CEO, Capitalmind Mutual Fund PMS: https://xitter.cf/t.co/qHGwv9Fe7R Views personal, not advice Book: Money Wise https://xitter.cf/t.co/JVSZENRUbj
Bangalore, Karnataka, India
Joined August 2007
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Don't Predict, Respond. We've said this so often at @CapitalmindMF so as we enter our second year, we speak with @SurabhiUpadhyay about what this actually means.
@Calminvestor and I on our evidence driven approach, and our investing road map: youtube.com/watch?v=zchnYFb1…
Gold prices in India seem to be falling and it's now fallen 20% from the Jan 2026 peak, even after the govt increased duty from 6% to 15% in May. In fact, it's lower than pre-duty May prices now.
Just be aware that gold has long periods of no returns (or negative returns)
Deepak Shenoy retweeted
Mutual Fund baskets in a PMS have gotten popular over the last few years. We’ve run them at Capitalmind Wealth since 2019 (before it was cool).
In this podcast, @shraychandra, @deepakshenoy @investkahakare , and @avijeet_sen discuss why MF baskets make sense in a PMS, what you’re actually paying for (and why we don’t charge a performance fee on them), what MF baskets we offer, how to match your asset allocation to your goals, and what the new PMS regulations could mean for MF-based portfolios.
youtu.be/t-Aw0oakKzs
Deepak Shenoy retweeted
Was a great discussion with @deepakshenoy & @investkahakare on why MF baskets make sense in a PMS, and how we at @capitalmind_in have created our product suite with a fee model which doesn't overcharge clients for what is essentially a curation & execution service.
In addition, new PMS regulations open up bigger opportunities for a PMS when it comes to MF baskets. A reduced 25L min investment amount and global portfolios which allow clients to invest in foreign ETF/funds.
Exciting times ahead. MF baskets in a PMS are here to stay.
Mutual Fund baskets in a PMS have gotten popular over the last few years. We’ve run them at Capitalmind Wealth since 2019 (before it was cool).
In this podcast, @shraychandra, @deepakshenoy @investkahakare , and @avijeet_sen discuss why MF baskets make sense in a PMS, what you’re actually paying for (and why we don’t charge a performance fee on them), what MF baskets we offer, how to match your asset allocation to your goals, and what the new PMS regulations could mean for MF-based portfolios.
youtu.be/t-Aw0oakKzs
For the first time, we're seeing FPIs invest into indian equity mutual funds - around 10,000 cr. this month already. They've sold around 48,000 cr. in equity holdings though, but at least some of it gets offset with equity MF buying.
Always build infra, the usage will come. The initial reluctance will change when speeds are faster and more shipments can happen in the same time. This oh-how-dare-this-poor-country-build-highways because look at this usage metric - is a really short sighted piece of analysis.
India is building US-style expressways to move freight faster. But many truckers still prefer older roads, where food, repairs and rest stops are cheaper. Aryan Gupta explains what’s putting the country’s $130 billion bet at risk: bloom.bg/4Bn5lr4
Deepak Shenoy retweeted
The EDF (Export Declaration Form) rules are now in effect, and it seems like RBI and banks have conspired to create a new hell. Or actually 5 hells.
I consult for an American company. Raised October invoice. Received the Inward remittance. And bang! Mail from @HDFC_Bank detailing everything needed before the payment can be processed.
Let me tell you what the 5 hells are:
1. The hell of confusion – RBI clarified last month that the EDF rules do not apply to individuals. But looks like they haven’t told the banks. And CAs also don’t seem to know. There’s no official communication on who is exempt. Last I checked, I was an individual. No company, no LLP. But HDFC still wants me to file the EDF to credit my payment.
2. The hell of complexity – See the attached pic of the form the bank has sent in excel. It has 5 sheets. To be filled and submitted. Some abstruse acronyms like “AD” - no clue what it means. Some fields are mandatory. Some fields are to be filled by the bank. No idea which is what. And it needs a physical signature. Which leads to...
3. The hell of paperwork - They also sent a pdf with a bunch of request letters. I’m supposed to choose the right letter, print, sign, scan and submit. Creating more paper today is incredibly silly. And, I suppose, someone in the bank will have to upload all this somewhere. Reminds me of those hand-filled immigration forms. Pointless.
4. The hell of repetition – At least for me, most of the details are constant. One client, one payment. If it’s a one-time exercise, fine. I’ll grit my teeth and get it done. But no. These details have to be given month after month. Else… no payment will be credited.
5. The hell of unpreparedness – It would have been simple enough for RBI or HDFC to create an online portal for this. With dropdowns, saved formats, contextual help, etc. to at least make this easy. But that would be too convenient, no? So, they’ve chosen to dump the entire burden on the taxpayer.
I have no opinion or understanding of why this is needed. Maybe it is critical information. Okay! But why make the process so confusing and painful?
And poor communication has meant that the banks have just passed on the pain to the exporter, and even CAs can’t help.
Basically RBI & HDFC feel I should consult less, and comply more. Maybe my client will also agree :)
Deepak Shenoy retweeted
BIG MARKET VOICE में आज बाजार, सेक्टर्स और कमाई वाले शेयरों पर CAPITALMIND MF के CEO दीपक शेनॉय से चर्चा
#BigMarketVoices @deepakshenoy @_anujsinghal
@virendraonNifty #StockMarket
Do read! Our plans for the pms in terms of investing abroad, what it means and what you should be aware of:
From April 2027, a PMS can invest your money directly in foreign securities. The permission from SEBI is the easy part.
