On valuations, patience, and the Indian mid-cap.
A survey of small and mid-cap multiples relative to fifteen-year history, and where we are trimming exposure ahead of the earnings cycle.
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— Research & Letters
Notes from
Notes from
the desk.
The firm publishes regularly on the matters it studies for its own account — Indian markets and valuations, private wealth and succession, trading technology, and the shifting contours of SEBI regulation. These are working letters, written plainly, with no obligation to be timely for its own sake.
The archive
Letters,
Letters,
by subject.
The full archive, including client-only research, is available through the portal.
The shape of the rupee yield curve.
Why we expect the curve to steepen through FY27, and the duration positioning we are taking in client bond books accordingly.
Read the letterDrafting an estate that survives three generations.
A practitioner's note on trust structures, holding-company architecture, and the conversations every principal must eventually have.
Read the letterCo-location, latency, and the price of fairness.
What sub-millisecond execution at NSE and BSE primary data centres does, and does not, mean for the long-horizon investor.
Read the letterReading the new SEBI disclosure norms.
A measured account of the revised related-party and beneficial-ownership requirements, and what they ask of advisers and clients alike.
Read the letterNifty earnings, three years out.
A bottom-up estimate of index earnings to FY29, the sectors carrying the growth, and where consensus appears too generous.
Read the letterAsset allocation when cash yields 7 per cent.
How a balanced family portfolio should respond when short-dated paper pays handsomely, without abandoning the case for equity ownership.
Read the letterAccount aggregators and the consented ledger.
India's account-aggregator framework is maturing. We assess what consented data sharing changes for advice, underwriting, and privacy.
Read the letterThe investor charter, and what it expects of us.
A plain reading of grievance redress timelines, service standards, and the obligations a registered intermediary carries to every client.
Read the letterGold, the rupee, and the reserve question.
Why central-bank accumulation and a softening currency keep gold a structural holding in the balanced book, in measured weight.
Read the letterWhen the next generation does not wish to run the firm.
Succession is rarely about willingness alone. A note on liquidity events, family governance, and stewarding capital beyond the founder.
Read the letterBuilding a reporting stack a regulator can read.
Notes from rebuilding our end-of-day reporting for full SEBI and NSE auditability, and why the discipline benefits clients first.
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