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India’s Wealth Evolution Needs Multi-Layered Products: Akhil Chaturvedi, Motilal Oswal AMC

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India's Wealth Evolution Needs Multi-Layered Products: Akhil Chaturvedi, Motilal Oswal AMC

As India’s economy deepens and investor participation widens, the financial landscape is shifting rapidly. Akhil Chaturvedi, Executive Director and Chief Business Officer at Motilal Oswal Asset Management Company AMC, believes the time has come to move beyond a one size fits all investment approach.

In an insightful interview with veteran finance journalist Vivek Law on the Simple Hai Show recently, he told Law, “Mutual funds are a fantastic entry point for new investors, but as wealth grows, the need for differentiated, higher alpha products becomes more pressing.” That’s where offerings like PMS Portfolio Management Services, AIFs Alternative Investment Funds, and now SIFs Special Investment Funds enter the picture.

The Layered Investment Approach

Chaturvedi told Law he believes that India’s rising investor base demands a more layered ecosystem. “A ₹10 lakh investor and a ₹10 crore investor can’t be treated the same,” he said. “They require different strategies, risk profiles, and expectations.”

India’s financial evolution has necessitated a stack of investment products, each tailored to specific wealth levels, goals, and risk appetites.

Mutual Funds: Ideal for retail investors starting out, offering diversification and simplicity.

PMS: Starting at ₹50 lakh, these allow for concentrated, high conviction strategies managed with greater flexibility.

AIFs: Entry at ₹1 crore, these open up access to long short strategies, private credit, unlisted equity, and thematic plays.

SIFs: Recently approved by SEBI with a lower ₹10 lakh ticket size, these serve the semi affluent investor with curated strategies that bridge the gap between mutual funds and PMS.

“Over the next 10 years, SIFs could become as big as PMS or AIFs,” Chaturvedi added. “They offer the flexibility and focus today’s investors are looking for.”

Conviction Over Trends

Motilal Oswal AMC is known for high conviction products built on long term macro and micro narratives. Chaturvedi mentioned a standout example, the Next Trillion Dollar Opportunity NTDOP fund, launched in 2007 when India’s GDP crossed $1 trillion. The premise was to ride the next phase of economic expansion. Today, the fund’s NAV has grown 11 times since inception, vindicating its strategy.

Another is the Founders Fund, he said, which focuses on founder led companies and businesses with strong skin in the game. “India’s growth is still largely founder driven,” Chaturvedi said. “These are the companies that build value with a long term mindset.”

He also highlighted thematic PMS offerings such as Business Opportunities, Focused 30, and Midcap 30, each built on distinct narratives and sectoral lenses.

Rise of Retail and Tier 2 and Tier 3 Investors

India’s mutual fund investor base has exploded in recent years, rising from 2.5 crore to over 5 crore accounts in under five years. SIP inflows have hit record levels, and more than 70 percent of new accounts are now coming from Tier 2 and Tier 3 cities. This surge, Chaturvedi said, reflects a deepening financialisation of savings and growing comfort with equity markets among India’s emerging middle class. “Earlier, people saw equity as risky or speculative. Today, there’s trust in the system, driven by regulation, transparency, and awareness.”

The ₹100 Lakh Crore Opportunity

Chaturvedi said he estimates that for every 1 percent shift in household savings toward capital markets, nearly ₹10 lakh crore could flow in. “Even if we move from 5 percent to 10 percent of household savings in equities, that’s a transformational ₹50 lakh crore shift.”

In a country where fixed deposits and real estate have historically dominated portfolios, this transition marks a tectonic cultural and generational change.

Advice to Young Investors

Chaturvedi offered a simple roadmap for those starting out:

Begin with actively managed large cap or flexi cap mutual funds.

Add exposure to index funds, such as the Nifty 500.

Use SIPs for consistency and discipline.

He cautioned against chasing short term fads or market noise. “India is a structural story. You don’t need to overcomplicate it. Stay invested and think long term.”

Domestic Investors Taking the Lead

With foreign investor ownership in Indian markets dropping from 23 percent to around 18 percent, domestic players are increasingly becoming market makers. At the same time, India’s MSCI Emerging Markets Index weight has risen from 7 percent to over 22 percent, a testament to growing global confidence.

“Macro stability, fiscal prudence, and demographic strength are all working in our favor,” said Chaturvedi. “The India story is resonating not just at home, but globally.”

Career Learnings and Market Wisdom

Chaturvedi, who has spent over 20 years at Motilal Oswal, sees strong parallels between long term investing and long term careers.

