Mutual Fund Summit Live: Wealth creation is about patience and behaviour, not just knowledge, says HDFC AMC’s Navneet Munot

Ajay Khandelwal, Fund Manager at Motilal Oswal AMC, said earnings growth expectations for FY27 are pegged at around 12 per cent, with mid- and small-cap companies likely to outpace large caps.

He noted that businesses today have become more scalable, with lower capital intensity requirements compared to earlier cycles. Additionally, companies beyond the Nifty 50 are contributing an increasing share to the overall corporate profit pool, reflecting a broader earnings base.

While volatility persists across large, mid and small caps, Khandelwal said the focus should remain on businesses with adequate capital to fund their growth ambitions — a trait increasingly visible in mid- and small-cap segments as well.

On the adoption of artificial intelligence, he observed that only about 5–10 per cent of clients are actively looking to implement AI at present, with many awaiting technological stabilisation before committing significant investments.

He also pointed out that the macroeconomic backdrop has been marked by elevated inflation and current account deficit pressures. Although the rupee has depreciated, it has remained largely stable over the past three years. In this environment, Khandelwal said investors need to look beyond near-term returns and focus on fundamentals to build long-term conviction.

Chandraprakash Padiyar, Senior Fund Manager at Tata AMC, said that while one could jokingly suggest investing in the fund to fully understand its strategy, the broader message is that selective opportunities are emerging across specific manufacturing segments.

He highlighted areas such as precision engineering, select auto ancillaries, niche engineering and capital goods manufacturing as particularly interesting. The focus, he clarified, is not on traditional infrastructure plays but on businesses that form part of the broader ecosystem supporting infrastructure expansion — including segments linked to data centres and related capacities. The emphasis remains on identifying fundamentally strong, scalable businesses within these evolving themes.

Padiyar also referred to remarks attributed to Mukesh Ambani, who noted that in recent months several global CEOs have sought meetings to explore opportunities in India, reflecting heightened international interest. This growing engagement, he suggested, signals a broader trend of multinational corporations looking to expand their footprint in India, particularly in manufacturing and production-oriented partnerships.

Cheenu Gupta, SVP – Fund Management (Equities) at HSBC Mutual Fund, said markets remain about 15 per cent lower compared to levels seen 18 months ago, reflecting both price and time correction. He noted that sentiment has shifted considerably from the optimism that prevailed in September 2024 to a more cautious and questioning environment today.

Gupta observed that even major global developments, such as trade agreements between the EU and US markets, have not sparked strong market reactions, suggesting a more measured investor mood. He said such phases often create favourable conditions for selective stock picking. However, he emphasised that timing depends largely on investor patience, particularly in small caps, where a two- to three-year horizon is typically required for businesses to execute and compound value.

From a sectoral perspective, Gupta said manufacturing appears attractive, especially amid improving clarity on global trade arrangements. The narrative of India becoming a key part of global supply chains — which had lost momentum due to tariff uncertainties — is regaining traction. As companies reassess supply chain diversification, India may benefit from improved visibility and alignment.

He also pointed to global investments in AI infrastructure, power infrastructure and rising defence spending in Europe as potential tailwinds. Indian export-oriented companies capable of integrating into global supply chains in these areas could be well positioned to benefit from these structural shifts.

Ihab Dalwai, Senior Fund Manager at ICICI Prudential AMC, said valuations in the broader market have corrected to some extent and the euphoria that marked the small-cap rally in 2024 has subsided. However, he pointed out that small caps continue to trade at a premium to large caps — a shift from a decade ago, when small caps often traded at a discount.

Dalwai noted that while aggregate valuations in the small-cap space may not offer broad comfort, selective opportunities remain through a bottom-up approach. In many sectors, market leaders themselves fall within the small-cap universe. This is evident in segments such as ancillaries, real estate beyond a few large players, and emerging manufacturing businesses.

