Tag Archives: Saurabhmittalblog

Thursday Trivia ~ Investment Biases that blind Legitimate Business vis a vis Shell Company!

 

Apple iPhones have become a rage among youngsters. It’s not just about features anymore, it has become a status symbol. Youngsters hardly use 5% of the features available on iPhone which are more to do with camera, photo editing, social media and personal communication.

Let’s be honest – iPhones are expensive. They have far more uses than the ones listed above. Yet youngsters rush to buy it when Apple announces the launch of its new phone. Some stand for hours before the store opens to get their hands on the very first shipment of phones, trading their old iPhones for a new one by paying a few thousands extra.

But if you ask a youngster – why have you bought this iPhone X? The typical reply would be, ‘because my friend bought it too’ or ‘I want to look cool in my group and impress that particular person’ or the most typical answer will be ‘dude, it’s an iPhone!’

The funny part is that even investors go through such biases.

  1. Herd Mentality

When a lot of people in your circle buy an iPhone, it ticks of herd mentality in your brain. The reasons may never be good enough.

Same is the case with investors. Investment returns are always a projection of the future. Hence, investors are largely attracted to Entrepreneurs who in a very polished manner speak about the growth of the company. Future earnings potential of a business create a herd mentality in investors. They overlook the current scenario for a very rosy future.

Due to this bias, an investor doesn’t do his/her homework before buying a business and ends up disappointed. That’s why Stock Tips is the most dangerous addiction to have.

  1. Fear Of Missing Out (FOMO)

‘Dude, it’s an iPhone!’, is a classic case of FOMO. Youngsters feel that they will be out of trend if they don’t upgrade their phone to an iPhone. Infact, a lot of students even perform well at their exams so that their parents can gift them an iPhone. Nice incentives there!

Investors read about Entrepreneurs mostly through newspapers or magazines. Their celebrity status, large bungalows, fast cars and beautiful yachts dazzle them. The question that comes to their mind is, ‘he must have a very good business because he is living our dreams.’ Seeing this, they simply start to buy the shares such businesses without doing their initial analysis.

Such fairy tales never have a good ending. Investors often lose money in such scenarios without knowing what really happened.

The question now is – how should an investor can avoid such biases in future?

To be very honest, it’s extremely difficult.

  • Investors are often subject to various behavioural biases that come in the way of making a decision.
  • Not just biases, but sometimes a few overnight regulatory changes also make an ongoing business to shut down.
  • Or sometimes the rules of the game is disrupted by a new-comer.

Although what an investor can control is the way he/she perceives an entrepreneur and his business. But there is a very thin line between a fraudster and a legitimate businessperson. In this article, we will look at two billionaires – One is the well-known Elon Musk and second is lesser known Jho Low.

Background

Elon Musk – Legitimate Business

Known for his stylish electric cars and Mars inhabitation plans, he is admired all over the world. He is the perfect rags to riches story of an American dream. Tesla is a name to reckon with in the world of automotive industry. If it’s electric, it has to be Tesla. In a few years, he has disrupted payments industry through PayPal, Auto industry through Tesla and Space industry through SpaceX.

Jho Low – Shell Company

A Chinese-Malaysian financier from the bustling island of Penang, Low Taek Jho – more famously known as Jho Low – is portrayed by Malaysian and US investigators as one of the masterminds of the 1MDB scam. Despite never holding a formal position with the fund, he is alleged to have played a crucial role in its activities. And it was his savvy networking and shrewd business sense that allowed him to thrive.

Similarities

  1. Extremely larger than life business plans

‘Everything that glitters is not Gold’ – we have been listening to this pearl of wisdom right from the time we started understanding the World. Yet often, we are dazzled by that glitter. We love plans that are larger than life, may it be business or personal life.

Elon Musk talking about going to Mars in a few years dazzles us. We worship him for dreaming the impossible. In a similar fashion, Jho Low talked about transforming Malasiya, he attracted offshore investments to develop Iskander to the tune of $ 1 billion from Saudi Arabia. At a time Malasiya was not considered an attractive investment destination, it’s the larger than life business plans of Mr. Low made him a force to reckon with.

  1. Self-Promotion

Today’s start-up business culture demands Rockstar CEOs. They need to look smart, be outspoken and dress perfectly well.