“Both require patience, learning, and resilience. You won’t win every quarter, but if you stay the course and build conviction, the compounding adds up.”

He recalled the global financial crisis of 2008 as a turning point. “It taught me that reacting emotionally doesn’t help. You need a framework, and you need to trust it, especially when markets are volatile.”

Looking Ahead

As India’s economy grows, so too must its investment infrastructure. Chaturvedi is optimistic about the future of PMS, AIFs, and SIFs as tools that can serve an increasingly sophisticated investor base.

“The layers of India’s financial ecosystem are finally starting to stack up, across income brackets, geographies, and aspirations. Our job now is to build the right products for the right investors at the right time.”

For India’s fast growing investor class, Akhil Chaturvedi’s advice is clear: Stay the course, trust the structure, and embrace the multi layered journey of wealth creation.

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Gold Loans, MSME Credit and Digital Lending: Rakesh Singh on India’s Changing Borrowing Habits

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Gold Loans, MSME Credit and Digital Lending: Rakesh Singh on India’s Changing Borrowing Habits

India’s lending landscape is evolving as technology makes credit more accessible and businesses look for faster ways to raise funds. From households using gold as collateral to small businesses seeking formal credit, borrowing is becoming an important part of how individuals and enterprises manage their financial needs.

In a conversation with Vivek Law on The Simple Hai! Show, Rakesh Singh, Executive Director and CEO (NBFC) at Aditya Birla Capital, discussed the growth of gold loans, the credit gap faced by micro, small and medium enterprises (MSMEs), the role of digital platforms in lending, and why responsible borrowing must remain a priority.

Gold Loans: Putting Household Savings to Productive Use

Gold has traditionally been an important form of savings for Indian households. Singh noted that Indian families collectively hold an estimated $5 trillion worth of gold, presenting a significant opportunity for the gold loan market.

According to Singh, the gold loan industry has grown considerably over the past two to three years, partly because rising gold prices have increased the value of the collateral borrowers can offer. He cited an industry size of around ₹19 lakh crore, with NBFCs accounting for approximately ₹4 lakh crore and banks making up the remainder.

Gold loans can help people access funds without selling family jewellery. Singh explained that borrowers often use these loans to invest in their businesses or pay for their children’s education, making them a source of funds for specific financial needs rather than everyday consumption.

He also highlighted the potential in semi-urban and rural areas, as well as Tier 3 and Tier 4 markets, where access to such lending products can expand further.

Trust Is Key to the Gold Loan Business

Borrowing against gold involves more than a financial transaction. For many families, jewellery carries emotional and generational value, making trust an essential part of the process.

Singh said established brands can help customers feel more confident about pledging their gold. Transparency, responsible handling of jewellery and a customer-first approach are important to building that confidence.

He also pointed to a geographical shift in the market. While gold lending was previously concentrated in southern states, Singh said growth is increasingly visible in northern, eastern and central India, including markets such as Delhi-NCR, Uttar Pradesh and Rajasthan.

For Aditya Birla Capital, entering this segment is an opportunity to expand its lending presence across the country while focusing on customer trust and responsible growth.

MSMEs Continue to Face a Credit Gap

Access to formal credit remains a challenge for many small businesses. Singh observed that some MSMEs continue to borrow from friends, family or local sources, sometimes at significantly higher rates, because they cannot easily access suitable formal financing.

He said banks, NBFCs and fintech companies each have a role to play in addressing this gap. Rather than simply competing with one another, these institutions need to reach different customer segments and offer products suited to their requirements.

Speed is another important factor. For a small business, delays in accessing funds can affect day-to-day operations and growth plans. Lenders therefore need to combine appropriate credit assessment with efficient processes.

Singh also shared that approximately 57–58% of Aditya Birla Capital’s loan book, which he referred to as around ₹1.70 lakh crore during the discussion, was directed towards MSMEs.

How Digital Platforms Are Changing Lending

Digital infrastructure is making it easier for lenders to assess small businesses that may previously have had limited access to formal credit.

Singh highlighted the role of digital payments, Aadhaar-based verification, PAN linkages, GST records and credit bureau information in helping lenders understand customers and their financial activity. As more businesses use digital payment systems, lenders can gain a clearer picture of their transactions and banking behaviour.

Aditya Birla Capital developed its Udyog Plus digital platform to serve MSMEs. Singh said the platform had close to 2.4 million registered businesses at the time of the conversation.

Through digital processes, some smaller loans can be assessed, approved and disbursed within minutes. Larger or more complex applications may still require intervention from branches and credit managers.