From a sectoral standpoint, he highlighted manufacturing as an attractive area within small caps, including pharmaceutical contract manufacturing, select auto components and aerospace-related production. These niches, he said, offer scalability and differentiated growth potential. He added that small-cap investing should ideally focus on business models not adequately represented in the large- and mid-cap space, as competing directly with established large players requires a distinct and sustainable advantage.

Dalwai also cautioned against evaluating small-cap performance solely through index returns. Successful small-cap companies often graduate to mid-cap indices as they grow, meaning part of their return journey is no longer captured in the small-cap benchmark.

He further observed that the success ratio in small-cap investing remains relatively low. Out of ten selected stocks, perhaps three or four may deliver sustained growth. In comparison, mid-cap stocks generally offer a higher success ratio due to greater business stability and visibility.

Chandraprakash Padiyar, Senior Fund Manager at Tata AMC, said the period between 2021 and 2024 was unusual, with a broad-based rally lifting most segments of the market. A low earnings base led to exceptionally strong corporate performance, particularly in the small-cap space. However, he noted that this favourable base effect has now faded, while valuations in 2024 reached extraordinarily high — and in many cases unsustainable — levels.

Reflecting a cautious stance, Padiyar said the fund house stopped accepting lump sum inflows into the Tata Small Cap Fund from June 20, citing elevated valuations and evolving market dynamics.

He observed that following the recent market correction, several businesses are now trading at more reasonable valuations, even though they may not be outright cheap. Importantly, many of these companies continue to offer healthy earnings growth potential.

Looking ahead, Padiyar said that unlike the past four years — when broad momentum reduced the importance of stock selection — the next three to four years are likely to require more disciplined, bottom-up investing. In such an environment, he believes active management strategies could gain an edge over passive approaches.

Ashish Gupta, CIO of Axis AMC, said that while investors naturally seek stocks that can deliver outsized alpha, it is equally important to ensure that no single stock disproportionately hurts the portfolio during downturns. The pursuit of multibaggers, he noted, must be balanced with prudent portfolio construction.

He cited examples such as HDFC Bank, Asian Paints and Bajaj Finance, which have created substantial long-term wealth in India. However, he pointed out that such multibaggers typically emerge over long investment horizons rather than short-term speculation. Data from the broader market shows that among the top 250 stocks, around 40 have turned into ten-baggers over time, reinforcing the importance of patience.

Gupta emphasised that equity investing inherently involves uncertainty. Even strong businesses with capable management can face external disruptions, regulatory changes or technological shifts. When business risks appear minimal and growth visibility is strong, valuation risks tend to increase as markets price in optimism. In such cases, disciplined allocation becomes critical.

He said initial position sizes often range between 2–4 per cent and may gradually rise to 7–8 per cent if the business continues to compound, with 10 per cent typically serving as a practical upper limit. Even relatively small allocations can meaningfully contribute to overall returns if they perform well.

According to Gupta, exceptional portfolios are rarely built on a single dominant winner. Sustained alpha is generally the result of multiple successful investments working together. He added that portfolio construction should not focus solely on individual stock weights but also on overall concentration levels — such as the exposure to the top 10, 20 or 30 holdings — which significantly influence risk and return outcomes.

Looking at historical trends, Gupta noted that between 2012 and 2020, portfolios were more concentrated, driven by performance in select sectors such as consumer businesses and financials. In contrast, the past five years have seen broader participation across industries, including industrials, B2B segments, hospitality, healthcare, travel and real estate. This has naturally led to greater diversification in portfolios.

He also highlighted the importance of structured oversight. Portfolio reviews are conducted continuously and through formal committee processes, including investment and asset allocation committees. In addition, quantitative flags based on price movements or earnings revisions automatically trigger reviews, ensuring a responsive and disciplined approach to risk management.

Vandit Shah, Senior Director at PwC, said the IFSC ecosystem has demonstrated a clear trend of regulatory responsiveness and operational streamlining. Processes that previously took several months have been significantly shortened, with approvals now typically completed in around three months. He noted that licensing timelines within the IFSC framework are among the fastest not only in India but also compared with several global jurisdictions.

