP investors should do in this environment.

    The second half of the episode is a masterclass for young analysts and investors, covering what separates good companies from great ones, why culture is the most underrated competitive moat in investing, how to read annual reports the right way, and why communication and imagination are the two skills that will define careers in the AI era. Nitin also shares three book recommendations including Apple in China, Breakneck, and Investing as the Last Liberal Art by Robert Hagstrom. This is essential viewing for anyone serious about Indian markets, long term investing and building a career in finance.


    Key Takeaways

    •⁠ ⁠Alpha Shift — Imagination now drives returns, not information or analysis.
    •⁠ Macro Divergence — China competes with USA, India is in a different league.
    •⁠ ⁠Watch Cycle — Nifty sideways, concentration favours only top large caps.
    •⁠ ⁠Intangible Moat — Culture is the one competitive advantage nobody can replicate.
    •⁠ ⁠Forensic Lens — Tiny expense lines reveal the real character of management.
    •⁠ ⁠Human Edge — AI kills analysis, communication becomes your only differentiator.


    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.
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    51 mins
  • PMS vs Mutual Funds: The Hidden Tax Truth | Deepak Shenoy | Paisa Vaisa | Anupam Gupta

    PMS vs Mutual Funds: The Hidden Tax Truth | Deepak Shenoy | Paisa Vaisa | Anupam Gupta
    Mar 2 2026

    In this episode of Paisa Vaisa, Anupam Gupta sits down with Deepak Shenoy, CEO of Capitalmind, to discuss a major shift in the investment landscape: The transition from Portfolio Management Services (PMS) to Mutual Funds. If you are an investor confused about where to park your money for long-term growth with tax efficiency, this conversation is a goldmine.

    Deepak breaks down exactly why Capitalmind launched a Multi-Asset Fund and the massive tax disadvantages that come with traditional PMS structures. We deep dive into how asset allocation across equity, debt, and commodities can protect your downside volatility while ensuring steady wealth creation. Whether you are a beginner looking to invest in mutual funds or an HNI considering PMS, this episode reveals the math behind smarter investing.

    Key Takeaways (Crisp & Clear)

    1. Tax Efficiency: Mutual funds offer superior tax benefits over PMS by avoiding capital gains tax on internal portfolio churning.

    2. Volatility Management: Multi-asset allocation dynamically smoothes returns, significantly reducing drawdowns compared to pure equity portfolios.

    3. Global Diversification: Adding international equities provides a necessary hedge against domestic market risks and currency fluctuations.

    4. Portfolio Accessibility: Mutual funds lower the entry barrier compared to the high ticket size (₹50L+) required for PMS investments.

    5. Behavioral Edge: The strategy focuses on "sleep well" investing, prioritizing peace of mind over chasing the highest risky returns.

    6. Economic Outlook: Strong credit growth and GST data signal robust underlying health in the Indian economy despite short-term noise.

      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.
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    1 hr
  • How much money do you actually need to retire at 50? | Paisa Vaisa | Anupam Gupta |

    How much money do you actually need to retire at 50? | Paisa Vaisa | Anupam Gupta |
    Feb 23 2026

    Are you blindly trusting your SIPs to fund your life 20 years from now? In this deep-dive episode of Paisa Vaisa, Anupam Gupta (@b50) welcomes Sameep Singh, Business Unit Head at Policybazaar , to solve the "Final Boss" of personal finance: Retirement. We tackle a question every Indian professional is asking: "How do I generate a ₹1 Lakh post-tax monthly pension?" Using a 40-year-old in Mumbai as a case study, we break down the brutal reality of 7% inflation and why a simple savings account won't cut it.

    We explore the "Young India" bias why our demographic is obsessed with picking the next multibagger stock but completely ignores the 30-year period after their last salary. Sameep explains the critical "Humbling Years" of the stock market and why your withdrawal strategy is more important than your investment returns. We also introduce the 3% Withdrawal Rule and how it ensures you never outlive your money. From understanding medical inflation (which is growing at 14%!) to why your parents’ FD interest is shrinking due to "Reinvestment Risk," this episode is a masterclass in long-term survival. If you want to stop guessing your future and start building a bulletproof retirement pot, this conversation is for you. Don't forget to stick around for the "Don't Touch the Pot" rule the single habit that separates wealthy retirees from the rest.

    Key Takeaways -

    • Early Start: Compounding works best over 30 years, transforming even small amounts into massive wealth.

