MF Chronicles by Vikaas M Sachdeva

Vikaas M Sachdeva
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How did an industry no one knew thirty years ago grow to nearly ₹80 lakh crore today? MF Chronicles traces this extraordinary transformation, exploring three decades of India’s mutual fund journey through candid conversations with the people who built it. The series moves through the early years after liberalisation, the expansion phase of the 2000s, and the digital, democratised era that followed - mapping how an unfamiliar concept slowly became one of India’s most trusted financial pillars. Across nine episodes, the show brings together CEOs, CIOs, regulators, product creators, distributors, advisors, and industry innovators to reveal the real stories behind India’s investing culture. Their decisions, challenges, experiments, and breakthroughs form the core of this narrative - not as data points, but as lived experiences.  Through long-form, honest discussions, MF Chronicles uncovers how trust was built, how categories were created, how crises were navigated, and how mutual funds became accessible to millions of Indians. The series blends personal journeys with industry insight to offer listeners a rare, behind-the-scenes look at how India learned to invest. Fresh episodes drop every alternate Tuesday.  Concept and Hosted by Vikaas M Sachdeva Marketed and Produced by Blue Quill Communications and Kya Dekhte Ho Productions Supported by Chetana's Institute of Management and Research, Mumbai

Episodes

  1. From ₹40 Cr to ₹2 Lakh Crore AUM | The Global AMC That Cracked The India Code | Swarup Mohanty | MF Chronicles | Vikaas M Sachdeva

    13 MAR

    From ₹40 Cr to ₹2 Lakh Crore AUM | The Global AMC That Cracked The India Code | Swarup Mohanty | MF Chronicles | Vikaas M Sachdeva

    “The third generation will approach life very differently from the way we did.” That line genuinely made me pause. It came from Swarup Mohanty, Vice Chairman and Chief Executive Officer of Mirae Asset Mutual Fund (India) and it changed how I think about the future of investors in this country. Over the last three decades, global asset managers have entered India with strong processes, big brands and global playbooks. Yet many of them struggled to stay the course. So what makes India such a different market? Let’s find out.That leads us to questions like: • What global AMCs underestimated about India • Why track record beats launching more products • How IFAs quietly shape a fund house’s growth • Why several marquee global names eventually exited • The Korean mindset of “destroying yesterday” • And how the next generation of investors could change the game One theme runs through it all: patience. In asset management  and in India  sometimes the biggest edge is simply staying long enough. —----------------—----------------—---------------- —----------------—----------------—---------------- Connect with me across social media. Stream the MF Chronicles podcast on your favourite app. - https://linktr.ee/vikaasmsachdeva ---------------------------------------------------------------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. -------------------------------------------------------------------- Chapters: 00:00 Presented By  00:05 Trailer 01:40 Disclaimer 01:46 Introduction 02:37 Welcoming Swarup 03:23 MF Chronicles Existence 03:57 Global Arrival 07:16 Earlier Products 10:02 Global Practices 12:28 Speed Comparison 14:17 Product Ideology 16:38 Distribution Mistakes 19:45 Control Diversity 22:12 Global Comparison 25:51 Korean Mindset 28:24 Global Exit 32:26 Regulatory Support 35:59 Domestic Practices 41:18 Product Replication 43:06 Active ETFs 43:55 AMC Reality 46:22 Mirae Beginnings 47:25 Early Issues 54:10 Launch Comparison 55:39 Future Outlook 59:30 Student QnA 59:43 Q1. Recognition 1:00:50 Q2. Misconception 1:01:46 Q3. Business Mindset 1:03:08 Q4. Achievement 1:05:24 Outro 1:05:44 End Credits [mutual funds india, asset management india, global amc in india, investing in india, indian stock market, wealth creation india, finance podcast india, business podcast india, investing podcast, capital markets india, indian financial markets, fund manager insights, asset management industry, global investors india, korean investing mindset, south korea business culture, korea investing philosophy, korean business strategy, korean work culture, hallyu wave, k pop culture influence, south korea global expansion, mutual fund industry india, finance leadership india, long term investing strategy, active vs passive investing, financial education india, money management podcast, wealth building india, investing mindset, finance conversations, podcast on investing, mutual fund insights, indian economy investing, global business strategy, finance learning podcast, market behaviour india, investor psychology, investing discipline, asset allocation insights]

    1hr 6min
  2. Fund Design, Hybrids & BAFs, AI & CIO | S. Naren | Ep. 6 | MF Chronicles | Vikaas M Sachdeva

    25 FEB

    Fund Design, Hybrids & BAFs, AI & CIO | S. Naren | Ep. 6 | MF Chronicles | Vikaas M Sachdeva

