Latest news with #BhavinShah
Economic Times
10-08-2025
- Business
- Economic Times
APMI eyes Rs 25 lakh crore PMS AUM in 5 years, pushes for wider investor base, says Bhavin Shah
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Portfolio Management Services (PMS) industry in India is poised for a transformative leap, with the Association of Portfolio Managers in India (APMI) setting its sights on a Rs 25 lakh crore discretionary PMS AUM over the next five to ETMarkets on the sidelines of the APMI conference in Mumbai, Bhavin Shah, Founder & CIO of Sameeksha Capital and APMI Board Member, outlined a growth roadmap anchored in regulatory reforms, broader investor participation, and enhanced ease of doing emphasised that expanding PMS penetration beyond metros into Tier-2 and Tier-3 cities, attracting affluent investors, family offices, and NRIs, and removing barriers to entry and scale will be crucial in unlocking the industry's true potential and creating high-skill jobs in line with the Viksit Bharat 2047 vision. Edited Excerpts –A) APMI continues to serve as a structured platform for constructive dialogue between thePMS industry and the regulator. We have played an instrumental role in shaping regulatory developments that balance investor protection with operational flexibility.1. Enhancing data-driven policymaking and industry benchmarking through tools like PARAS, which help both regulators and investors make better-informed assessments of PMS operations and performance.2. Advocating proportionate and practical regulatory approaches, especially for small and mid-sized PMS players such as the successful revamping of the self-certified RE category and introduction of a new small-sized RE category under the CSCRF- Related to the PMS.3. strengthening industry participation in policymaking by forming expert committees (on digital initiatives, compliance) and gathering feedback across members to present collated industry views to SEBI.4. Pushing for digital transformation and innovation across the PMS value chain, from client onboarding to reporting and compliance in line with global best practices.5. Driving thought leadership and education for all stakeholders' investors, media, intermediaries, and policymakers to support a more informed and confident PMS ahead, our key objectives include:PMS is very under penetrated and there is huge scope for expansion of the investor base. Take up initiatives to expand the PMS investor basePersist with SEBI to address many long pending issues of barriers to entry, barriers to scale and excessive compliance requirements so that PMS industry can expand from current under 500 members to tens of thousands of members as seen in other large countries and with that create hundreds of thousands of high skill jobs and make India a global powerhouse in portfolio management so as to fulfil Viksit Bharat 2047 vision.A) 1. Investor confidence is the cornerstone of any financial investment, and this remains a top priority for APMI. We play a pivotal role in strengthening trust and transparency across the industry and a significant milestone in this journey is our responsibility as a Designated Body to handle the first level of investor complaints under SEBI's SCORES platform.a. This development reinforces our role in ensuring responsive grievance redressal and positions APMI as a key enabler of investor protection within the PMS ecosystem.2. Another important milestone in building investor confidence has been the launch of the Distributor Registration Portal (DRP), a compliance focused initiative that brings formal recognition, regulatory structure, and accountability to PMS distribution.a. It ensures that investors receive the right and validated information through their registered distributors, operating within defined compliance parameters. This represents a significant step toward fostering responsible distribution practices and enhancing investor protection.3. We launched APMI Insights, a thought leadership and data dissemination initiative aimed at building investor confidence by providing validated, reliable information on the evolving PMS landscape.a. Through research publications, newsletters, and roundtable discussions, this platform helps investors, media, and intermediaries gain a clearer, more informed view of the PMS industry.4. We are engaging with SEBI on the Accredited Investor framework, aiming to simplify access for sophisticated investors while ensuring risk awareness and responsible onboarding.5. APMI has issued best practice guides on fee disclosures and client reporting, promoting fair disclosure and improved investor communication.6. We are also facilitating investor grievance redress by working with our members to build more responsive and transparent complaint resolution processes and a bridge between the regulator and the industry.A) Lot of events that threaten to have a sharp negative impact on the market, especially Trump's tariff actions and the India Pakistan war have taken place and are still in the play. To make it worse, end demand has weakened and has affected corporate we stay focussed on many