Mutual Fund Summit 2025 Live: Crypto is a new asset class, fluctuates a lot, says CoinSwitch's Ashish

Niket: I think we are coming to the end of the pause cycle. Keep in mind that small cap continues to grow at 15-16%. Small and mid-cap share in profit in the entire market is almost 27-28%. The next 12-18 months, one needs to be extenstively selective, stock-specific.

Anish: The only people who are having a party are the promoters.

Anish: All our enthusiasm is based on last 3.5 years. But I do think there is a lot of froth, weak biz models, aggressive accounting and rich valuations and people need to be careful.

Rahul: On the macro side things seem better. I think in small Caps it has to be more company specific

You cannot ride the wave blindly - not in large-caps, small-caps or thematic

Niket: Pattern of consumption is changing.

Anish: In general, if you like something (sector), you should like it less at 200

Niket: Its all about individual stock picking ability when it comes to small caps. Small caps is extremely bottoms up approach

Vishal:  Most of GenZ consistently know more and enough about investing. Our job is to constantly to bring back discipline We have to keep drilling in their mind, keep showing data to them, make them understand in terms of how to calculate risk, how to navigate upturns and downturns in the markets.

Crypto is a new asset class, fluctuates a lot. In the recent times, we have seen GenZ doubling down on crypto, some of them say I will allocate only 5% of my portfolio to it, says CoinSwitch's Ashish

In crypto, regulations do not exist, you have to do self-regulation - Ashish

Sandeep of Dezerv: Most of GenZ consistently know more and enough about investing. Our job is to constantly to bring back discipline.

Vishal of Zerodha: We keep talking about the fact that one should look at asset allocation, keeping investing across assets and segments, keep investing regularly, stay the course.

We are highly regulated, audited. We have all the regulation and code of conduct. SEBI has said the industry should be doing more of self-regulation. The line between what is right and not right is very thin.

Navneet Munot: You cannot have a business where you do not put the customer at the centre of all that you do.

Navneet Munot: If you want growth, want markets to do well and you cannot put trust as the foundation of that, markets will collapse.

Navneet Munot: When you are managing someone else's money, it is amongst the most noble profession in the world.

Navneet Munot: We are highly regulated, audited. We have all the regulation and code of conduct. SEBI has said industry should be doing more of self-regulation. The line between what is right and not right is very thin.

Rajeev  Thakkar: Wherever we are finding opportunities, we are deploying; otherwise, we are staying in cash... It is not linked to what is happening in Iran or elsewhere.

Neelesh : Good themes and narratives need not be good investments because of valuations.

Shridatta: You need to focus more on comapnies that can deliver high growth rather than sectors.

Shridatta: You have to be careful about what you are getting into. While there are companies that are growing at 30-40%. they are also trading at 30-40x.

Shridatta: Redistribution of tax revenues towards consumption expenditute has already started.

Rajiv Thakkar: There is no consumption slowdown.

Rajiv Thakkar: Whether investment or consumption, when India's GDP is growing, it is the prob of individual companies that their product is not selling and their PnL is not showing.

Rajeev Thakkar: I see alpha generation in both consumption and investment.

Shridatta Bhandwaldar, Head Equities, Canara Robeco AMC:  Incrementally the margin of safety on the investment side has gone down

Shridatta Bhandwaldar, Head Equities, Canara Robeco AMC:  Over the last 10 years, the focus from state, centre, and real estate players on capex has been on the positive side.

Amarjeet Singh, Whole Time Member, SEBI: We are discussing that if REIT, InvIT can be part of equity

Lots of passive fund money will come.

Amarjeet Singh, Whole Time Member, SEBI:  Apply the Family Test, ask yourself whether you would be doing and saying the same thing if your family member were the investor. Mere lip service to ethical conduct not enough, need for effective

implementation. Demonstrate evidence of commitment to fair & ethical behavior to inspiretrust of regulators and other stakeholders

SEBI's Amarjeet Singh: Avoid ‘short-termism’, focus on building long-term investor value

Build trust through transparency and simplicity

Beware the Slippery Slope, Seemingly small compromises can snowball into bigger issues

Amarjeet Singh, Whole Time Member, SEBI:  Collaboration between industry and regulators facilitates common

purposes and outcomes foster a feedback loop.

Collaboration between industry provides opportunities for simplification

Collaboration between industry builds ownership of the achievement of outcomes and accountability for observance of the principles & rules

Amarjeet Singh, SEBI,  Whole Time Member: We need to avoid short termism. We need to focus on long term investor value

Amarjeet Singh, SEBI, Whole-Time Member: We have been working very closely with AMFI and we want to focus on outcomes.

