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Time of India
2 days ago
- Business
- Time of India
Specialised Investment Funds can offer retail MF investors access to PMS-type investing but should you rush in?
With the nod of the Securities and Exchange Board of India ( Sebi ) earlier this year, a new investment vehicle—specialised investment fund (SIF)—is set to enter the market. Positioned as a middle ground between mutual funds and portfolio management services (PMS), SIFs offer greater risk-taking potential and more sophisticated strategies within a regulated framework, targeting so-called 'seasoned' investors who can commit Rs.10 lakh to start with. Many think only large investors have access to complex, often secret, and exotic investment strategies. However, with SIFs allowed to pursue differentiated strategies rather than regular mutual funds, retail mutual fund investors are showing strong interest — more so as a lot of them always wanted to try PMS but could not meet its high investment threshold of Rs.50 lakh. Several asset management companies (AMCs) are gearing up to enter this market. Some have already created new SIF-specific entities, as required by Sebi. However, we are yet to see the launch of individual strategies. To be sure, the SIF will have strategies, just like a mutual fund has schemes. The regulator also mandates this difference in nomenclature to help investors avoid confusion. 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It's too early to say. As a concept, SIF will compete with PMS — not just by virtue of its lower investment threshold but because it offers the same investor-friendly taxation as mutual funds, compared to the more complicated tax liabilities associated with PMS. Hence, the arrival of SIFs is a welcome development, despite some expected opposition to new financial products, as controlled financial innovation is vital for the evolving Indian market as a whole. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Short Explainer on Long-short Strategies: These aim to generate positive returns regardless of market direction by holding both long (buy) & short (sell) positions, either to hedge against losses, create a market-neutral portfolio, or adjust positions based on expected market movements. Fund managers may use these strategies to capitalise on relative performance between stocks or sectors, such as going long on undervalued stocks & shorting overvalued ones. However, these strategies require skillful decision-making, involve more active calls, & are harder to benchmark. For someone with Rs.10 lakh to invest, SIFs may seem exciting, like a ticket to an exclusive club earlier reserved only to big investors. But is rushing into this 'Mini-PMS' a smart move? For the sake of discussion, let's limit ourselves to only three equity-oriented strategies allowed for SIFs (others being two in debt, and another two in the hybrid space; refer to the table). One needs to think critically about what purpose SIF will serve in one's portfolio, which already includes equity mutual funds. Live Events Concentration can work both ways Even though equity SIFs will operate like equity funds and are allowed to have more concentrated portfolios, they have one distinct feature that permits greater risk-taking. Unlike mutual funds, SIFs can engage in derivatives (futures/options) without holding the underlying assets. This allows SIFs to take unhedged short positions, i.e. betting on price declines, up to 25% of the fund's value. While this capability provides more flexibility, it also introduces higher risks, as concentrated investments can amplify both profits and losses, and complex short-selling strategies demand precise market foresight by the fund manager. This flexibility does not guarantee that SIFs will deliver better results than mutual funds. Many investors may feel they have outgrown the simplicity of mutual funds, having stuck to them for years, and seek the sophisticated complexities usually available to larger portfolio holders. Combined with the financial or emotional restraints of investing a larger sum, the SIF may seem an appealing solution. No track record, yet However, SIFs are relatively new and lack a proven track record. Once launched, it would be essential to examine how fund managers approach them, as each may use unique investment strategies and portfolio management styles. For example, some might focus on aggressive short-selling or concentrated debt positions, while others may prioritise a market-neutral strategy, leading to varied risk and return profiles. Before committing to SIFs, investors must take time to understand these differences and assess how each fund's management aligns with their goals. It is better to wait and watch. Investing in something untested, no doubt, is glamorous, but it could also unnecessarily increase risks. So, consider SIFs later once they have established some credibility as a concept and have demonstrated desirable investment outcomes. This may sound boring, but the fact is that your existing, basic equity funds remain a super-product for most of your investment needs! If you still want to test the waters and have `10 lakh to spare, ensure you have the stomach for the risk that comes with SIFs. Just remember: in regulated markets, there's no magic formula or surefire way to get rich quick. The Author is FOUNDER, STABLEINVESTOR
Economic Times
2 days ago
- Business
- Economic Times
Specialised Investment Funds can offer retail MF investors access to PMS-type investing but should you rush in?