Shah said a consistent priority since inception has been to address operational bottlenecks in the financial services ecosystem. The regulator’s focus on improving efficiency and reducing turnaround time has remained central to its approach and continues to shape the development of the broader financial environment.

He also highlighted the Authority’s ongoing engagement with industry stakeholders to identify challenges and refine regulations accordingly. In the fund management and mutual fund space, he observed a shift in trends — from funds primarily investing into India earlier to a growing demand for outbound global investments. Facilitating this transition has required close coordination with the RBI and other regulators to enable smoother cross-border investment structures.

Vaibhav Shah, Head – Products, Business Strategy & International Business at Mirae Asset Investment Managers (India), said that while he has been focused on selling domestic mutual funds for over two decades, there is no reason distributors should not also offer GIFT City products to investors.

He noted that GIFT City now enables distributors to provide access to dollar-denominated and global investment opportunities, significantly expanding the bouquet of options available beyond traditional domestic exposure. The evolution of the ecosystem, he said, has opened up new avenues alongside conventional mutual fund offerings, allowing market participants to cater to a broader range of cross-border investment preferences.

Shah pointed out that over the past 12 to 18 months, Indian markets have underperformed several global peers, partly due to India’s relatively lower representation in emerging sectors such as AI, semiconductors, rare earths and blockchain. As global markets see stronger participation in these new-age technology segments, Indian investors are increasingly seeking earlier access to such opportunities rather than waiting for similar themes to develop domestically.

He observed that India accounts for roughly 5 per cent of global market capitalisation, yet Indian portfolios remain heavily concentrated at home. Over the past three years, access to global equities through mutual funds was constrained by the $7 billion overseas investment limit. GIFT City now offers an alternative route to global exposure, including investments in the US, China and Japan, as well as high-growth international themes.

As a result, interest in outbound funds has risen significantly, with investors recognising the importance of maintaining balanced allocations across geographies and asset classes, including India and gold.

IFSCA’s Executive Director (Capital Markets), Pradeep Ramakrishnan, said the mutual fund space in GIFT City has gained significant momentum over the past year, adding fresh vibrancy to the ecosystem through a rising number of participants.

He noted that capital now flows into GIFT from nearly 70 countries and is deployed across close to 30 countries, reflecting the centre’s growing role as a neutral international financial hub facilitating both inflows and outflows.

Ramakrishnan highlighted recent reforms such as enabling platform plays, allowing fund managers to manage third-party funds, and introducing co-investment options for larger investors. He added that approval timelines in GIFT are among the fastest globally, and while the industry’s wishlist may continue to grow, the regulator remains open to feedback and responsive to evolving needs.

He said the introduction of the Fund Management Regulations, 2025, underscores the dynamic nature of the ecosystem. The regulations have seen multiple amendments — not due to policy gaps, but because of the rapid pace at which the industry is evolving and the need for the framework to adapt accordingly.

In the initial years of GIFT, the non-retail segment, including institutional investors and high net worth individuals, drove activity. Following the resolution of the 100 percent NRI participation issue in consultation with SEBI and the government, the retail segment was streamlined. Over the past year, retail participation through mutual funds has accelerated, reinforcing scale and depth in the financial ecosystem.

Pradeep Ramakrishnan, Executive Director (Capital Markets), IFSCA, said there is growing confidence among firms to base their international operations in GIFT City rather than overseas jurisdictions. While some entities continue to use structures in centres such as Singapore, he noted that operating costs in GIFT are nearly 20–30 per cent lower, prompting many to reassess the need for offshore setups.

With around 1,100 to 1,200 firms already operating in GIFT and nearly 300 new entities entering each year, he said the centre is steadily emerging as a preferred destination. However, to evolve into a global financial hub on par with London or New York, strong domestic confidence and sustained belief in India’s ecosystem will be essential.