    “Investing isn’t arithmetic. It’s judgment. ”That line stayed with me. In this chronicle, I sit down with Sankaran Naren - currently the CIO at ICICI Prudential AMC, but once a fund manager navigating the excesses of the 90s, the lessons of 2008, and the eventual rise of hybrid investing. He has seen the industry evolve - from unchecked optimism to tighter regulation, from pure equity enthusiasm to disciplined asset allocation. This conversation isn’t about predicting markets. It’s about designing for them. We talk about the mistakes of 2007–08, why investors got scarred, and how Balanced Advantage was built to manage risk first - buying when markets fall, trimming when they rise. We discuss:• What the industry learnt the hard way after 2008 • Why “not scarring investors” became a philosophy • Asset allocation as discipline - not a marketing pitch • Value vs quality cycles and surviving long underperformance • IPO froth and why sellers often know more • Why risk management becomes harder at scale • The real challenge of being a CIO • And whether AI will assist - not replace - decision-making What I appreciated most was his clarity: Markets will always be volatile. The job is to build systems that survive them. If you care about how the hybrid category truly evolved and what responsible fund management looks like - this episode is for you. —----------------—----------------—----------------— ----------------—----------------—---------------- Connect with me across social media. Stream the MF Chronicles podcast on your favourite app. - https://linktr.ee/vikaasmsachdeva ---------------------------------------------------------------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. -------------------------------------------------------------------- Chapters: 00:00 Presented By 00:05 Episode Trailer 01:45 Legal Disclaimer 01:50 Episode Introduction 03:15 Fund Origins 06:33 Design Flaws 09:02 Telecom Analogy 10:07 Market Triggers 11:41 Market Myths 14:21 BAF Story 19:27 SIP Perception 20:37 Dividend Design 22:43 Process Debate 24:06 MF vs FD 26:03 Post Commissions 29:28 Value Reality 33:21 IPO Mania 36:47 Asset Allocation 38:46 MAF vs BAF 39:46 ETF vs AIF 40:41 Category Future 43:19 Manager Advice 45:29 AI vs CIO 46:17 Old vs New 47:16 CIMR QnA 47:31 Conviction Building 48:31 SME View 48:54 Stock Prediction 50:18 Investing Tips 51:28 Core Skill 52:46 Episode Outro 53:29 End Credits

    54 min
  3. The Test-Cricket Investing of PPFAS | Neil Parikh & Rajeev Thakker | MF Chronicles | Vikaas M Sachdeva

    6 FEB

    The Test-Cricket Investing of PPFAS | Neil Parikh & Rajeev Thakker | MF Chronicles | Vikaas M Sachdeva

    The hardest part of investing isn’t earning returns. It’s staying in the game. This episode of #MFChronicles features two leaders who have quietly built one of India’s most respected long-term investing journeys - Neil Parikh and Rajeev Thakkar of Parag Parikh Mutual Fund. In this episode, we discuss: • Why “not losing money” matters more than chasing returns • How they invested when markets fell nearly 40% during Covid • Building a long-term institution without corporate backing • The Swiss Army knife approach to portfolio construction • Managing investor behaviour through communication and exit loads • Active vs passive investing in a growing market • Why underperformance is sometimes the price of discipline • How fintech and SIPs are reshaping investor behaviour • The role of global diversification in reducing risk • Why thinking in decades changes everything Neil and Rajeev also share rare insights on building trust without noise, growing without marketing hype, and choosing process over popularity. For me, this was a reminder that real success doesn’t announce itself. It compounds quietly through patience, clarity, and conviction. If you believe in playing the long game, staying at the crease, and letting time do the heavy lifting, this episode is for you.Watch the full episode to understand how great investing begins with survival - and grows through discipline. —----------------—----------------—---------------- —----------------—----------------—---------------- Connect with me across social media. Stream the MF Chronicles podcast on your favourite app. - https://linktr.ee/vikaasmsachdeva ---------------------------------------------------------------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. -------------------------------------------------------------------- Chapters: 00:00 Presented By 00:03 Episode Trailer 01:51 Disclaimer Note 01:54 Show Introduction 03:24 Early Powerplay 07:01 Swiss Army Knife Concept 08:40 Early days of MF 09:09 PPFAS Memories 09:23 Core Ideology 11:22 Investing Style 15:01 Demonetisation Impact 19:24 Entrepreneurial Mindset 20:26 Survival Phase 25:16 Mutual Fund Sahi Hai Campaign 28:22 Investor Behaviour 34:30 Digital Distribution 37:22 Key Data 39:25 Passive Investing 45:00 Covid Impact 48:45 Communication Shift 53:49 Distributor Strategy 57:54 Global Allocation 1:03:56 Student QnA 1:04:07 Legacy & Gold 1:08:10 Gold Bubble 1:10:43 Portfolio Flexibility 1:14:21 GDP vs Markets 1:16:58 Closing Thoughts 1:18:01 End Credits