    • Tax Efficiency: Low-cost ULIPs under ₹2.5L premium offer tax-free returns, avoiding the 12.5% LTCG tax on Mutual Funds.

    • Health Priority: Buy health insurance young to fight medical inflation and ensure premiums don't skyrocket later.

    • Safety Net: A safe withdrawal rate is ideally 3%, supplemented by guaranteed income in bad market years.

    • Adequate Cover: A ₹1 Crore term plan is often insufficient for long-term family goals like education and retirement.

    • Lock-in Gains: Annuity plans protect seniors from "Reinvestment Risk" when bank FD rates drop over time.


    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.
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    47 mins
  • From Engineering to CareEdge Ratings CRO: Sachin Gupta’s Masterclass | Paisa Vaisa | Anupam Gupta

    From Engineering to CareEdge Ratings CRO: Sachin Gupta’s Masterclass | Paisa Vaisa | Anupam Gupta
    Feb 16 2026

    On this episode of Paisa Vaisa, Sachin Gupta, the Executive Director and Chief Ratings Officer at CareEdge Ratings, sits down with Anupam Gupta on the Paisa Vaisa podcast to discuss the ticking time bomb of the $1 trillion global private credit market. While the US and Europe are grappling with opaque, unrated debt bubbles, Sachin argues that India’s strict regulatory culture might be our greatest economic superpower in 2026. We break down the "Modified Credit Ratio," a leading indicator that currently shows 2.5 upgrades for every single downgrade in the Indian economy. This episode is a deep dive into the sectors that are actually winning, from the ironclad asset quality of gold loan companies to the resilient banking sector that has moved from 12% NPAs to a state of unprecedented health. If you are an investor looking to navigate the current high-interest-rate cycle, Sachin’s macro insights on the RBI’s data-driven approach will change how you view your portfolio’s safety.

    Key Takeaways

    • The Math of Trust: A credit rating is not a general "vibe check" on a company; it is a cold, mathematical probability of default calculated on a 20-point scale from AAA to D.

    • The Integrity Filter: Management risk is the most critical pillar of analysis because promoter integrity and project execution track records determine survival better than any balance sheet.

    • Regulatory Fortress: India’s strict AIF rules prevent the kind of "debt-on-debt" systemic risk currently threatening the $1 trillion opaque private credit markets in the US.

    • The Gold Standard: Gold loan companies maintain the highest asset quality in the NBFC space because physical collateral and rising gold prices provide an automatic safety buffer for lenders.

    • Recovery Revolution: The implementation of IBC and NCLT has fundamentally fixed India’s credit culture by instilling a genuine fear in promoters that they will lose their business if they default.


      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.
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    52 mins
  • The Moonlighting Reality Check: Can You Get Fired? | CA Isha | Paisa Vaisa | Anupam Gupta

    The Moonlighting Reality Check: Can You Get Fired? | CA Isha | Paisa Vaisa | Anupam Gupta
    Feb 9 2026

    On this episode of Paisa Vaisa, CA Isha Jaiswal sits down with Anupam Gupta for a deep dive into the changing rules of money, parenting, and privacy in the digital age. As a new mother and a seasoned CA, Isha shares her controversial take on "Financial Parenting"—explaining why she plans to hire her own toddler for odd jobs rather than handing out a traditional allowance. We discuss the death of the old-school tax regime and the rise of a system that rewards cash flow over traditional saving. From the technicalities of the Annual Information Statement (AIS) to the legal ways you can pay rent to your parents to maximize your HRA, we cover the hacks that your CA likely hasn't told you yet. This is a masterclass for anyone who wants to stop being a passive earner and start being a strategic wealth builder, ensuring that their family is protected from both inflation and corporate overreach.

    Key Takeaways

    • The 5/50 Success Rule: Sacrificing 5 years of intense grind in your 20s secures 50 years of a "Queen-Sized" life; choose your "hard" early.

    • The Variable Pay Trap: HRs often inflate CTCs with variable pay that is hard to earn; always negotiate to convert variable into fixed salary.

    • Joint Taxation Proposal: The new shift toward "One Family, One ITR" could allow husbands to use their homemaker wives' exemptions to save massive tax.

    • The Privacy Shield: Your boss cannot track your private income through your PAN or AIS portal unless you give them access; your data is safer than you think.

    • Employ Your Kids: To teach kids the value of money, hire them for "odd jobs" and pay them, instilling a "work-for-money" mindset instead of "allowance" entitlement.



      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.
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    1 hr