Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

NSE Nifty Bank Index (NSEBANK INDEX EQUITY)

<a href="https://www.smartkarma.com/entities/547" target="_blank" data-smartkarma-citation="entities:547:1">ICICI Bank Ltd (ICICIBC IN)</a> ‘conflict of interest’ saga has caught the attention of every business media house, analyst and investors community. The news is more focused on Ms. Chanda Kochhar (CEO of ICICI Bank) husband’s advisory business which talks about potential conflict of interest while lending to few corporate entities.  In such scenario of uncertainties, the presence of such conflicts of interest in other private sector banks cannot be ruled out. The ICICI Bank saga was on the conflicting business of CEO’s spouse, however, no one has questioned on possibilities of such conflicting businesses owned by the directors on the board of many of these private sector banks.We tried to dig into the details of entities that are into businesses such as financial advisory or investment banking or debt syndication, which are being owned/ under directorship of persons, who are also occupying seats on the board of 19 private sector banks.

ICICI Bank Ltd (ICICIBC IN) ‘conflict of interest’ saga has caught the attention of every business media house, analyst and investors community. The news is more focused on Ms. Chanda Kochhar (CEO of ICICI Bank) husband’s advisory business which talks about potential conflict of interest while lending to few corporate entities.  In such scenario of uncertainties, the presence of such conflicts of interest in other private sector banks cannot be ruled out. The ICICI Bank saga was on the conflicting business of CEO’s spouse, however, no one has questioned on possibilities of such conflicting businesses owned by the directors on the board of many of these private sector banks.We tried to dig into the details of entities that are into businesses such as financial advisory or investment banking or debt syndication, which are being owned/ under directorship of persons, who are also occupying seats on the board of 19 private sector banks.

Banks' Board: Minefield of ‘Conflicts of Interests’?

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

Bandhan Bank IPO that closed on Monday indicates that the euphoria seen in India's IPO markets is well behind us, be it large-caps or small-caps. Bandhan bank is one of the leading success stories of India's microfinancing boom and one of the two lenders that were awarded a banking license by RBI (other being IDFC) in 2015. The bank makes a strong business case for investments but was priced at 4x P/B which is above almost all the banks listed on the exchange. While the issue sailed through but…

Bandhan Bank IPO that closed on Monday indicates that the euphoria seen in India's IPO markets is well behind us, be it large-caps or small-caps. Bandhan bank is one of the leading success stories of India's microfinancing boom and one of the two lenders that were awarded a banking license by RBI (other being IDFC) in 2015. The bank makes a strong business case for investments but was priced at 4x P/B which is above almost all the banks listed on the exchange. While the issue sailed through but…

Monthly Equity Inflows May Fall by 1/3rd from Highs; Primary Market Demand Drops Significantly

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>On August 7, 2025, RBI granted AU Small Finance Bank in-principle approval to become India's first universal bank converted from SFB, the first full banking license issued in eleven years.</li>
<li>Universal bank status unlocks lower deposit costs (SFB rates run roughly 100bps above peers), eases the priority sector lending mandate from 60% to 40%, and removes product restrictions.</li>
<li>The structural rerating argument rests not on the license itself, but on whether AU can convert the funding cost advantage into sustainable NIM improvement while sustaining 20%+ loan growth.</li>
</ul>


On August 7, 2025, RBI granted AU Small Finance Bank in-principle approval to become India's first universal bank converted from SFB, the first full banking license issued in eleven years.
Universal bank status unlocks lower deposit costs (SFB rates run roughly 100bps above peers), eases the priority sector lending mandate from 60% to 40%, and removes product restrictions.
The structural rerating argument rests not on the license itself, but on whether AU can convert the funding cost advantage into sustainable NIM improvement while sustaining 20%+ loan growth.


AU Small Finance Bank: The First Graduate from India's SFB Sector

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.</li>
</ul>


There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.


NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kaynes Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

India

Bandhan Bank Ltd. is an Indian private sector bank that provides a range of banking and financial services to personal and business customers, with a core focus on inclusive banking for unbanked and under-banked populations. The bank offers various asset and liability products including savings and current accounts, fixed deposits, and loans for home, gold, personal, and businesses, as well as digital banking and third-party product distribution. It was founded in 2001 as a microfinance institution and commenced operations as a universal bank on August 23, 2015, with its headquarters in Kolkata, India.

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Bandhan Bank (BANDHAN IN)

Banks' Board: Minefield of ‘Conflicts of Interests’?

ICICI Bank Ltd (ICICIBC IN) ‘conflict of interest’ saga has caught the attention of every business media house, analyst and investors community....

Nitin Mangal

Monthly Equity Inflows May Fall by 1/3rd from Highs; Primary Market Demand Drops Significantly

Bandhan Bank IPO that closed on Monday indicates that the euphoria seen in India's IPO markets is well behind us, be it large-caps or...

Asia Advisors

AU Small Finance Bank: The First Graduate from India's SFB Sector

AU Small Finance Bank granted in-principle approval to become India's first universal bank, unlocking lower deposit costs and easing lending...

Sudarshan Bhandari

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Banks' Board: Minefield of ‘Conflicts of Interests’?

ICICI Bank Ltd (ICICIBC IN) ‘conflict of interest’ saga has caught the attention of every business media house, analyst and investors community....

Nitin Mangal

Monthly Equity Inflows May Fall by 1/3rd from Highs; Primary Market Demand Drops Significantly

Bandhan Bank IPO that closed on Monday indicates that the euphoria seen in India's IPO markets is well behind us, be it large-caps or...

Asia Advisors

AU Small Finance Bank: The First Graduate from India's SFB Sector

​AU Small Finance Bank granted in-principle approval to become India's first universal bank, unlocking lower deposit costs and easing lending...

Sudarshan Bhandari

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

AU Small Finance Bank granted in-principle approval to become India's first universal bank, unlocking lower deposit costs and easing lending...