A new investment vehicle—specialised investment fund (SIF)—is set to enter the market. Synopsis Many investors may feel they have outgrown the simplicity of mutual funds, having stuck to them for years, and seek the sophisticated complexities usually available to larger portfolio holders. However, SIFs are relatively new and lack a proven track record. With the nod of the Securities and Exchange Board of India (Sebi) earlier this year, a new investment vehicle—specialised investment fund (SIF)—is set to enter the market. Positioned as a middle ground between mutual funds and portfolio management services (PMS), SIFs offer greater risk-taking potential and more sophisticated strategies within a regulated framework, targeting so-called 'seasoned' investors who can commit Rs.10 lakh to start with. ADVERTISEMENT Many think only large investors have access to complex, often secret, and exotic investment strategies. However, with SIFs allowed to pursue differentiated strategies rather than regular mutual funds, retail mutual fund investors are showing strong interest — more so as a lot of them always wanted to try PMS but could not meet its high investment threshold of Rs.50 lakh. Several asset management companies (AMCs) are gearing up to enter this market. Some have already created new SIF-specific entities, as required by Sebi. However, we are yet to see the launch of individual strategies. To be sure, the SIF will have strategies, just like a mutual fund has schemes. The regulator also mandates this difference in nomenclature to help investors avoid too early to say. As a concept, SIF will compete with PMS — not just by virtue of its lower investment threshold but because it offers the same investor-friendly taxation as mutual funds, compared to the more complicated tax liabilities associated with PMS. Hence, the arrival of SIFs is a welcome development, despite some expected opposition to new financial products, as controlled financial innovation is vital for the evolving Indian market as a whole. Short Explainer on Long-short Strategies: These aim to generate positive returns regardless of market direction by holding both long (buy) & short (sell) positions, either to hedge against losses, create a market-neutral portfolio, or adjust positions based on expected market movements. Fund managers may use these strategies to capitalise on relative performance between stocks or sectors, such as going long on undervalued stocks & shorting overvalued ones. However, these strategies require skillful decision-making, involve more active calls, & are harder to someone with Rs.10 lakh to invest, SIFs may seem exciting, like a ticket to an exclusive club earlier reserved only to big investors. But is rushing into this 'Mini-PMS' a smart move? For the sake of discussion, let's limit ourselves to only three equity-oriented strategies allowed for SIFs (others being two in debt, and another two in the hybrid space; refer to the table). One needs to think critically about what purpose SIF will serve in one's portfolio, which already includes equity mutual funds. Even though equity SIFs will operate like equity funds and are allowed to have more concentrated portfolios, they have one distinct feature that permits greater risk-taking. Unlike mutual funds, SIFs can engage in derivatives (futures/options) without holding the underlying assets. This allows SIFs to take unhedged short positions, i.e. betting on price declines, up to 25% of the fund's value. While this capability provides more flexibility, it also introduces higher risks, as concentrated investments can amplify both profits and losses, and complex short-selling strategies demand precise market foresight by the fund manager. This flexibility does not guarantee that SIFs will deliver better results than mutual funds. ADVERTISEMENT Many investors may feel they have outgrown the simplicity of mutual funds, having stuck to them for years, and seek the sophisticated complexities usually available to larger portfolio holders. Combined with the financial or emotional restraints of investing a larger sum, the SIF may seem an appealing solution. However, SIFs are relatively new and lack a proven track record. Once launched, it would be essential to examine how fund managers approach them, as each may use unique investment strategies and portfolio management styles. For example, some might focus on aggressive short-selling or concentrated debt positions, while others may prioritise a market-neutral strategy, leading to varied risk and return profiles. Before committing to SIFs, investors must take time to understand these differences and assess how each fund's management aligns with their goals. ADVERTISEMENT It is better to wait and watch. Investing in something untested, no doubt, is glamorous, but it could also unnecessarily increase risks. So, consider SIFs later once they have established some credibility as a concept and have demonstrated desirable investment outcomes. This may sound boring, but the fact is that your existing, basic equity funds remain a super-product for most of your investment needs! If you still want to test the waters and have `10 lakh to spare, ensure you have the stomach for the risk that comes with SIFs. Just remember: in regulated markets, there's no magic formula or surefire way to get rich quick. The Author is FOUNDER, STABLEINVESTOR ADVERTISEMENT (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of (Catch all the Personal Finance News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) 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New Indian Express
2 days ago
- Business
- New Indian Express
Building a wealth creating mindset