    1hr 18min
  4. A Balasubramanian on India’s Debt and Bond Market | Ep. 4 | MF Chronicles with Vikaas M Sachdeva

    19 JAN

    A Balasubramanian on India’s Debt and Bond Market | Ep. 4 | MF Chronicles with Vikaas M Sachdeva

    The foundation decade is over. Now begins the decade that made mutual funds stronger. This episode of #MFChronicles features a leader who has closely seen the growth of India’s mutual fund industry, especially the debt and bond markets, since the early 2000s. He is A Balasubramanian from Aditya Birla Sun Life Mutual Fund. From the early days of limited bond market depth to today’s evolved debt investing landscape, Balasubramanian shares how debt funds, interest rates, and investor behaviour have changed over time. We talk about:The evolution of India’s debt and bond marketsHow interest rates and liquidity impact debt fundsManaging risk during market cycles and crisesThe growing role of debt funds in investor portfoliosBuilding long-term trust in mutual fund investing This episode offers clear insights into the quieter but critical side of markets that shape long-term investing. Watch the full episode to understand India’s bond market journey and the thinking behind debt investing. —----------------—----------------—----------------—----------------—----------------—---------------- Connect with me across social media. Stream the MF Chronicles podcast on your favourite app. - https://linktr.ee/vikaasmsachdeva ---------------------------------------------------------------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. -------------------------------------------------------------------- Chapters 00:00 Presented By 00:06 Episode Trailer 02:02 Disclaimer 02:06 Episode Introduction 02:53 The Rajnikanth Analogy 03:34 From Dealer to CEO & MD 04:19 How the Debt Market Scaled Up 08:27 Understanding the Debt & Bond Market 09:47 The Early Days of Overnight Lending 11:48 How the Bond Market Developed 12:50 Mutual Funds as a Market Catalyst 16:15 Early Memories of Goal Seeker 17:44 The Initial Fund Launch Phase 19:42 Money Market Funds & Schemes 20:55 Birla Cash Plus: The Liquid Fund 21:28 Mutual Fund Returns vs Bank Deposits 23:29 The Promise of Guarantees in Debt Funds 24:11 Inside the Bond Market Matrix 25:31 Categorising Debt Funds 31:25 Managing Risk in Debt Markets 34:50 Financial Narrative Processing (FNPs) 40:03 Adapting to New Regulations & Policies 45:59 Ground Reality of Mutual Fund Growth 47:44 Audience Q&A 47:47 Q1: Major Market Trends 49:16 Q2: ETFs vs Mutual Funds 51:50 Q3: Skills for the Future 54:08 Episode Wrap-Up 54:39 End Credits

    55 min
  5. Ajay Srinivasan: Built Big. Built Young. Built To Last | Vikaas M Sachdeva | Ep. 3 - MF Chronicles

    5 JAN

    Ajay Srinivasan: Built Big. Built Young. Built To Last | Vikaas M Sachdeva | Ep. 3 - MF Chronicles

    Before mutual funds became part of everyday conversations, the industry was being built from the ground up. In this episode of MF Chronicles, I sit down with Ajay Srinivasan to revisit the 1990s - when Prudential ICICI entered the mutual fund space and India was learning how to invest amid rapid change. From cricketing highs to economic uncertainty, these years quietly shaped the foundations of the industry. Ajay takes me back to 1998, when he joined Prudential ICICI Mutual Fund - a period marked by the Pokhran nuclear tests, the dotcom boom and bust, and global disruptions like SARS. These events weren’t just background noise; they influenced how funds were managed, teams were built, and investor trust was earned. In this conversation, we discuss: What it took to build a mutual fund business when the category itself was still newHow Prudential ICICI thought about scale and market size in its early yearsThe evolution of policy and regulation alongside industry growthBuilding a team of passionate sellers who took mutual funds to Indian householdsNavigating global crises, FII outflows, and periods of extreme market uncertaintyThe mindset shift needed to grow from a startup-like setup into a large institutionAnd how Ajay saw Indian markets change after returning from Hong KongThis episode is about conviction, patience, and building something meaningful before the rules were fully written. Watch the full conversation and step into the formative years of India’s mutual fund industry. —----------------—----------------—---------------- —----------------—----------------—---------------- Do check out for more listening options - https://linktr.ee/vikaasmsachdeva ---------------------------------------------------------------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. -------------------------------------------------------------------- Chapters 00:00 Presented by 00:05 Episode Trailer 01:49 Disclaimer 01:55 Introduction 02:55 Cricket & Market Parallels 03:49 Early Days at Prudential ICICI 06:24 The Launch Moment 07:11 Building the Core Team 09:00 Defining the Market Opportunity 11:11 Evolution of Policy & Regulation 13:27 The FD Disruption 14:27 The ITC Threadneedle Phase 18:05 Navigating FII Outflows 19:37 Lessons from the Trinidad Test 21:18 Scaling to India’s Largest AMC 27:38 Street-Smart Decisions 29:39 Inside Partnerships 32:36 India vs Hong Kong — A Contrast 34:23 Expanding the Category 38:12 Dotcom Boom & Bust Learnings 39:04 The M&A Phase 41:11 Why M&A Made Sense 42:43 Infrastructure That Enabled Scale 47:14 Strategy Shifts After Hong Kong 49:19 Early Mistakes, Lasting Lessons 53:35 Then vs Now — A Playbook 57:28 Audience Q&A 58:50 Closing Thoughts 1:00:21 End Credits