Ramakrishnan described the fund ecosystem in GIFT as one of its most vibrant segments. Since the introduction of the Fund Management Regulations in 2022, which laid the foundation for institutional participation, the ecosystem has expanded rapidly. Nearly one-third of the over 1,000 entities in GIFT are fund management entities or funds, underscoring its growing strength.

He said both inbound and outbound activities are being encouraged. While initial growth was largely inbound, outbound flows have also gathered pace, with GIFT increasingly serving as a hub for outbound-to-outbound investments. NRIs and foreign investors are now using the IFSC as a platform to channel investments, reinforcing its status as an emerging international financial centre.

Addressing concerns around specific tax and regulatory issues related to inflows and outflows, Ramakrishnan said these have been progressively examined and resolved. The evolution of policies has culminated in the new Fund Management Regulations, 2025, reflecting the dynamic and responsive nature of the ecosystem.

Dipesh Shah, Executive Director (Development), IFSCA, said GIFT City is steadily evolving into a global financial hub and urged stakeholders to see for themselves how the ecosystem is shaping up and what it aspires to become.

He explained that the broader objective of the International Financial Services Centre (IFSC) and the government is to ensure that Indian businesses do not need to move overseas to conduct international financial transactions. Instead, companies should be able to undertake dollar- or foreign currency-denominated business from within India itself.

Shah said GIFT City is designed to address structural gaps that previously required firms to operate outside the country and is continuing to evolve to resolve emerging issues on an ongoing basis.

Navneet Munot of HDFC AMC said a large number of investors can achieve their life goals if they remain patient and disciplined in their investment journey.

He emphasised that sound investing, combined with time and patience, forms the core formula for long-term wealth creation. According to Munot, successful investing is less about how much one knows and more about how one behaves over time.

He cautioned investors against falling prey to peer pressure, media noise and inherent cognitive biases, which can derail long-term plans. Munot added that greed and fear continue to dominate investor behaviour — fear when markets decline and greed when optimism runs high — making emotional discipline critical to sustained success.

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Rishi Kohli, CIO of JioBlackRock Mutual Fund, said the debate in equities should not be limited to whether markets will deliver 5 per cent, 10 per cent or 20 per cent returns.

He noted that while the broader sentiment on equities remains positive, investors and fund managers should focus on the various ways to generate alpha rather than merely predicting overall market performance. According to Kohli, opportunities to outperform exist across strategies and sectors, even when headline returns may vary.

Trideep Bhattacharya, President and CIO of Edelweiss Asset Management, said market valuations are currently around their historical mean levels and not at the extremes seen in September 2024.

He observed that over the past five years, a significant portion of market returns was driven by multiple expansion, supported by a structural decline in interest rates. However, the cycle has now turned, with rates structurally moving higher across major economies. Rising interest rates, he said, tend to exert a gravitational pull on price-to-earnings multiples.

Bhattacharya noted that once interest rates stabilise — a point he believes has not yet been reached — the potential for nonlinear returns could begin to emerge. Until then, markets may continue to “muddle through,” with global factors playing a larger role than domestic earnings trends.

He added that India has underperformed emerging and global markets by about 40 per cent over the past year and was perceived as an “anti-AI trade.” While absolute valuations are broadly in line with the 10-year average, relative valuations compared with global markets are about one standard deviation below historical levels.

Given this backdrop, Bhattacharya said India could perform relatively better than global markets in the period ahead. However, absolute returns will largely depend on how global imbalances resolve over time.

Chirag Mehta, CIO of Quantum AMC, said market conditions have improved significantly since September 2024, when warning signals were flashing and caution dominated sentiment.

He noted that at the time, the fund had raised cash levels to nearly 20 per cent amid heightened uncertainty. However, recent quarterly earnings have pointed to improving optimism around the earnings trajectory, even though markets may wait for further evidence before moving decisively higher.