To create wealth the first step is Building a wealth-creating mindset. How to create that mindset? Building a wealth-creating mindset involves cultivating habits, attitudes, and strategies that prioritise long-term financial growth. Here are practical steps to develop this mindset, tailored to be concise yet comprehensive: 1. Adopt a growth mindset: Believe wealth is achievable through learning and effort. Study successful investors like Warren Buffett or entrepreneurs like Elon Musk, Mukesh Ambani to understand their decision-making. Read books like Think and Grow Rich by Napoleon Hill or The Millionaire Next Door by Thomas J. Stanley to reframe your thinking. 2. Set clear financial goals: Define specific, measurable objectives, like saving Rs.1,000,000 in 10 years or generating Rs.50,000 in passive income annually. Break these into actionable steps, such as saving Rs.5000 monthly or investing 10% of your income. 3. Prioritise financial education: Learn about budgeting, investing, and debt management. Start with basics like compound interest and diversification. Use free resources like Investopedia, podcasts, or follow credible X accounts for tips. Given your past interest in saving versus investing, focus on understanding how disciplined saving fuels investment opportunities. If you are investing in Equities for the first time in your family, ensure that they understand standard deviation of equity investing! 4. Embrace delayed gratification: Shift from short-term spending to long-term gains. For example, instead of buying a Rs.10,000 gadget, invest that money in a low-cost index fund. Historically, the Index averages 12-15% annual returns! 5. Build multiple income streams: Relying solely on a salary limits wealth. Explore side hustles, real estate, or dividend-paying stocks. For instance, renting out a property can generate steady cash flow, as seen in markets like Bengaluru, where rental yields average 3-5%. However, understand that risks are hidden in all wealth creating transactions. 6. Manage risk wisely: Wealth creation involves calculated risks. Diversify investments across stocks, bonds, and real estate to mitigate losses. Avoid get-rich-quick schemes; scams cost Americans Rs.3.7 billion in 2022, per the FTC. There is no such figure available for India. 7. Surround yourself with like-minded people: Join financial discussion groups on X or local investment clubs. Engaging with others who share wealth-building goals, as you've shown interest in topics like retirement planning, reinforces discipline. 8. Track and optimise spending: Use apps or simple excel sheets to monitor expenses. Cut unnecessary costs, which can save Rs.20,000-Rs.30,000 annually for reinvestment. 9. Stay disciplined and patient: Wealth builds over time. Automate savings and investments to avoid emotional decisions. For example, setting up a monthly SIP in a mutual fund ensures consistency. You also won't need to think about investing every month. This reduces fatigue. 10. Cultivate resilience: Market downturns or setbacks are inevitable. Learn from mistakes, like over-leveraging in stocks, and adjust strategies. The 2008 financial crisis showed that long-term investors who stayed the course recovered losses by 2013. Reflecting on your interest in saving and retirement planning, a wealth-creating mindset starts with valuing small, consistent actions—like maximizing retirement contributions—while balancing cultural or family obligations.
Business Standard
18-07-2025
- Business
- Business Standard
Trishakti Industries Limited Announces Capital Raising Initiative via Preferential Equity & Convertible Warrants
VMPL Kolkata (West Bengal) [India], July 18: Trishakti Industries Limited, India's leading crane rental and heavy lifting solutions provider, has successfully concluded a capital raising initiative, marking a pivotal moment in its ongoing growth trajectory and ambitious capex plans. Key Highlights: Preferential Allotment of Equity Shares and Warrants Strategic Capital Raise & Allotments: The Board of Directors has approved a preferential issue comprising: * 1,46,000 fully paid-up equity shares at an issue price of ₹158.10 per share. * 16,18,000 convertible warrants at ₹158.10 per warrant, each warrant convertible into one equity share within 18 months of allotment. * The aggregate fundraise will total up to ₹27.89 crore, combining fresh capital infusion and conversion of unsecured loans. * 10 lakh shares allotted to the promoter group, signifying their continued commitment and vote of confidence in Trishakti's long-term vision. * 6.18 lakh warrants allotted to public (non-promoter) investors, significantly broadening the shareholder base and market participation. Enhanced Shareholding Profile After the preferential issue, the total number of shares increased from 1,63,30,550 to 1,80,94,550. The Promoter and Promoter Group's shareholding rose from 1,12,85,591 to 1,22,85,591 shares, though their stake slightly decreased from 69.11% to 67.90%. Public shareholding increased from 50,44,959 to 58,08,959 shares, with their stake rising from 30.89% to 32.10%. Capex Plan: India's Infrastructure Backbone: * Trishakti is executing a robust ₹400 crore capex plan for FY25-FY27, strengthening its modern fleet of hydraulic, crawler, and truck-mounted cranes to support India's most demanding infrastructure projects. * Over Rs.50 crore has already been invested as of FY25, enabling Trishakti to achieve full fleet utilization and win prestigious contracts--including a landmark equipment supply order from Reliance Industries for a marquee renewable energy project. * Funds from this round will directly advance fleet expansion, technology upgrades, working capital, and project execution capabilities. High-Profile Investor Participation: The current capital raise attracted significant new backing from: * Gautam Badalia, CEO of Route Mobile, who joins as a shareholder, bringing deep strategic insight. * The company's first major Domestic Institutional Investor (DII), marking the entry of institutional capital and enhancing market credibility. Sector Outlook: Robust Growth in India's Infrastructure Ecosystem: * India's infrastructure sector is experiencing