If one carefully assesses the lifestyles of Mr. Musk and Mr. Low, they are closely connected to Hollywood. Infact they date actresses and marry them too. This gives them a celebrity status in public life. They enjoy it.

  1. Doesn’t play by the rule book

Right from our childhood, we are taught to obey the rules. For example, we are taught to stop at the red light on the road. But when a Ferrari or Lamborghini breaks the red light and zooms past us, we are dazzled. We talk about it for months recounting that episode every single day.

After disrupting the payments industry, Elon Musk set his sights on rockets and electric vehicles with no prior experience of the industry. As a result, he skipped many rules, made a lot of mistakes, apologised publicly and yet in the end when he won – he is worshipped by millions.

Jho Low never had a real experience of running an off shore investment fund. In classic financial term it’s ‘Sovereign Wealth Fund’, something every investment manager aspires to when they have experience. At 27, he saw $ 1 billion entering his 1MDB fund for development of Malasiya which never quite happened. $ 700 million was transferred to an offshore Swis account which he spent lavishly attracting Hollywood celebrities and even backed ‘The Wolf of Wall Street’, an iconic movie played by Leonardo DiCaprio.

  1. Loved / Hated by Media

‘Any publicity is good publicity’, a term we get used to while we are reaching in the middle stages of our career. If it’s good publicity then we get the limelight and if its bad we still get the limelight and a chance to explain.

Mr. Musk and Mr. Low are continuously loved and hated by the media. Mr. Low who is absconding from Malasiya will see a lion’s share of hatred by the media. For Mr. Musk, there are two parties and both are fighting each other as to he is a good/bad businessman.

Absolute Difference

Actual Business with Cash Flows

Tesla cars are being used around the world. Rocket of SpaceX carry satellites or payloads for International Space Station. The companies are genuinely earning money. Infact Mr. Musk is known for his 80-100 hour work weeks due to which these businesses have gained immense success in a short time.

On the contrary, 1MDB of Mr. Low never had any real business. Iskander project never really got off and later on the entity was used for mobilising funds for then Malasiayn Prime Minister Najib Razak. It was a shell company. Funds raised by 1 MDB were transferred to various off-shore accounts and the money was used for various purposes which were never listed in the Profit & Loss statement or Balance Sheet of the company.

Conclusion

Now let’s look at some domestic scams that happened right under our noses. Yet it was difficult to detect them.

Curious Case of GainBitcoin and HomeTrade

In 2016-2017, Bitcoins gained significant attention as its value rose several times. Almost everyone was talking about it. If money was to be invested somewhere then crypto-currency was the place and Bitcoin topped it. Even dinner conversations at restaurants were around its superior returns. Classic FOMO one can say!

To take advantage of this behaviour, GainBitcoin offered to pay 10% monthly returns through a scheme of GB21. And guess what, around 8,000 people fell into this trap. Well the losses are in few hundred crores but it was FOMO working. No investor ever asked, 10% a month – how can any business achieve that?

Home Trade gave life a new definition with its slogan – life means more. A star studded advertising campaign with Hritik Roshan, Sachin Tendulkar and Shah Rukh Khan without any product to sell. Duping even banks with Rs. 400 crores and absconding from India, the CEO Sanjay Agarwal spent close to Rs. 20 crores on the launch of the company. Such a larger than life showbiz created a herd mentality amongst its stakeholders. Only leading to a start of an eventual downfall.

Investors are often dazzled by quick returns on their portfolio. Entrepreneurs often feed stories to media about their businesses which are doing well in domestic as well as international circuit. Most investors that don’t know how to read Annual Reports of the companies fall into the trap of news from various media houses. They fail to recognise a legitimate business or a shell company.

It’s also equally important to acknowledge that markets eventually handsomely reward investors of genuine businesses. And if you are an investor that is unable to differentiate between a legitimate business and a shell company, then it’s always safe to invest with a capable fund manager who is an expert at it.

– Jinay Savla

Thursday Trivia ~ Easy Steps To Get Your Lost Aadhar Card Online

‘What a pain is this? Everyday someone is shouting over an SMS – Please link Aadhar. It’s frustrating’ Manish said while checking his messages.

‘It’s frustrating only because you have misplaced your Aadhar card. Don’t spill your laziness on everyone.’ Neha said in a mocking tone.