Looking two years ahead, Mehta said current projections are above historical averages for one- to two-year forward returns, with optimism largely anchored in expected earnings growth. He added that policy actions taken by the government and regulators have also supported economic momentum, which in turn is aiding corporate earnings.

While he expects some moderation over the next three to six months, Mehta emphasised that markets are forward-looking and are likely to respond positively as earnings momentum strengthens. He said the outlook from here appears more optimistic than pessimistic and added that markets could potentially surprise on the upside as the year progresses.

Rishi Kohli, CIO of JioBlackRock Mutual Fund, said equities look attractive for the next one to two years, provided earnings momentum sustains. He noted that the pause in equity markets since October 2024 was largely due to excesses in valuations and price performance, coupled with disappointing earnings growth.

Kohli said markets typically require two to three quarters of consistent earnings performance before investor sentiment revives meaningfully. While corporate capex had remained subdued, he pointed to early signs of improvement. If that trend strengthens, he believes markets could witness a strong 18–24 month phase.

On fixed income, Kohli observed that rate transmission has been incomplete, with long-term yields remaining at levels seen when the repo rate was significantly higher. This, he said, creates certain complexities in the debt market. However, he described it as a temporary phase that should improve over time.

Given the current environment, Kohli said equities make more sense relative to fixed income. He also highlighted that even during weaker market phases, healthy sector rotation was visible both in India and globally — a sign, he said, of an underlying long-term bull market despite near-term dullness.

Trideep Bhattacharya, President and CIO of Edelweiss Asset Management, said that while India’s tariffs may have declined from 50 per cent to 18 per cent, they remain significantly higher than levels seen about five years ago.

He noted that in an inflationary environment, equities remain the most effective asset class over the medium term to outpace rising prices. However, he cautioned that markets can go through phases of earnings downgrades, citing last year when Indian equities witnessed earnings cuts of around 13–15 per cent.

Bhattacharya added that for investors seeking protection within a diversified asset allocation strategy, real assets could play a key role in balancing risk and returns.

Ashish Gupta, CIO of Axis Mutual Fund, said the past year was not as weak for equities as many perceived. He noted that recency bias may have influenced investor sentiment, as the strong gains of previous years made last year’s performance appear underwhelming.

Gupta pointed out that in INR terms, the Nifty delivered around 10 per cent returns last year, which he described as a reasonable outcome given the substantial gains seen in earlier years. He emphasised the need for investors to reset their expectations.

He said that with inflation and nominal GDP growth moderating, it would be unrealistic to expect equities to consistently generate 15–20 per cent annual returns. However, if expectations remain reasonable, equities could still deliver a satisfactory performance this year.

According to Gupta, some earlier challenges such as elevated valuations have begun to ease, with earnings stabilising and improved growth prospects. That said, he cautioned that not all headwinds have disappeared, highlighting continued global uncertainties and unfavourable capital flows as key concerns.

Amarjeet Singh said the mutual fund industry should aim to make maximum disclosures in the interest of investors, but cautioned that transparency must not come at the cost of clarity. He stressed that disclosures should never be misleading and must help investors make informed decisions.

Speaking on the concept of SIF, Singh said the idea was to create an investment product tailored for those willing to take higher risks. The objective, he noted, was to provide an appropriate avenue for risk-seeking investors within a regulated framework.

Navneet Munot, MD & CEO of HDFC AMC, said the industry takes deep pride in having worked closely with the regulator to build a strong and credible mutual fund ecosystem.

He stressed that trust is the foundation of the financial services sector. “Trust compounds faster than wealth but can be destroyed in five minutes,” Munot said, warning that the actions of even a single player can impact the reputation of the entire industry.

Amarjeet Singh, Whole-Time Member (WTM), SEBI, said India continues to grow despite prevailing global uncertainties. However, he cautioned that stakeholders must remain vigilant to ensure that there are no major disruptions or mishaps in the financial system.