Digital platforms can also help businesses access services beyond financing, including support related to accounting and human resources.

Digital Lending Must Be Matched With Responsible Borrowing

Technology has made it easier for customers to access credit, including through digital platforms and financing options offered during online purchases. However, Singh cautioned that easier access to loans also brings risks.

When customers take multiple loans from different lenders, their overall debt burden can rise. Singh stressed that lenders need to monitor a borrower’s leverage not just when approving a loan, but also after the money has been disbursed.

For borrowers, understanding repayment capacity is equally important. People should assess how much they can repay, when their income is likely to arrive and whether the repayment schedule suits their financial circumstances. This can be particularly important for those with irregular or seasonal earnings.

Singh also emphasised the importance of awareness around credit scores and repayment discipline. Delayed payments can affect a borrower’s credit record and future access to loans.

The Future of Lending Depends on Access and Awareness

India’s growing economy, expanding digital infrastructure and changing borrowing needs are creating opportunities for lenders. Gold loans can help households unlock funds against an existing asset, while better access to formal credit can support small businesses.

But greater access alone is not enough. As Singh explained, lenders must understand the customer segments they serve, manage risks carefully and ensure that credit reaches borrowers whose needs and repayment capacity align with the product.

For borrowers, the message is equally clear: a loan should serve a financial purpose, and taking one should always involve a clear understanding of its cost and repayment obligations.

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Simple Hai! @ 100: Celebrating a Milestone in Making Finance Simple

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Simple Hai! @ 100: Celebrating a Milestone in Making Finance Simple

From financial awareness to financial confidence, Simple Hai! marks 100 episodes with a celebration of conversations, learning and the people behind the journey. A hundred episodes is more than a number. For Simple Hai!, it represents years of conversations aimed at making money easier to understand. The milestone was celebrated with the Simple Hai! @ 100 event, bringing together the people who have shaped, supported and powered the show. The celebration reflected on the journey of building a financial education platform around one simple idea: finance does not have to feel complicated.

From Awareness To Confidence

Over its journey, Simple Hai! has explored subjects ranging from investing and wealth creation to retirement planning and everyday money decisions.

The show’s conversations have also reflected how India’s financial landscape has changed.

Mutual funds, investing and personal finance have become more accessible to younger audiences. Digital platforms have further changed how people learn about money.

The show has reached audiences beyond India’s major metros, with viewers across more than 15 countries.

It has also crossed 38 million impressions and nearly 5 million views, reflecting the growing demand for accessible financial education.

The People Behind Simple Hai!

The celebration also recognised the team working behind the camera.

Co-founders Aparna Joshi, Harish Patil and Deepak Karna joined Law during the event, highlighting the collaborative effort behind the platform.

The wider OneNative Studio team was also brought on stage as part of the celebration.

That moment reinforced an important part of the show’s journey.

A finance platform may have a host at the centre, but building 100 episodes requires researchers, producers, editors, designers and everyone working behind the scenes.

A Conversation With Ashishkumar Chauhan

Ashishkumar Chauhan, MD and CEO of the National Stock Exchange, also joined the celebrations through a conversation and message recognising the milestone.

He highlighted the role of financial media in making investment conversations more accessible.

The discussion also looked at how Indian investors have changed over the years.

Law recalled a time when mutual funds were far less familiar to ordinary investors. Today, financial products and investment information are significantly more accessible.

The challenge has consequently shifted from access to understanding.

The Philosophy Behind The Show

One recurring idea from the celebration was the importance of knowledge.

A story from India’s financial markets captured that philosophy particularly well.

Veteran brokers once suggested that while people may worship Lakshmi, the goddess of wealth, they should remember Saraswati, the goddess of knowledge, every day.

For Simple Hai!, that idea fits the journey.

Financial confidence cannot come only from having access to products. It also requires knowledge, discipline and the confidence to ask questions.

What’s Next For Simple Hai!?

Reaching 100 episodes is being treated as a milestone rather than a finish line.

The platform plans to explore artificial intelligence and other technologies to make financial education more accessible.

The newly launched Simple Hai! website will also bring together its podcasts and financial education content.

As the show enters its next phase, its central promise remains unchanged.

Make finance simpler. Make financial conversations more accessible. And help more Indians become confident with their money.

For Simple Hai!, 100 episodes are therefore less about looking back and more about asking what comes next.

