In 2001, our client Mangal bought one kilogram (kg) of gold coins for ₹ 4 lakh savings held in a form she trusted. By 2015, they were worth ₹ 27 lakh, sitting in a locker, […]
EGRs Can Unlock Household Gold at Lower Cost to Taxpayers Read More »
Rajpal, a client, reached out to me saying, “I am reading many articles on my social media feeds warning that dark days are coming for the Indian economy.” He was also worried by the Prime
This time is no different, if you have a plan and discipline Read More »
Anusuya is a widow raising her only child on a junior accountant’s salary. Her Rs. 5 lakh fixed deposit was meant for her child’s education. When she went to renew it, a bank employee persuaded
Insurance tax break for savers must not subsidise sellers Read More »
Hemant learnt the hard way that not all nominated assets pass on with equal ease. His late father’s mutual fund units were transmitted in less than 48 hours. But when it came to the flat in a Mumbai housing society, the brothers were treated only as provisional members. They could not sell, transfer, or fully own it without a court order. That process took almost a year and cost over Rs 2 lakh. The law says a nominee holds assets for the legal heirs in both cases. Yet financial assets move quickly because nominees can redeem or sell them with ease. Property is different because a buyer needs clear title, and nomination alone does not provide that. Financial regulators have made transmission simple and time-bound. Real estate law has not kept pace. Until that changes, many families may find that inherited property brings not comfort, but complication.
Nominees Can Sell Shares. Why Not Real Estate? Read More »
Markets often fall for different reasons — wars, financial crises, or pandemics — but the question investors ask remains the same: Should we worry or see it as a buying opportunity? The recent decline of about 12% from the January 2026 peak has raised similar concerns among investors.
History suggests such declines are normal. Since 1980, markets have risen in 38 of the 46 calendar years, yet they have experienced 10% or more corrections in 41 of those years. In fact, the average intra-year fall has been around 20%, even in years when markets ultimately ended higher. Despite these frequent declines, equities have delivered about 15% annual returns over the long term, roughly doubling investments every five years.
Periods of sharp market falls often create discomfort for investors, causing them to forget the long-term perspective. However, staying invested during such declines is precisely what creates long-term wealth. Historically, markets have delivered their strongest returns after major corrections.
While some investors attempt to exit during crises and re-enter later, this strategy rarely works well. Markets often recover before confidence returns, and missing just a few of the best recovery days can significantly reduce long-term returns.
Truth be told, the sensible approach is simple: decide your equity allocation based on a sound financial plan and stick to it, even when markets feel uncomfortable. Over time, discipline and patience do the heavy lifting
When markets fall: Should investors worry or invest more? Read More »
Imagine a Test match where the host prepares two pitches — a green top for fast bowlers and a dry track for spinners. Before the match, it announces that the green top will be used, and the visiting team selects its players accordingly. After the toss, the host switches to the dry track — the one prepared for itself. In cricket, this would be called unfair play. In taxation, it is called a retrospective change. That is what the Budget 2026 proposal does by removing the capital gains exemption on Sovereign Gold Bonds (SGB) already bought.
The SGB Issue: Why Tax Certainty Matters Read More »
Budget 2026 offers several promising reforms, but one provision threatens to overshadow them all: taxing capital gains on Sovereign Gold Bonds bought from the secondary market. Previously, RBI redemption was tax-exempt regardless of how the bonds were acquired; restricting this benefit only to original subscribers is effectively retrospective, with an estimated impact of about ₹8,000 crore.
Other measures are constructive—TRS-based sell-downs could deepen the corporate bond market; overseas individuals of non-Indian origin may soon invest in Indian equities; and proposals such as exempting global income of returning experts and enabling online low-TDS certificates could ease frictions for talent and startups. Yet some areas fall short, including limited relief in TCS on overseas tours and a less calibrated STT hike.
Rolling back the SGB amendment is essential to avoid reviving concerns over retrospective taxation and to let the Budget’s genuine positives shine through
Virtual retro tax overshadows many positives of this Budget Read More »
Ganesh’s winning bet in the 1983 World Cup final was worthless because it was unenforceable. Crypto carries a similar risk. Even when prices move in your favour, weak regulation, custody failures, fraud, and legal irreversibility can wipe out gains entirely. As crypto returns compress toward levels seen in traditional assets, its risks remain open-ended. Without enforceability or recourse, a “winning” investment can still end in total loss—making crypto suitable, at best, only for speculative “mad money,” not for serious financial goals.
Cryptos Risks are Structural, its Returns are not Read More »
India’s ₹2 lakh crore pile of unclaimed assets remains largely out of reach not because citizens are unwilling to claim them, but because the system makes discovery nearly impossible. Official portals demand prior knowledge of assets, defeating their very purpose. As a result, meaningful restitution is rare, while private intermediaries succeed where the state does not. Without a unified, searchable database focused on discovery, initiatives like Aapki Poonji – Aapka Adhikar risk becoming symbolic rather than transformative. Truth be told, transparency—not opacity—is the real safeguard against fraud.
Unclaimed Assets: Easy Searchability, Not Opacity, Cuts Fraud Read More »
When Paying Fees Hurts: Why Investors Favour Commissions
Nobel Prize–winning behavioural economist Richard Thaler showed that people spend far more when the payment feels painless — like using a credit card instead of cash. The “pain of paying” is strong when money leaves your hand, but much weaker when the cost is hidden or delayed. The salience also drops because the price of a ticket gets buried among dozens of items in the credit-card bill. A ₹10,000 ticket feels expensive on its own, but as part of an ₹80,000 bill it seems acceptable.
This simple insight explains why investors resist paying visible fees to advisers but readily accept commissions embedded in financial products. Fees deducted from investments (as in PMS) are also less painful than fees paid separately by cheque.
This pattern holds worldwide: wherever investors can choose between commissions and fees, most pick commissions because they feel painless. Only in countries like the UK and Australia — which have banned commissions — do large numbers of investors pay fees directly.
When paying fees hurts: Why investors favour commissions Read More »
Vigilance Awareness Week 2025 is being observed from October 27th to November 2nd, 2025, with the theme:
All stakeholders are encouraged to participate in the e-pledge initiative by visiting the CVC portal: https://pledge.cvc.nic.in/.