He emphasised that maintaining strong governance standards and transparency will be critical to sustaining growth and preserving investor confidence.

Amarjeet Singh, Whole-Time Member (WTM), SEBI, said the regulator is leveraging artificial intelligence tools to identify instances of mis-selling in the financial sector.

He pointed out that there have been cases where retirement plans were sold to non-individual entities, underscoring the need for tighter oversight and better compliance practices.

Singh said SEBI can identify and target key intermediaries where irregularities are detected and stressed the importance of developing ethics-focused capability modules within the industry. He added that the industry itself can build AI-based tools to curb mis-selling and work closely with NISM to strengthen ethical capacity building across stakeholders.

Amarjeet Singh, Whole-Time Member (WTM), SEBI, said that as the investor base continues to expand, ensuring robust investor protection becomes even more critical for the mutual fund industry.

He announced that from March 1, additional benefits will be provided to distributors operating beyond B-30 cities, along with special incentives aimed at bringing new women investors from these regions into the fold.

Singh stressed that while innovation in the mutual fund space is essential, it must be responsible and aligned with investor interests. He added that SEBI has significantly strengthened its technology and supervisory mechanisms to enhance market surveillance.

The regulator has recently introduced two tools — Raidar and Project Sudarshan — which are designed to scan social media activity and help detect and address potential frauds in a timely manner.

Amarjeet Singh, Whole-Time Member (WTM), SEBI, said the mutual fund industry’s assets under management (AUM) have grown more than sixfold over the past decade, reaching around Rs 81 trillion as of January 31. He remarked that the next major milestone now appears well within reach.

Singh emphasised the need to maintain a robust pipeline of quality IPOs to provide investors with strong investment opportunities. He also underlined that the culture of investing must extend to lower-income segments, ensuring broader financial inclusion across strata.

Amarjeet Singh, Whole-Time Member (WTM), SEBI, said the composition of household savings in India has undergone a significant shift, rising from around 2 per cent in FY12 to nearly 15 per cent in FY25. He credited the mutual fund industry for playing a key role in driving this growth and deepening financial participation.

Singh added that while the regulatory framework has established strong legal guardrails for the industry, there is an equal need to strengthen ethical guardrails to ensure long-term trust and sustainability in the financial ecosystem.

Vaibhav Chugh, CEO of Abakkus Mutual Fund, said the firm has been consistently advocating a portfolio-based investment approach rather than a product-centric strategy. He emphasised that advisers will need to play a more pivotal role going forward, particularly in helping investors better understand products and explaining them in greater detail to enable informed decision-making.

Vaibhav Chugh, CEO of Abakkus Mutual Fund said that since asset classes go through cycles, investors should be shown both short-term and long-term performance.

Saurabh Nanavati, MD & CEO of Invesco Mutual Fund, said exchange-traded funds (ETFs) witnessed a sharp revival in investor interest last month, with inflows of around Rs 24,000 crore. He noted that central banks continue to accumulate gold, a trend that could keep the precious metal on an upward trajectory.

Nanavati added that global gold allocations have been rising from about 5 per cent to 10 per cent and beyond, a shift that may increasingly be reflected in India as well. Commenting on fixed income markets, he said the debt segment has not evolved as expected and continues to remain relatively unexciting for investors.

Anand Radhakrishnan, MD & CEO of Sundaram AMC, said that the investment process and risk control policies will define meritocracy.

Vaibhav Chugh, CEO of Abakkus Mutual Fund, said that while investors earlier preferred large brands, distributors now focus on how money is managed. The playing field has levelled, making the industry more meritocratic.

Jatinder Pal Singh, CEO of ITI Mutual Fund, said MF industry aims to reach an AUM of Rs 200 lakh crore and may add 10 crore investors over the next five years.

Saurabh Nanavati, MD & CEO at Invesco MF said over the last five to seven years, mutual funds have become synonymous with equity, which is incorrect; they are, in fact, synonymous with all asset classes.