underlying positives about our economy today: low inflation and potential for further easing of monetary policy, superb fiscal position of the government and hence sufficient dry powder to take actions needed to stimulate the economy, meaningful income tax cut to put more money in pockets of investors, plans by the government to boost infrastructure spend and benign have avoided taking any drastic measures based on our overall view of the possibility of stronger economic expansion based on relevant factors we see today. We also recognize that we have relatively low direct exposure to companies affected by Trump tariffs.A) 1. APMI envisions the Discretionary- Non-EPFO PMS Industry AUM evolving into a Rs.25 lakh crore-plus AUM segment over the next five years, driven by strong participation from affluent investors, family offices, and NRIs.2. We see PMS becoming a trusted, well-governed investment avenue, supported by consistent disclosures, transparent reporting, and a strong regulatory framework.3. Over the next few years, we aim to:Expand PMS penetration across Tier 2 and Tier 3 cities through distributor enablement and investor extensively with SEBI to transform the 2020 regulation that was a big overhaul to the next version that is far more optimized and enables ease of entry, ease of scale, ease of compliance and ease of operations for the Portfolio Managers. There are many pending proposals with SEBI and APMI hopes to have them implementedWith a very strong investor protection framework in place, it is high time for PMSes to receive flexibility given to institutional investors which includes IPO participation, QIP participation, removal of peak margin requirement, settling of trades on net basis and other related it easier for investors to evaluate and compare different PMSes, open accounts, move from one PMS to anotherAddress longstanding demands of investors to reverse arbitrary hikes in minimum required to invest and make it possible for investors to start second and subsequent PMSes with lower all these efforts, APMI aspires to position India's PMS industry among the most credible and innovative globally, serving long-term wealth creation needs of sophisticated investors.
Time of India
10-08-2025
- Business
- Time of India
APMI eyes Rs 25 lakh crore PMS AUM in 5 years, pushes for wider investor base, says Bhavin Shah
The Portfolio Management Services (PMS) industry in India is poised for a transformative leap, with the Association of Portfolio Managers in India (APMI) setting its sights on a Rs 25 lakh crore discretionary PMS AUM over the next five years. Speaking to ETMarkets on the sidelines of the APMI conference in Mumbai, Bhavin Shah, Founder & CIO of Sameeksha Capital and APMI Board Member, outlined a growth roadmap anchored in regulatory reforms, broader investor participation, and enhanced ease of doing business. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo Shah emphasised that expanding PMS penetration beyond metros into Tier-2 and Tier-3 cities, attracting affluent investors, family offices, and NRIs, and removing barriers to entry and scale will be crucial in unlocking the industry's true potential and creating high-skill jobs in line with the Viksit Bharat 2047 vision. Edited Excerpts – Q) Thank you for speaking to ETMarkets on the sidelines of APMI conference in Mumbai. What are the key objectives APMI is working towards in the current regulatory and market landscape? A) APMI continues to serve as a structured platform for constructive dialogue between the Live Events PMS industry and the regulator. We have played an instrumental role in shaping regulatory developments that balance investor protection with operational flexibility. 1. Enhancing data-driven policymaking and industry benchmarking through tools like PARAS, which help both regulators and investors make better-informed assessments of PMS operations and performance. 2. Advocating proportionate and practical regulatory approaches, especially for small and mid-sized PMS players such as the successful revamping of the self-certified RE category and introduction of a new small-sized RE category under the CSCRF- Related to the PMS. 3. strengthening industry participation in policymaking by forming expert committees (on digital initiatives, compliance) and gathering feedback across members to present collated industry views to SEBI. 4. Pushing for digital transformation and innovation across the PMS value chain, from client onboarding to reporting and compliance in line with global best practices. 