    1hr 1min
  6. Bharat Shah: The OG of Calm Compounding | Vikaas M Sachdeva | Ep. 2 MF Chronicles 1991-2000

    15/12/2025

    Bharat Shah: The OG of Calm Compounding | Vikaas M Sachdeva | Ep. 2 MF Chronicles 1991-2000

    In the second episode of MF Chronicles, we bring you a voice that has seen the Indian mutual fund industry from the inside - through its most uncertain and defining years. Bharat Shah, Executive Director at ASK Asset & Wealth Management Group, reflects on his journey across market cycles from the early 1990s onwards, when the industry was still finding its footing. I sat down with Bharat to talk about the period after the 1991 economic crisis, the formation of SEBI, and the many moments that tested investor confidence. In this episode, we discuss: How Bharat navigated the markets through the 1991 riots, the 1992 scam, the Asian crisis, and the dotcom crashHis experience working at GrowMore, Harshad Mehta’s firm, and his interactions with Dhirubhai AmbaniHow markets lost credibility - and what it took to earn trust backThe role IT companies played in reshaping the marketsMistakes he made along the way, and the lessons they offerHow these moments shaped the future of Indian investing Watch the full conversation and step into the formative years of India’s mutual fund industry. ---------------------------------------------------------------------- Do check out for more listening options - https://linktr.ee/vikaasmsachdeva ---------------------------------------------------------------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. -------------------------------------------------------------------- Chapters: 00:00 Presented By 00:05 Trailer 01:47 Disclaimer 01:53 Introduction 02:39 Early 90s Markets 03:42 1992 Scam Aftermath 05:21 Honest Confession 07:50 Before 1990 08:54 Early Market Memories 11:39 Dhirubhai Ambani 14:08 SEBI’s Entry (1992) 15:11 Death of Capital 24:07 CRB Collapse 24:45 UTI & Mastergain 25:13 Birla MF Days (1994) 30:20 Changing Markets 32:53 Mastergain Story 33:32 Indexation Money 34:49 Asian Crisis (1997) 42:59 Managing the Crisis 49:34 A Key Moment 51:13 IT Boom 54:52 Key Learnings 56:51 Investor Appeal 57:41 Opportunity Size 1:02:07 Mistakes to Learn From 1:10:12 UTI Collapse 1:19:18 REMIT Rules 1:22:36 Regulation’s Role 1:25:19 Wild West 2000s 1:26:46 What Needs Fixing 1:33:16 Q&A (Part 1) 1:35:31 Q&A (Part 2) 1:37:03 Closing Thoughts 1:38:30 End Credits

    1hr 39min
  7. Samir Arora: The SRK of Mutual Fund Industry | Vikaas M Sachdeva | Ep. 1 - MF Chronicles

    03/12/2025

    Samir Arora: The SRK of Mutual Fund Industry | Vikaas M Sachdeva | Ep. 1 - MF Chronicles