unprecedented momentum, backed by record government allocations of over ₹11 lakh crore for FY2025-26 alongside strong growth in private capex. * Large-scale expansion in transportation, energy, and urban development is fueling high demand for crane rentals and heavy lifting solutions. * The surge in mega projects and modernization initiatives is reshaping the national landscape, providing significant growth opportunities for companies like Trishakti Industries to scale and innovate their fleet-driven offerings. Management Commentary Mr. Dhruv Jhanwar, Chief Executive Officer, stated: "This capital raise represents a strategic milestone in Trishakti's journey. With a robust pipeline of orders and rising demand from blue-chip clients, we are scaling rapidly to meet the evolving needs of India's infrastructure sector. Importantly, this fundraise includes significant infusion from the promoter group--demonstrating our conviction--and participation from marquee industry and institutional investors. We are confident these resources will accelerate our fleet expansion, drive operational excellence, and strengthen our balance sheet for sustained, long-term growth." About Trishakti Industries Limited Trishakti Industries Limited, established in 1985, is one of India's premier infrastructure solutions providers, specializing in the hiring of heavy earth-moving equipment. With its diverse fleet of advanced machinery, the company supports large-scale projects across key sectors such as steel, cement, railways, construction, and more. Over nearly four decades, Trishakti Industries has built a robust reputation through successful partnerships with leading organizations, including Tata Steel, Larsen & Toubro, RVNL, ONGC, ITD Cementation, Jindal Group, Adani Group, KEC International, NCC Limited, and many others. By delivering reliable, timely, and efficient equipment solutions, the company has played a pivotal role in powering India's infrastructure development. Trishakti Industries is committed to operational excellence, safety, and client satisfaction, positioning itself as a trusted partner for some of the nation's most complex and high-profile projects. Continual investment in technology and innovation ensures that its clients benefit from access to cutting-edge and efficient machinery, making Trishakti Industries a leader in the field. Disclaimer This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties such as government actions, local developments, and technological risks. The Company is not responsible for any actions taken based on these statements and does not commit to publicly updating them to reflect future events or circumstances.
Indian Express
18-07-2025
- Politics
- Indian Express
‘Rules of game can't be changed once it's begun': Punjab and Haryana HC raps Haryana for changing recruitment rules mid-way
The Punjab and Haryana High Court Thursday struck down Haryana's retrospective application of amended recruitment rules, holding that it violated the fundamental rights of job applicants. It also imposed a cost of Rs 50,000 on the state for what it called a deliberate attempt to undo legitimate claims. Both appeals challenged a common order passed by a single judge on April 18, 2022, in two Civil Writ Petitions. The petitioners, Abhishek Verma and Ankur Mittal, had alleged that they were wrongfully denied appointments to the Haryana Civil Services and Haryana Police Services (HCS/HPS) despite meeting the criteria outlined in the Haryana Outstanding Sportspersons (Recruitment & Conditions of Service) Rules, 2018. In its judgment pronounced on July 17, the Division Bench of Chief Justice Sheel Nagu and Justice Sumeet Goel observed, 'The act of the State in making amendment on 09.03.2019 to have effect retrospectively from 05.09.2018 appears to be a deliberate act to scuttle the legitimate claim of the petitioners (respondents herein), which had matured under the 2018 Rules.' The bench held that Haryana's move violated applicants' fundamental right to fair consideration for public employment. Reaffirming that 'rules of the game cannot be changed once the game has begun', the court said recruitment processes must remain transparent and equitable. The bench also remarked, 'This litigation ought not to have arisen in the very first place had the State of Haryana and its functionaries obtained proper legal advice. The action of the appellants herein appears to be merely to scuttle the genuine claim of the petitioners. Thus the appellant-State of Haryana is liable to be saddled with cost of Rs.50,000/- out of which Rs.10,000/- each shall be paid to both the petitioners, namely, Abhishek Verma and Ankur Mittal and the remaining amount of Rs.30,000/- shall be credited in the account of Punjab & Haryana Bar Association, Chandigarh for having wasted precious time of this Court in pursuing this avoidable piece of litigation.' The court emphasised that altering recruitment rules once the process has begun undermines the principles of fairness and transparency. Citing the Supreme Court's ruling in K Manjusree vs State of Andhra Pradesh (2008), the court said, 'Introduction of the requirement of minimum marks for interview, after the entire selection process… was completed, would amount to changing the rules of the game after the game was played, which is clearly impermissible.' This view was echoed by a Constitutional Bench in Tej Prakash Pathak vs Rajasthan High Court (2023), which held that recruitment benchmarks cannot be altered mid-process. The case arose from a Haryana Government amendment to recruitment rules notified on March 9, 2019, but made effective retrospectively from September 5, 2018. The petitioners, who had applied under the 2018 Rules, argued that their right to be considered under those rules had crystallised at the time of application. The retrospective change, they contended, unfairly altered eligibility criteria, wiping out their valid claims.