‘Alright. Let me speak to our financial advisor, I am sure he will help me out rather than passing comments’ Manish said while placing a call to his financial advisor.

‘That’s easy Manish. Don’t worry, just a few simple steps and it will be done. I will email you in five minutes’ financial advisor said.

‘That’s great. Email me.’ Manish looked excited.

Manish’s phone popped up with an email notification. A few steps were mentioned, ‘government work usually takes a long time, but thankfully this is not so!’ he thought to himself.

Instructions were as follows :

Go to website – www.resident.uidai.gov.in and select ‘Retrieve Lost EID / UID’

Upon selection, fill in your personal details and request for One Time Password ‘OTP’

Enter that OTP received on your phone. Your Aadhar number will be sent on your mobile.

Upon entering OTP, a new window will open up where you will be able to ‘Download Aadhar’

The link will take you to a new page – https://eaadhaar.uidai.gov.in where you can select ‘Aadhar’ and put in the number received on your phone. 

A couple more details need to be mentioned. Request for one more OTP for the last time.

After you put in your OTP. Your Aadhar Card will be automatically downloaded. Password to open is first four alphabets of your name in upper case and year of birth.

‘That just worked perfect. Thanks buddy.’ Manish excitedly called up his financial advisor. Neha was pleased to see this and both sat for lunch together.

– Jinay Savla

Thursday Trivia ~ New PPF and NSC Rules for NRIs

Who is a Non Resident Indian (NRI)?

Income Tax doesn’t directly define NRI. Section 6 contains criteria to consider Resident in India and provides that anyone who doesn’t fulfil this criteria is considered Non-Resident.

Simply speaking, the status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March.

Who is a Resident of India?

An individual will be treated as a Resident in India in any previous year if he/she is in India for:

  1. Atleast 182 days in that year, OR
  2. Atleast 365 days during 4 years preceding that year AND atleast 60 days in that year.

An individual who does not satisfy both the conditions as mentioned above will be treated as “non-resident” in that previous year.

Old rule for Personal Provident Fund (PPF)

As per the provisions, NRIs are restricted to open a new PPF account in India. However, if they were residents while opening the account and subsequently became NRIs, they were allowed to make contributions into their said PPF account.

New Rule for Personal Provident Fund 

On 3rd October, 2017 Government came up with a notification namely Public Provident Fund (Amendment) Scheme, 2017

“Provided that if a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to the Post Office Saving Account up to the last day of the month preceding the month in which the account is actually closed”.

As per this notification

  • When your residency status is changed to NRI, PPF account will be deemed to be closed, hence no further contribution would be allowed.
  • Interest on PPF would be now applicable to Post Office Saving Account which is 4% rather than prevailing interest rate of 7.8% until you close the account itself.

Old Rule for National Savings Certificate (NSC)

Similar to PPF, NRI cannot directly invest in NSC. However, if an NRI is allowed to continue existing investments till maturity date considering the account has been opened while being a resident.

New Rule for National Savings Certificate

When an individual becomes an NRI, his / her NSC account is deemed to be closed. Till the time an NRI actually enchases, the accumulated money in NSC certificate will earn an interest of Post Office Savings Account which is 4%.

It’s important to note that these rules are prospective in nature.

Suppose Mr. Ajay became an NRI citizen in 2014, he would have continued to enjoy the benefits till October 2017. Now after the amendment, Mr. Ajay would not be able to contribute to PPF Account or NSC certificate and his interest income would drop down to 4%.

In cases where, family of an individual also moves to a different country for employment purpose. If they fall into the definition of NRI, then similar rules would be applied for PPF and NSC.

How to withdraw money from PPF Account?

An NRI’s request to close PPF account can be processed by bank or post office only his / her signature is attested by an authority. The attestation can be done by a Gazette officer or PSU Bank officer.

An NRI should send a PPF account closing form to their relatives, friends, parents or financial advisor in India where they have NRE/NRO account. An authority letter must be attached allowing them to do withdrawal process by closing PPF account on behalf of an NRI.

Authorised person after getting attestation of the authority letter either from a Gazette officer or a PSU bank officer should proceed to the bank where PPF account is held. On verifying the authenticity of documents, bank will close the account.

– Jinay Savla

Thursday Trivia ~ What is Recapitalisation and How it impacts you!