    Welcome to the very first episode of MF Chronicles with Vikaas M Sachdeva.  In this debut episode, I sit down with Samir Arora, Founder of Helios Capital, to explore a decade that changed everything: 1995 to 2005.What stands out in this conversation isn’t just Samir’s track record, but his honesty. He speaks openly about arriving in India in ’93 with curiosity, stumbling into fund management almost by accident, and learning to navigate a market where price discovery was guesswork, data was scarce, and relationships mattered more than terminals. Together, we deep dive into: Why Alliance Capital chose India and how its surprising joint venture with UTI led to UTAMHow Samir built an investing approach that beat the market by 32% for eight straight yearsHis clever brokerage-saving “hack” in the 90s that gave him an unexpected edgeWhat the Asian Financial Crisis of 1997–98 looked like from inside the fund houseThe origins of iconic products like the Alliance 95 Fund and the India Liberalisation FundHow inflation, NAV spells, market sentiment, and even office competitiveness shaped the eraThe difference between investing in the 90s and today — from transparency to SEBI norms to the rise of thematic fundsWatch the full conversation and step into the formative years of India’s mutual fund industry. —----------------—----------------—----------------—----------------—----------------—---------------- To know more, click here - https://linktr.ee/vikaasmsachdeva —----------------—----------------—----------------—----------------—----------------—---------------- 📌 Disclaimer: All visuals and graphics used in this video belong to their respective owners. Credits are mentioned on-screen wherever applicable. —-------—-------—-------—-------—-------—-------—-------—-------—-------—-------—------- Chapters: 00:00 Presented By 00:05 Trailer 01:55 Disclaimer 01:58 Introduction 03:20 Arriving in India: Samir’s 1993 Beginning 04:30 Why Alliance Entered India 05:15 UTI × Alliance: The Birth of UTAM 07:33 What Investing Looked Like in the 90s 11:23 How Samir Outperformed the Market for 8 Straight Years 13:02 The Asian Crisis of ’97–98 & Other Shocks 17:01 Inside the India Liberalisation Fund 17:20 Inflation Challenges: Samir’s Take 18:51 How the Alliance 95 Fund Was Born 21:47 NAV Spells & Market Turbulence 22:24 Views on India’s Liberalisation 23:18 Price Discovery: 90s vs Today 25:05 The Rise of Thematic Funds 28:36 More on NAV Spells 29:16 Strategy Behind the Frontline Fund 31:18 Mutual Respect Among Competitors 32:51 Lessons from the Dot-Com Bubble 39:12 Samir’s Competitive Edge 39:42 The 200% NAV Year: 1998–99 40:33 Meeting Mohandas Pai 41:04 IFAs, Banks & The Distribution Landscape 43:02 SEBI’s Push for Transparency 46:08 Setting Industry Standards 46:49 Q&A – Part 1 48:55 Q&A – Part 2 51:22 Wrap-Up 52:09 End Credits

    52 min

  8. SEASON 1 TRAILER

    9 Episodes. 3 Decades. 1 Incredible Story of Mutual Fund | MF Chronicles Podcast Teaser

    How did an unknown industry grow into an ₹80 lakh crore giant? The answer lies in the people who built it. MF Chronicles brings you their stories - the challenges, the breakthroughs, and the moments that changed India’s investing culture forever. 3 decades, 9 episodes, 1 incredible journey. Follow Vikaas M Sachdeva for more market wisdom: Instagram: https://www.instagram.com/vikaas.m.sachdeva/ YouTube: https://www.youtube.com/@VikaasMSachdevaLInkedIn: https://www.linkedin.com/in/vikaasmsachdeva/X (Twitter): https://x.com/vikaasmsachdevaFor more stories from the Chronicles, follow: Instagram: https://www.instagram.com/chronicles_of_mutualfund/  YouTube: https://www.youtube.com/@CHRONICLESbyVikaas

    2 min

Trailer

About

How did an industry no one knew thirty years ago grow to nearly ₹80 lakh crore today? MF Chronicles traces this extraordinary transformation, exploring three decades of India’s mutual fund journey through candid conversations with the people who built it. The series moves through the early years after liberalisation, the expansion phase of the 2000s, and the digital, democratised era that followed - mapping how an unfamiliar concept slowly became one of India’s most trusted financial pillars. Across nine episodes, the show brings together CEOs, CIOs, regulators, product creators, distributors, advisors, and industry innovators to reveal the real stories behind India’s investing culture. Their decisions, challenges, experiments, and breakthroughs form the core of this narrative - not as data points, but as lived experiences.  Through long-form, honest discussions, MF Chronicles uncovers how trust was built, how categories were created, how crises were navigated, and how mutual funds became accessible to millions of Indians. The series blends personal journeys with industry insight to offer listeners a rare, behind-the-scenes look at how India learned to invest. Fresh episodes drop every alternate Tuesday.  Concept and Hosted by Vikaas M Sachdeva Marketed and Produced by Blue Quill Communications and Kya Dekhte Ho Productions Supported by Chetana's Institute of Management and Research, Mumbai

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