5. Driving thought leadership and education for all stakeholders' investors, media, intermediaries, and policymakers to support a more informed and confident PMS ecosystem. Looking ahead, our key objectives include: PMS is very under penetrated and there is huge scope for expansion of the investor base. Take up initiatives to expand the PMS investor base Persist with SEBI to address many long pending issues of barriers to entry, barriers to scale and excessive compliance requirements so that PMS industry can expand from current under 500 members to tens of thousands of members as seen in other large countries and with that create hundreds of thousands of high skill jobs and make India a global powerhouse in portfolio management so as to fulfil Viksit Bharat 2047 vision. Q) Can you elaborate on the steps APMI is taking to bolster investor confidence in the PMS industry? A) 1. Investor confidence is the cornerstone of any financial investment, and this remains a top priority for APMI. We play a pivotal role in strengthening trust and transparency across the industry and a significant milestone in this journey is our responsibility as a Designated Body to handle the first level of investor complaints under SEBI's SCORES platform. a. This development reinforces our role in ensuring responsive grievance redressal and positions APMI as a key enabler of investor protection within the PMS ecosystem. 2. Another important milestone in building investor confidence has been the launch of the Distributor Registration Portal (DRP), a compliance focused initiative that brings formal recognition, regulatory structure, and accountability to PMS distribution. a. It ensures that investors receive the right and validated information through their registered distributors, operating within defined compliance parameters. This represents a significant step toward fostering responsible distribution practices and enhancing investor protection. 3. We launched APMI Insights, a thought leadership and data dissemination initiative aimed at building investor confidence by providing validated, reliable information on the evolving PMS landscape. a. Through research publications, newsletters, and roundtable discussions, this platform helps investors, media, and intermediaries gain a clearer, more informed view of the PMS industry. 4. We are engaging with SEBI on the Accredited Investor framework, aiming to simplify access for sophisticated investors while ensuring risk awareness and responsible onboarding. 5. APMI has issued best practice guides on fee disclosures and client reporting, promoting fair disclosure and improved investor communication. 6. We are also facilitating investor grievance redress by working with our members to build more responsive and transparent complaint resolution processes and a bridge between the regulator and the industry. Q) With over 20 years of experience in markets, you have seen many market cycles. Tell us, how do you feel about 2025 – we have seen a lot – from earthquakes, wars, tariff wars etc. How are you managing the volatility? A) Lot of events that threaten to have a sharp negative impact on the market, especially Trump's tariff actions and the India Pakistan war have taken place and are still in the play. To make it worse, end demand has weakened and has affected corporate earnings. Yet, we stay focussed on many underlying positives about our economy today: low inflation and potential for further easing of monetary policy, superb fiscal position of the government and hence sufficient dry powder to take actions needed to stimulate the economy, meaningful income tax cut to put more money in pockets of investors, plans by the government to boost infrastructure spend and benign crude. We have avoided taking any drastic measures based on our overall view of the possibility of stronger economic expansion based on relevant factors we see today. We also recognize that we have relatively low direct exposure to companies affected by Trump tariffs. Q) What is APMI's vision for the PMS industry over the next 3–5 years? A) 1. APMI envisions the Discretionary- Non-EPFO PMS Industry AUM evolving into a Rs.25 lakh crore-plus AUM segment over the next five years, driven by strong participation from affluent investors, family offices, and NRIs. 2. We see PMS becoming a trusted, well-governed investment avenue, supported by consistent disclosures, transparent reporting, and a strong regulatory framework. 3. Over the next few years, we aim to: Expand PMS penetration across Tier 2 and Tier 3 cities through distributor enablement and investor awareness. Work extensively with SEBI to transform the 2020 regulation that was a big overhaul to the next version that is far more optimized and enables ease of entry, ease of scale, ease of compliance and ease of operations for the Portfolio Managers. There are many pending proposals with SEBI and APMI hopes to have them implemented With a very strong investor protection framework in place, it is high time for PMSes to receive flexibility given to institutional investors which includes IPO participation, QIP participation, removal of peak margin requirement, settling of trades on net basis and other related benefits. Make it easier for investors to evaluate and compare different PMSes, open accounts, move from one PMS to another Address longstanding demands of investors to reverse arbitrary hikes in minimum required to invest and make it possible for investors to start second and subsequent PMSes with lower minimums. Through all these efforts, APMI aspires to position India's PMS industry among the most credible and innovative globally, serving long-term wealth creation needs of sophisticated investors.