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Digital Gold Can Unlock India’s $5 Trillion Opportunity, Mahendra Luniya

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Digital Gold Can Unlock India's $5 Trillion Opportunity, Mahendra Luniya

Gold has long been India’s preferred store of wealth. It is bought during festivals, gifted at weddings and passed down through generations. But while Indian households continue to accumulate the precious metal, much of it remains locked away in lockers, generating little economic value.

According to Mahendra Luniya, Founder Chairman, Vighnaharta Gold Ltd., this vast stockpile of household gold represents one of India’s biggest untapped economic opportunities. Speaking on the Simple Hai! podcast hosted by veteran business journalist Vivek Law, Luniya argued that digitising gold ownership and bringing idle gold into the formal financial system could unlock liquidity, reduce import dependence and reshape how Indians invest in the precious metal.

Gold Goes Digital

Luniya compared the evolution of gold ownership to the transformation witnessed in equity markets and payments over the last two decades.

“Shares moved from paper certificates to demat accounts. Cash moved from wallets to UPI. Gold is now following the same path,” he said.

With prices touching around ₹1.5 lakh per 10 grams, purchasing physical gold has become increasingly expensive for many households. Digital platforms, however, allow investors to start with significantly smaller amounts.

“You can now buy gold for as little as ₹150,” Luniya said, adding that digital ownership makes regular investing possible, much like a systematic investment plan (SIP). Instead of waiting to accumulate enough money to buy jewellery or coins, investors can gradually build their gold holdings over time.

From Investment to Jewellery

While digital gold is often viewed as a substitute for physical ownership, Luniya believes it actually complements traditional buying habits.

He explained that investors can accumulate gold digitally over several years and eventually convert those holdings into jewellery whenever required, particularly for weddings or family occasions.

A key innovation enabling this transition is the Electronic Gold Receipt (EGR), an exchange-traded instrument backed by physical gold stored in regulated vaults. According to Luniya, EGRs could eventually allow investors to transfer gold directly from their demat account to a jeweller, paying only the making charges or any additional quantity required.

“This makes gold accumulation far more efficient while still allowing families to eventually own physical jewellery,” he said.

Trust Through Standardisation

Luniya also highlighted the impact of mandatory hallmarking in improving consumer confidence.

Earlier, buyers often had little certainty about the purity of jewellery, with many discovering years later that ornaments sold as 22-carat gold were of lower quality. Today, BIS hallmarking and digital verification have standardised quality, making transactions significantly more transparent.

He believes this increased trust provides the foundation for wider adoption of digital gold ownership.

Unlocking a Sleeping Asset

According to Luniya, India’s privately held gold is effectively a “sleeping asset.”

While households continue buying gold every year, the country also imports hundreds of tonnes annually, placing pressure on foreign exchange reserves.

“If even a small portion of the gold already lying in Indian homes becomes financially productive, it can release enormous liquidity into the economy,” he said.

That liquidity, he argued, could support businesses, improve access to credit and reduce dependence on fresh imports.

Rather than encouraging people to stop buying gold, Luniya advocates changing how it is accumulated and utilised.

Lessons From History

During the discussion, Luniya referred to historical examples to underline gold’s strategic importance.

He cited the United States’ gold policies during the Great Depression and India’s decision to pledge gold reserves during the 1991 balance-of-payments crisis as examples of how gold has served as a critical financial asset during periods of economic stress.

His broader point was that gold should not merely remain locked away but should be capable of supporting economic activity whenever required.

Why Gold Remains Relevant

The conversation also touched upon the resurgence of gold globally.

Luniya noted that central banks across the world have increased their gold purchases amid geopolitical tensions, rising sovereign debt and efforts to diversify reserves beyond the US dollar.

Against this backdrop, he believes India’s own household gold reserves can play a far greater role in strengthening the country’s financial resilience.

Among the various investment avenues available today—including Gold ETFs, digital gold and other market-linked products—he identified Electronic Gold Receipts as one of the most promising developments because they combine the security of physical gold with the convenience of electronic ownership.

The Road Ahead

Luniya believes younger investors are already leading the shift towards digital assets.

Unlike previous generations, who primarily associated gold with jewellery, today’s investors are increasingly comfortable owning financial assets electronically while retaining the flexibility to convert them into physical form whenever required.

For him, the future of gold lies not in replacing tradition but in modernising it.

Families will continue buying jewellery for emotional and cultural reasons, but the process of saving and investing in gold is likely to become increasingly digital. If that transition gathers pace, Luniya believes India’s vast household gold reserves could evolve from being a passive store of wealth into a productive financial asset—one that benefits not only individual investors but the broader economy as well.

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