What would you do if your child is unhealthy? You will take him / her to a doctor. Medicines will be prescribed. Yet, child continues to remain unhealthy. Now, there will be complete body scan. Upon reports when doctors realise medicines are not enough, they would prescribe surgery. Yes, surgery.

Similarly, banks in India have been unhealthy for quite some time now. So what can government do? In 2008, after Global Financial Crisis banks in USA were bailed out by taxpayers money. However, in India the crisis is not so severe. Hence, government has resorted to Bank Recapitalisation through a transparent financial engineering process.

Need for Recapitalisation

As per the banking norms, for every loan a bank makes it needs to have 10% of it as capital. So if a bank wants to lend Rs. 10,000 to someone, it needs to have a capital of Rs. 1,000 with it. Now, if the loan defaults by even Rs. 200 then it directly affects the capital requirement. Capital reduces (1,000-200) to Rs. 800 as a result of such a default. As a result, for Rs. 9,800 worth of lending, bank now only has a capital base of Rs. 800 which is 8.15% of the capital. Doesn’t fit the capital adequacy requirement of 10%.

At this point, either the bank can call in the existing loan which isn’t possible so they stop lending more. This stops credit take off from it’s very source – banks. Hence, the need for recapitalisation.

Structure of Bank Recapitalisation 

  • Bank Recapitalisation Bonds – Government will issue bonds worth of Rs. 1.35 lakh crores to Public Sector Banks. The banks in turn, will buy these bonds from government. The same money would be utilised by the government to buy shares of public sector banks.
  • Through budgetary allocation (taxpayers money), government will buy Rs. 18 thousand crore worth shares of Public Sector Banks.
  • Lastly, Public Sector Banks will then need to raise Rs. 58 thousand crores from market.

This adds upto a staggering Rs. 2.11 lakh crores. Indeed our public sectors banks are unhealthy.

Impacts on different stakeholders of Recapitalisation

Public Sector Banks

Banks which have already made appropriations for Non Performing Assets (NPA) will now be forced to recognise them as losses. Which in turn would result in erosion of capital. This erosion would be compensated by government by infusing capital by buying shares through bank recapitalisation process. Net effect, banks will be able to erase off their non performing loans while keeping their capital requirements intact. This would make banks healthier in process and would be able to make fresh loans.

Only caveat here is as banks will purchase these recapitalisation bonds, government will have to pay an interest on the same. This will add to fiscal deficit. Experts argue that interest amount of Rs. 10,800 crores a year considering 8% interest rate is won’t affect India’s fiscal health. However, every drop counts.

PSU Bank Shareholders

Shareholders of PSU banks will see a drop in book value of shares they hold.

How?

Let’s look at this example. Mr. A invested Rs. 200 in a PSU bank. Issued capital of the bank is Rs. 10,000. Hence safe to say that Mr. A holds 2% in the bank. Now, government infuses Rs. 30,000 to recapitalise the bank. As a result, Issued capital of the bank becomes Rs. 40,000. However, Mr A continues to hold Rs. 100 worth of shares in the bank. As a part of restructuring, Mr A will now hold 0.8% of the shares of bank. Hence, shares held by PSU Bank shareholders will get diluted.

However, it’s important to note that price of the shares have not been reduced. On the contrary, after the announcement of this scheme, PSU Banking sector index has seen a rise of 33% till date. Which means, shareholders need not worry on this issue.

Depositors

For depositors nothing changes. Apart from the fact that they can now place more confidence on solvency of the bank.

So if you had your fixed deposit in any public sector bank and were worried for a while. Then government will tell you to relax, the invisible hand is there to support you.

Taxpayers

Some of our investors raised an important question pertaining to bank recapitalisation. Central theme of their question was ‘Why should we ‘taxpayers’ bail out immoral and wilful defaulters?’ This definitely is a very important question in this context.

However, it’s important to note that in last year’s budget Finance Minister had made an allocation of Rs. 18 thousand crores for banks from the government for which the provision has already been made. Even with this announcement, no fresh allocation of taxpayers money is allocated. As a result, there is nothing to worry for taxpayers.

Investors

Bank recapitalisation will help to accelerating structural reforms in Indian economy. Infrastructure reforms such as roads, railways, power etc., transport sector will also get immense benefit on the back of proper roads being built plus Goods and Services Tax has already brought down gestation period of tucks at inter-state toll booths, manufacturing companies will be able to not only provide for consumption in India’s economy adding exports will help to put India firmly on global map.