Economic Times
10-08-2025
- Business
- Economic Times
ETMarkets PMS Talk: From Rs 1 crore to Rs 8.8 crore – Sameeksha Capital's 26% TWRR journey over a decade, Bhavin Shah decodes
From humble beginnings to delivering one of the most consistent track records in the portfolio management space, Sameeksha Capital's decade-long journey is a study in disciplined investing. ADVERTISEMENT Under the stewardship of Founder & CIO Bhavin Shah, the Sameeksha India Equity Fund has turned a Rs 1 crore investment at inception in March 2016 into approximately Rs 8.8 crore by July 2025, clocking a time-weighted rate of return (TWRR) of 26% before fees and expenses. In a conversation with ETMarkets on the sidelines of the APMI conference in Mumbai, Shah breaks down the investment philosophy that powered this growth—rooted in bottom-up fundamental research, a strong macro overlay, rigorous valuation discipline, and a laser focus on risk management—while also highlighting the fund's ability to generate alpha across market cycles, including downturns. A) Firstly, at Sameeksha, our investment methodology is rooted in bottom-up fundamental analysis with a strong macro build long-term free cash flow or equivalent models for each business based on detailed industry assessments and India's structural growth each company, we estimate a fair value two to three years out or more, and discount it back to arrive at a 'Buy Below' price using a required return adjusted for liquidity and volatility of earnings. ADVERTISEMENT We also consider traditional valuation metrics and rigorously apply qualitative filters like corporate governance and management the sell side, we trim or exit if the stock no longer offers adequate return potential or if there's fundamental deterioration. ADVERTISEMENT Risk management is integral to our strategy. We size positions based on how easily they can be traded without market impact, and adapt dynamically to market stress when answer your question on performance and wealth creation over almost 10 years: since inception in March 2016, Sameeksha's investment approach has delivered strong long-term results. ADVERTISEMENT For example, a Rs 1 crore investment by the first investor in the lead portfolio has grown to approximately Rs 8.8 crore by 31st July 2025, delivering a TWRR of 26% before fees and outcomes demonstrate the potential wealth creation our strategy can deliver through disciplined execution across varied market cycles. ADVERTISEMENT We note that in the first two years of our operations, as we were still building our capabilities, we carried a lot of cash in the portfolio, which affected performance in those early years. Consistent outperformance: 53 consecutive rolling five-year periods of delivering meaningful alpha, with a median alpha of 8–9% and top decile performance in every period. Superb performance in down markets, with downside capture of only 43% over the last five years—superior even to the most widely owned and respected mutual funds. Alpha delivered pre-Covid, during Covid, and post-Covid periods. Alpha delivered for seven consecutive years (including the current partial year). A) We continue to like individual opportunities across many sectors including IT-enabled services, select small-cap IT, digital consumption plays, jewellery and related businesses, select chemical and energy companies, and see froth in many high-growth sectors that have delivered strong recent growth and are expected to continue doing so, resulting in very high valuations. This includes names in defense, renewable energy, engineering, and some consumer sectors. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
10-08-2025
- Business
- Time of India
ETMarkets PMS Talk: From Rs 1 crore to Rs 8.8 crore – Sameeksha Capital's 26% TWRR journey over a decade, Bhavin Shah decodes
Sameeksha Capital's India Equity Fund has delivered a stellar 26% annualized return since its 2016 launch, growing Rs 1 crore to Rs 8.8 crore by mid-2025. Under Bhavin Shah's disciplined bottom-up approach with strong risk management, the fund consistently outperforms, delivering alpha across market cycles and excelling even during downturns, with selective bets in IT, chemicals, and digital sectors. Tired of too many ads? Remove Ads Edited Excerpts – Q) Tell us a little about your investment methodology. The Sameeksha India Equity Fund is about to complete 10 years. Please take us through the performance and how much wealth one would have generated if they invested at the launch. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Key takeaways: Consistent outperformance: 53 consecutive rolling five-year periods of delivering meaningful alpha, with a median alpha of 8–9% and top decile performance in every period. Superb performance in down markets, with downside capture of only 43% over the last five years—superior even to the most widely owned and respected mutual funds. Alpha delivered pre-Covid, during Covid, and post-Covid periods. Alpha delivered for seven consecutive years (including the current partial year). Q) Which sectors are looking attractive, especially after the recent tariff measures, and which ones should investors consider reducing exposure to? From humble beginnings to delivering one of the most consistent track records in the portfolio management space, Sameeksha Capital 's decade-long journey is a study in disciplined the stewardship of Founder & CIO Bhavin Shah, the Sameeksha India Equity Fund has turned a Rs 1 crore investment at inception in March 2016 into approximately Rs 8.8 crore by July 2025, clocking a time-weighted rate of return (TWRR) of 26% before fees and a conversation with ETMarkets on the sidelines of the APMI conference in Mumbai, Shah breaks down the investment philosophy that powered this growth—rooted in bottom-up fundamental research, a strong macro overlay, rigorous valuation discipline, and a laser focus on risk management—while also highlighting the fund's ability to generate alpha across market cycles, including downturns.A) Firstly, at Sameeksha, our investment methodology is rooted in bottom-up fundamental analysis with a strong macro build long-term free cash flow or equivalent models for each business based on detailed industry assessments and India's structural growth each company, we estimate a fair value two to three years out or more, and discount it back to arrive at a 'Buy Below' price using a required return adjusted for liquidity and volatility of also consider traditional valuation metrics and rigorously apply qualitative filters like corporate governance and management the sell side, we trim or exit if the stock no longer offers adequate return potential or if there's fundamental management is integral to our strategy. We size positions based on how easily they can be traded without market impact, and adapt dynamically to market stress when answer your question on performance and wealth creation over almost 10 years: since inception in March 2016, Sameeksha's investment approach has delivered strong long-term example, a Rs 1 crore investment by the first investor in the lead portfolio has grown to approximately Rs 8.8 crore by 31st July 2025, delivering a TWRR of 26% before fees and outcomes demonstrate the potential wealth creation our strategy can deliver through disciplined execution across varied market note that in the first two years of our operations, as we were still building our capabilities, we carried a lot of cash in the portfolio, which affected performance in those early years.A) We continue to like individual opportunities across many sectors including IT-enabled services, select small-cap IT, digital consumption plays, jewellery and related businesses, select chemical and energy companies, and see froth in many high-growth sectors that have delivered strong recent growth and are expected to continue doing so, resulting in very high valuations. This includes names in defense, renewable energy, engineering, and some consumer sectors.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
News18
24-07-2025
- Business
- News18
Veer Health aims to more than double revenue to Rs 40 cr in FY26
New Delhi, Jul 24 (PTI) Veer Health Care on Thursday said it is aiming to more than double its revenue to Rs 40 crore in the current fiscal year, mainly due to expansion in international markets. This growth outlook is fuelled by strong export momentum, full-capacity operations, and anticipated expansion into new international markets, a company statement said. Veer Health Care Ltd, a leading manufacturer of ayurvedic and natural personal care products under the Ayuveer brand, has projected total revenues of Rs 35-40 crore for the financial year 2025-26, with an expected Profit After Tax (PAT) margin of 10 per cent, according to the statement. The company's Vapi-based manufacturing facility is now running at full capacity to meet surging domestic and international demand, with operational efficiency expected to further support profitability. Veer Health Care Ltd reported a revenue of Rs 17.88 crore for the FY 2024-2025, marking a rise of 22.38 per cent year-on-year. Following its USFDA compliance approval in May 2025, Veer Health Care has seen a notable uptick in international interest. Simultaneously, Veer Health Care is in advanced discussions with a major Russian corporate group to supply its ayurvedic oral care products, with market entry expected anytime soon. This marks a significant step in the company's strategy to establish a broader global footprint for its Ayuveer product line. In addition to its core ayurvedic portfolio, Veer Health Care is actively pursuing entry into the US medical devices market. The company is progressing toward USFDA compliance for its upcoming range of products, including ventilators, defibrillators, and infusion pumps. New business divisions such as Hospital Care, in collaboration with medical equipment exporters, and VecrPlast, focused on precision toothbrush manufacturing, further reinforce the company's diversified growth approach. 'With full-capacity operations and strategic diversification into medical devices and oral care manufacturing, we're confident of achieving Rs 35-40 crore in revenue this year and reaching Rs 100 crore within the next 2-3 years," said Bhavin Shah, Managing Director at Veer Health Care. PTI KKS 1.0.0 DR DR view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