Outcome-based colloborative regulation is important

Rule-based compliance often leads to box-ticking

What truly matters is investor outcomes and market integrity, built on a foundation of mutual trust and respect

Failings in ethical culture is root cause of numerous frauds, says Amarjeet Singh, Whole Time Member, SEBI

Amarjeet Singh, Whole Time Member, SEBI: Ethical practice is fine but what if there is no transparency

Amarjeet Singh, Whole Time Member, SEBI:  Ethical behaviour sometimes happens due to competitive pressure

Pressure of growing AUM leads sometime to misselling

Amarjeet Singh, SEBI whole time member: As a regulator we can go only up to a point. We can create frameworks. We need effective self regulation. Hence we are working with AMFI.

Role of auditors, board, board committees and trustees is important

Amarjeet Singh, SEBI whole time member: While we grow let us also continue to strengthen our systems so there is no loss of trust of the investors. Culture can not be based solely on firms policies, statements

Amarjeet Singh, SEBI whole time member: Many times we shoot the messenger but dont address the root cause

Amarjeet Singh, Whole Time Member, SEBI: Core of the culture is what employees view as acceptable behaviour

Amarjeet Singh, SEBI whole-time member: Use of technology, buoyant markets, regulatory reforms, investor education are drivers of growth

Reservation for MFs in IPOs democrtized the investment

B-15 and B-30 like incentives played a major role in reaching to small towns

Cap on TER and investor awareness was also a push

Rs 250 SIP is the next big push, 11 MFs have launched the scheme

Amarjeet Singh, SEBI whole time member: More and more people are coming to mutual fund industry. They are trusting us with their money. Maintaining trust is important

Amarjeet Singh, Whole Time Member, SEBI:  Number of MF schemes grew from 810 to 1760 from in a decade

Share of B-30 in total AUM of MFs gone up from 9% to 18.4% in a decade

Share of retail investors in AUM gone up from 23% to 28%

No of distributors grew from around 70,000 to over 2 Lakh in a decade

Number of folios gone up from 4.2 Cr to 23.4 Cr

Amarjeet Singh, Sebi whole time member: We are one of the unique markets where regulator works very closely with the mutual fund industry. MF industry grew exponentially in last 11 years. AUM of MF grew from 8.25 Lakh Cr in 2014 to Rs 72 Lakh Cr now

While we are growing at a phenomenal speed, what we need to be watchful about is if you have enough investment opportunities: Amarjeet Singh, SEBI whole time member

Kalpen Parekh, DSP MF:  Choice sometimes becomes confusing but there are ways of educating our investors.

DP Singh: Today, the number of schemes have increased because of more thematic schemes. When there is a bull run, people go to micro sectors. So the number of schemes gone up, but 70-80% AUM will be 5-6 categories.

Radhika Gupta: We need guide books on these categories. We need to be able to tell people how to build with these lego pieces.

Radhika Gupta, Edelweiss MF:  We need to be more solution oriented. As an industry we have created many pieces like Lego. What we need now is creating awareness about "Kaunsa Mutual Fund Sahi Hai"

Navneet Munot, HDFC AMC:  There is no country where there is the kind of classification like we have. We have reached a stage where people are now spoiled for choice.

Navneet Munot, HDFC MF:  The fractionization of assets - I think MF will play a very important role in this going ahead. It is just about time.

Radhika Gupta of Edelweiss MF: SEBI has approved SIF - we are giving daal chawal with some tadka . We need to be nuanced for different investors.

Radhika Gupta, Edelweiss Mutual Fund: There is no shortage of asset classes in India. India is a very nuanced consumer market

Radhika Gupta, Edelweiss Mutual Fund: You have to build products for consumers

Nilesh Shah: Need to expand investor base, geographies and products.

Nilesh Shah: We also need geographical expansion. We are currently urban focussed. We need to expand both investor base and geography

If you keep currency notes at home it will not grow. The most important thing is to convince investors not to keep the money at home.. it will not grow on trees... instead they can look at MF, says Nilesh Shah, Kotak MF.

Ideally every vehicle owner should be an investor. So we need to grow 6X, says Nilesh Shah of Kotak MF.

Thanks to SEBI we are slowly expanding the kind of products in which investors to invest in. But for things like debt we will need rule of law, says Nilesh Shah, Kotak MF.

Navneet Munot of  HDFC Mutual Fund said, "The difference between our industry and any other industry is the disclaimer .. which everyone is aware of.. there is no other industry where disclosures are of the magnitude that you see in MF. We take great pride in this."

Even if you compare us with developed countries, our disclosures are more robust and frequent., a lot of credit goes to SEBI and AMFI , said Navneet Munot of HDFC Mutual Fund.

"What we have done in MF sahi hai is presuation. This is what we have done as an industry. Now the ecosystem needs to do persuation - on Mutual Fund Sahi Hai,"  said  Navneet Munot of HDFC Mutual Fund.

Navneet Muhnot of HDFC Mutual Fund  said," The difference between our industry and any other industry is the disclaimer .. which everyone is aware of.. there is no other industry where disclosures are of the magnitude that you see in MF. We take great pride in this."