Anand Radhakrishnan, MD & CEO of Sundaram AMC, said that in terms of asset class, commercial real estate, if not residential — could become a fairly good option over the next five years.

As India’s mutual fund base grows in size and diversity, GIFT City represents the system-level capability required for the next phase of growth, global connectivity, regulatory maturity, and product innovation. In a market where participation is scaling rapidly, the conversation is shifting from more investors to better investment pathways, and that is where GIFT City increasingly enters the picture.

At 5:00 PM, industry leaders will deliberate on “Equity vs Debt vs Gold: Tactical Allocation for 2026.” The panel will include Ashish Gupta, CIO, Axis Mutual Fund; Chirag Mehta, CIO, Quantum AMC; Rishi Kohli, CIO, JioBlackRock MF; and Trideep Bhattacharya, President and CIO, Edelweiss Asset Management Limited.

Navneet Munot will return at 5:20 PM for a session titled “The Journey of a Lifelong Learner and Investor,” sharing perspectives on long-term wealth creation and continuous learning in financial markets.

The Mutual Fund Summit will begin at 4:00 PM with a welcome address, setting the stage for a packed agenda focused on regulation, innovation and investor empowerment.

At 4:10 PM, a session titled “The Value of Values in Financial Services” will feature Amarjeet Singh, Whole-Time Member, SEBI, alongside Navneet Munot, MD and CEO, HDFC AMC. The discussion is expected to underline the importance of ethics and governance in strengthening India’s financial ecosystem.

Amarjeet Singh will also deliver the 4:40 PM keynote address on “Scaling GIFT City: Capital, Innovation and Infrastructure”, highlighting the role of India’s international financial services hub in driving future growth.

At 5:00 PM, industry leaders will deliberate on “Equity vs Debt vs Gold: Tactical Allocation for 2026.” The panel will include Ashish Gupta, CIO, Axis Mutual Fund; Chirag Mehta, CIO, Quantum AMC; Rishi Kohli, CIO, JioBlackRock MF; and Trideep Bhattacharya, President and CIO, Edelweiss Asset Management Limited.

Navneet Munot will return at 5:20 PM for a session titled “The Journey of a Lifelong Learner and Investor,” sharing perspectives on long-term wealth creation and continuous learning in financial markets.

At 5:40 PM, the focus will shift to “Investing Through GIFT City: Leveraging Opportunity, Managing Challenges.” The discussion will feature Pradeep Ramakrishnan, ED, IFSCA; Vaibhav Shah, Head - Products, Business Strategy & International Business, Mirae Asset Investment Managers (India); and Vandit Shah, Senior Director and CA, Price Waterhouse & Co LLP.

Dr Dipesh Shah, Executive Director (Development), IFSCA, will speak at 5:55 PM on “Powering Har Ghar Mutual Fund: From Products to Purposeful Solutions,” emphasising expanding mutual fund access across households.

The 6:10 PM session, “Why Portfolio Performance Is Not About Multi-Baggers,” will explore disciplined investing approaches, followed by remarks at 6:40 PM from Ashish Gupta, CIO, Axis Mutual Fund, on “India’s Growth.”

The summit will also host discussions featuring Anand Radhakrishnan, MD and CEO, Sundaram AMC Ltd.; Jatinder Pal Singh, CEO, ITI AMC; Vaiibhavv Chugh, CEO, Abakkus Mutual Fund; and Saurabh Nanavati, MD and CEO, Invesco AMC, on “Powering Har Ghar Mutual Fund: From Products to Purposeful Solutions.”

The event will conclude with an Awards & Recognition segment, followed by the Ignite – Distributor Empowerment Initiative at 7:40 PM. At 7:30 PM, Hanisha Vadlamani, Chief Brand Officer and Head of Corporate Communications at KFin Technologies Limited, will address the gathering, focusing on brand leadership and communication in the financial services space.