By fixing the credit supply in the system, bank recapitalisation will prove to be a win-win for all stakeholders.

Can consolidation of PSU Banks happen?

The constitution of Alternative Mechanism is a step ahead in their direction. In August, Union Cabinet had decided to consolidate existing PSU banks under this mechanism to create stronger banks. Committee for Alternative Mechanism will be headed by Finance Minister Arun Jaitely.

One question that always strikes our heart is ‘How did situation become so bad in the first place?’ We were such a strong economy on the path to become a superpower but all fell apart.

What happened in the context of Public Sector Banks?

Flashback 2014, then Reserve Bank of India Governor Raghuram Rajan, brought to light the unhealthy state of banks. He pushed for an asset quality review. Till that time, most of us thought ‘all is well’ and then looking at bad assets amassed we were informed that ‘all is really not well’. The numbers  of ‘Non Performing Assets (NPA) ’ (loans given by bank which cannot be recovered) we saw were spectacularly high.

Due to this, banks were not only able to lend more money which is it’s primary source of income but even staying solvent was becoming a challenge. If money is stuck in the system and doesn’t come back to banks, then overall economic growth takes a backseat.

Why did this happen?

FY 2008-2013 was an era of stalled projects, immeasurable scams (2G scam, CWG scam, coal scam) and needless delays in executing projects which resulted into a standstill. Yet, the world was changing. Economic environment had become far more dynamic for India to be standstill. In other words, India did miss out.

So how is it connected to banks?

Companies take loans from banks to execute projects. If these projects get stalled for no reason (Tata Nano, Singur) or Government doesn’t allocate projects (2G spectrum scam) or there are unnecessary delays in obtaining licences to execute project (unease of doing business) then money gets locked. Also, this gives rise to morally incompetent people who float companies just to obtain loan and run away somewhere far in London, England while having their favourite drink. The whole eco system starts to breed unethical, fraudulent and immoral behaviour.

Banks which have lent money has a hard time to recover those loans. Safe to say, unhealthy. As a result, banks cannot make fresh loans to deserving projects or those projects that need of the hour. As there is lack of credit in the system, entrepreneurs are discouraged to take up more projects. As a result, no improvement takes place. Infrastructure and transport remain the same, worse off on a global scale a country tends to regress. Confidence in the system is lost.

This gives rise to a vicious circle.

In such a scenario, banks first need to recognise assets that have gone bad. Which determines the extent of fresh money required by them to start the process again. Now, banks start to look at government (one and only saviour). But, government makes money out of tax collections from citizens. Infusing honest tax payers money to cover incompetent businessmen’s bad loans brings about a negative mood to honest tax payers, especially salaried class.

This has given birth to a new challenge for the government.

If they borrow money from outside, fiscal deficit (revenue less expenses) widens as they have to pay back compulsorily regardless of bank being stable or not. If they use taxpayers money, sentiments are hurt and their chances of being re-elected become grim. So what to do?

Because of unhealthy lending structures, Public Sector Banks have suffered a lot more than Private Sector Banks. Hence, this recapitalisation is for Public Sector Banks only.

Dear readers, if you have any further query on Recapitalisation please feel free to write in the comment section below and we will resolve the same.

– Jinay Savla

Thursday Trivia ~ Financial Thumb Rules To Remember (Part 2 / 3)

‘Control your excitement. I know how big a spendthrift you are. Just by learning some basics about equity, debt, calculations on compound interest, savings, etc. you think, you will become a millionaire. Money is easy to make and difficult to keep. What about our dreams of owning that house in Goa, a brand new Mercedes and spending our retirement life travelling around the world. Have you even figured that out?’ That was a long lecture from Malvika.

‘Please keep some patience. I am reading that as well. Everyone cannot be as fast a learner like you.’ Rohan did sound a little irritated. Although Malvika had arranged a meeting with professional financial advisor in the evening, Rohan felt he needed to get educated first. For him, it was like a little child in a candy shop. Malvika continued to prepare lunch after instructing Rohan not to disturb her as she had better things to do during the day.

After being overwhelmed by previous Thursday Trivia, Rohan continued his quest for financial education.

Retirement Corpus Rule

This rule states the quantum of money required by an individual to lead a peaceful and financially stress free post retirement life.