The decision are harder, and numerous. What the PMS holds, and how it holds it, decides how much you keep. Foreign stocks sold within 24 months are taxed at your slab rate, so a high-churn portfolio hands a big slice of its gains to the taxman. US-listed ETFs carry US estate tax of up to 40% above USD 60,000. And every rupee you invest abroad runs on your LRS limit.
@avijeet_sen writes about the choices that matter when you invest abroad via a PMS: capitalmind.in/insights/inve…
Deepak Shenoy retweeted
The Nifty 500 is down 9% from its all time high. But the median stock in the index is down 29% from its own peak.
The gap is even wider in small caps. The Nifty Smallcap 250 is down 5% while its median stock has fallen 32%.
The correction looks very different when you look beyond the index numbers.
Here's how deep the fall has been across large, mid and small caps.
This is why TBMs should be made in India. Make for India.
USDINR is at 94.56. On 8 November it was at 96.77. Strong move up for the rupee after the RBI action. Let's see how this goes in the months ahead.
Notice how China doesn't get all angry about this publicly. America has denied it access to chinese cars, tiktok, 5g and now AI.
China reacts by not allowing google, twitter or Facebook.
There's a lesson for India here. Don't get all outraged, build capability.
DHS Orders DeepSeek Technology Removed From Federal Civilian IT Systems on.wsj.com/3VYlP8O
It is true that china banned facebook and google etc earlier so maybe it's a tit for tat by america instead.
But then. We have a car industry domestically and now some exports because we have applied tariffs on car imports (not banned them). We do design services for all semiconductor companies but we don't make them here, and indeed even buy heavy engineering stuff like tunnel borers from China. This is short sighted, if we don't build capability. China isn't going to buy our stuff. America eventually will put tariff and non tariff barriers on our stuff. We need local capability not as much for exports but for our own consumption. I'm glad we are getting there slowly, with domestic rail engines, signalling systems, some heavy equipment, nuclear etc. Just need to put head down and make more, the focus on boardroom politics or outrage about loss of face is misguided imo
Deepak Shenoy retweeted
The ED just froze trading accounts holding about ₹200 crore in an alleged WhatsApp-driven pump and dump involving two listed companies.
It's crazy that even in 2026, people still fall for stock tips on WhatsApp, Telegram, SMS, and social media. This is probably the silliest way to lose money.
Given how late in the cycle we are, these instances are only going to increase. We're already seeing more pump and dumps, whether through WhatsApp groups or influencers peddling IPOs and stocks. This won't end well.
So the next time you get a message promising easy money, just ask Claude or ChatGPT whether it's a good idea. It could save you a lot of money.
It's become a cliché, but nowhere is "if it's too good to be true, it probably is" truer than in the stock market.
Deepak Shenoy retweeted
China announces export controls for tunnel boring machines (TBMs)
From Nov 18, exporting TBMs will require a licence. These are the machines fuelling India’s infrastructurebooming especially metros and highway tunnels.
Beijing is classifying them as “dual-use” items, which gives the move a security label, but in effect it is economic coercion.
This has happened before. In 2024, China began delaying customs clearances for TBM shipments to India, and in August 2025 it told India it had lifted the curbs on TBMs. With this licence rule, the delays become a formal mechanism that Beijing can tighten or loosen whenever relations change.
India’s dependence here is real, but it is narrower than it might look. TBM imports from China had already dropped sharply, from $18 million in 2022-23 to $3 million in 2023-24, and most self-propelled TBMs have come from outside China. The serious risk is deayed metro timelines and cost escalation if suppliers’ Chinese plants or components get stuck in licensing.
India’s response has to be to make these machines itself, and that work has started. The government is preparing a $1.2 billion incentive scheme to make tunnel boring machines, firefighting equipment and elevators in India. It is expected to bring in about $1.8 billion in investment over seven years.
BEML is preparing to manufacture TBMs locally, and L&T could also benefit. Building this capacity will take years, but each round of export controls from China makes the case for it stronger. asia.nikkei.com/economy/chin…
Deepak Shenoy retweeted
#TimeToMintMoney: THE WORLD MOVES MARKETS. ARE YOU READY FOR WHAT COMES NEXT?
War, oil prices and global uncertainty are keeping investors guessing. But what do these shifting dynamics mean for your money?
Deepak Shenoy and Radhika Gupta come together to decode the market outlook, challenge expectations and explore what investors should watch out for next.
Ready to make sense of the markets? This is one conversation you don't want to miss.
Catch them LIVE at the Mint Money Festival 2026 on November 28 at NSE, Mumbai.
Super Saver Passes end on October 27. Get yours before the offer expires!
Book now: events.livemint.com/event/mi…
#MintMoneyFestival2026 #DeepakShenoy #RadhikaGupta #Investing #TimeToMintMoney
@deeptibhaskaran | @jashkriplani | @apri_sharma | @Shiprasorout | @bajajfinservmf | @IRA_REITs | @NSEIndia | @VijayKedia1 | @RajeevThakkar | @iRadhikaGupta | @devinamehra | @deepakshenoy | @nikhila310 | @pattufreefincal | @avinashraov | @one_by_two | @ICICIPruMF | @PPFAS | @edelweisslife1 | @firstglobalsec | @capitalmind_in | @gripinvest | @embassy_reit | @iitmadras
Gold imports have come down by over $7 bn in the first six months of this fin year vs. last year. (Last year was 26bn, this year is 19bn)
Our biggest import: electronic goods (but we also export them) Here's a look at goods trade data for Apr-Sep 2026:
(Correction: That earlier post was for increase in exports/imports)
For absolute numbers: We continue to import heavily from China, while exporting goods to the US (net). Also we net export to Netherlands, UK etc. Net imports from everywhere else including South Korea.