Kalpen Parekh, MD & CEO of DSP Mutual Fund, said, "In the last 4-5 years, industry has grown the balanced advantage fund category in a big way"

Kalpen Parekh of DSP Mutual Fund said," An important transition we need is education on factual data on returns. This will help investors - if they understand lowest point to highest point of returns."

At the Moneycontrol Mutual Fund Summit 2025, fund managers weigh in on one of the market’s most polarising debates

When it comes to the future of investing in India, one segment stands out for both its explosive potential and unpredictable swings, the Small & Mid-cap universe.

Often seen as a mirror to India’s entrepreneurial energy and innovation ecosystem, these companies have consistently turned heads by outperforming during dynamic market cycles. But with rapid gains come sharp corrections, and 2025 is already testing investor nerves.

The summit boasts a powerhouse lineup featuring:

·         Regulators like SEBI’s Amarjeet Singh

·         Veterans like Nilesh Shah (Kotak AMC), Navneet Munot (HDFC AMC), Radhika Gupta (Edelweiss MF), and DP Singh (SBI MF)

·         Disruptors like Ashish Singhal (CoinSwitch), Vishal Jain (Zerodha Fund House), and Sandeep Jethwani (Dezerv)

·         Market shapers like Kalpen Parekh, Ashish Gupta, Niket Shah, Rajeev Thakkar, and more

Smart regulation, responsible fund houses, and better investor education hold the key.

The mutual fund industry’s exponential growth brings both promise and pitfalls. While digital innovation and product diversification have helped, challenges like mis-selling, herd behaviour, and low investor awareness remain.

Themes that will define the summit:

·         Should investors back consumption themes or investment-led sectors?

·         Can large-caps regain favour after persistent FPI selling pressure?

·         What role will mutual fund distributors play in bridging trust gaps?

·         How will regulatory clarity shape new fund offerings?

Experts debate whether the real value lies in the mid-segment of the market

As the retail frenzy fuels small and mid-cap stocks, the summit will address critical investor concerns:

·         Will the alpha generation shift away from large-caps?

·         Is retail exuberance masking underlying volatility?

·         Should investors stay the course with small-caps or realign towards safety?

How can wealthtech firms design personalised, values-driven journeys?

With Gen Z leading a shift in investment behaviour, fintech and wealth platforms must balance innovation with responsibility. The summit will explore:

·         The role of influencer-led advice

·         Tools to promote long-term saving

·         How digital platforms can build trust and financial discipline

30 percent of Gen Z investors start before 24, what does this mean for fund houses?

Today’s mutual fund growth story is being actively shaped by Gen Z, a generation that is digital-first, financially curious, and aspirational. With over 45 percent of Indian investors under 30 now prioritising equities, understanding their motivations and risk appetite is vital.

Topics of discussion include:

·         Can Gen Z survive a crash like 2008 or the Dot-Com bust?

·         Are current investment platforms and advisors doing enough to earn their loyalty?

·         How to nurture better investor behaviour in an age of infinite choice and fleeting attention?

The summit’s theme reflects the broader narrative of economic foresight, investment-led growth, and financial inclusion. It also marks a turning point where technology, trust, and transparency must converge to propel the next leg of expansion in the mutual fund space.

India’s mutual fund industry has seen an extraordinary leap, growing from Rs 24.55 trillion in 2020 to Rs 72.20 trillion in 2025. As it eyes the $1 trillion AUM milestone, the summit will examine how product innovation, digital adoption, regulatory support, and investor education are reshaping the future of wealth creation.

Speakers include SEBI officials, top fund managers, and fintech founders. The summit will feature an elite lineup of speakers, including:

Amarjeet Singh, Whole Time Member, SEBI

Navneet Munot, MD & CEO, HDFC Asset Management

Nilesh Shah, MD, Kotak Mahindra AMC

Radhika Gupta, MD & CEO, Edelweiss MF

DP Singh, Joint CEO, SBI Funds Management

Ashish Gupta, CIO, Axis Mutual Fund

Kalpen Parekh, MD & CEO, DSP MF

Vishal Jain, CEO, Zerodha Fund House

Niket Shah, CIO, Motilal Oswal AMC

Rajeev Thakkar, CIO & Director, PPFAS AMC

Shridatta Bhandwaldar, Head Equities, Canara Robeco AMC

Ashish Singhal, Co-founder, CoinSwitch & Lemonn

Sandeep Jethwani, Co-founder, Dezerv

Dilshad Billimoria, Founder, Dilzer Consultants

…and many more influential voices in India’s financial landscape.

India’s largest business and markets news platform, Moneycontrol, is all set to host the fourth edition of its flagship Mutual Fund Summit on June 23, 2025, in Mumbai. This year’s theme, “The Trillion Dollar Dream”, captures the energy and ambition powering India’s mutual fund ecosystem toward achieving $1 trillion in Assets Under Management (AUM) by 2030.