Rule : 20 multiplied by Gross Annual Income

With a gross monthly annual of 12 lakhs, Rohan calculated he would need a corpus of Rs. 2 crores and 40 lakhs to live a comfortable and peaceful retirement life. However, with so many expenses coming up, it would be easier said then done for him.

4% Safe Withdrawal Rule

This rule was published originally in 1994 by William Bengen where he proposed a safe withdrawal rate from retirement corpus.

Rule :  (Year 1) Withdrawal Amount = 4% multiplied by retirement corpus

(Onwards)  Withdrawal Amount = Amount calculated in previous year plus Inflation

Rohan was quick on his calculations. 1st year withdrawal amount for him would be Rs. 9 lakhs and 60 thousand. He expected inflation to be around 6% on average. Hence, his withdrawal amount in second year of retirement would be Rs. 10,17,600/-, Year 3 would be Rs. 10,78,656/- and so on.

After being satisfied with thumb rules on his retirement corpus, Rohan decided to learn about his short term goals of buying a house and a car.

 House Affordability Rule

This rule helps an individual to decide the maximum amount to be spent while purchasing a house. There are variations to this rule where the suggested range varies between 2x and 3x. Hence, for simplicity of calculations we will use 2.5x as a range.

Rule : Maximum value of house = 2.5 multiplied by Annual Income

With annual income of Rs. 12 lakhs, Rohan could buy a house with maximum worth Rs. 30 lakhs. This made him determined that he needs to work a lot harder to afford a better house.

Housing EMI Rule

It’s such a fantasy to own a large house in a posh locality. Tax rebates on payments of housing loan provide a further icing to the cake. This rule inculcates a reality check of the maximum amount an individual can budget for housing loan monthly EMI payments.

Rule : Maximum Monthly Home loan EMI =  28% multiplied by Gross Monthly Income

Rs. 28,000/- was the maximum Rohan could afford in his EMIs every month. He noted the same on a piece of paper.

Car Affordability Rule

This rule talks about maximum price an individual can budget for while purchasing of a new car.

Rule : Car Affordability = 50% multiplied by Gross Annual Income

Rs. 6 lakhs worth of car Rohan could afford as of today. To buy that Mercedes he would need to become Vice President of his company. Goals suddenly now looked clear to him.

Car Loan Rule – 20 / 4 / 10

This rule talks about prudent practices to be applied while purchasing a car incase an individual takes a loan.

Rule :

Downpayment – 20%

Tenure of Car Loan – 4 years

Total Expenses on Car (Yearly) – 10% multiplied by Gross Annual Income

Rohan was calculating his total expenses on current car which included current EMI, fuel expenses, insurance, parking rentals and repairs. As he calculated, he realised they were more than Rs. 1,20,000/- a year and figured out he could potentially save here. A smile now shaped up on his face.

48 Hour Rule

Impulse purchases gives a dopamine hit to our brain. It makes an individual feel good about owning them in the short term. In the long term, an individual usually forgets owning them unless they find it during their Diwali house cleaning.

Rule : Wait for 48 hours before purchasing something. If an urge still remains then go ahead with it.

Rohan looked around the house and was horrified by so many impulsive purchases done in the last year which were of no use now. He felt devastated and happy at the same time. Devastated because he had wasted so much money for things that don’t matter now and happy as he knew he wouldn’t repeat the same mistake next time.

But he did commit one mistake!

Rohan went to share this rule with Malvika. I’m sure many of you can guess the impact of this sharing.

‘What nonsense! It’s you who want so many things. Look around the house, 80% of useless stuff has been bought by you. In the blind race of showing your ‘about to be millionaire status’ this whole house has become a godown a useless things.’ Malvika said it with a rigour.

Watching Rohan in absolute shock, Malvika continued, ‘Don’t worry my dear, we have called a personal finance expert from Circle Wealth Advisors to sort all your worries out. Just wait a little and all your questions will find a house of solutions.’

Dear Readers, as Rohan and Malvika will be asking their questions. We invite you as well to share any questions you have in the comment section below or you can write them to us personally. We will surely include them and look forward to get your financial thumb rules organised.

– Jinay Savla

Disclaimer : This particular series of Financial Thumb Rules is only meant for educational purposes. We do not in any ways recommend it, as the case may differ for investors per se.