Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>SEBI's order against IndusInd Bank's ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.</li>
<li>This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.</li>
<li>SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.</li>
</ul>


SEBI's order against IndusInd Bank's ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.
This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.
SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.


A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

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

<ul>
<li>In line with forecasts, <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent</a> and <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics</a> will replace <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India</a> and <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank</a> in the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index</a> after the close of trading on 20 June.</li>
<li>Passive funds are estimated to buy 3-4 days of ADV in the adds and sell 1-10 days of ADV in the deletes. That increase to 3.5-17 days of delivery volume.</li>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> stock has dropped recently due to a large quarterly loss and allegations of fraud. The stock is also a potential deletion from the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>.</li>
</ul>


In line with forecasts, Trent and Bharat Electronics will replace Nestle India and Indusind Bank in the S&amp;P BSE SENSEX Index after the close of trading on 20 June.
Passive funds are estimated to buy 3-4 days of ADV in the adds and sell 1-10 days of ADV in the deletes. That increase to 3.5-17 days of delivery volume.

Indusind Bank (IIB IN) stock has dropped recently due to a large quarterly loss and allegations of fraud. The stock is also a potential deletion from the NIFTY Index.


SENSEX Index Rebalance: Trent, Bharat Electronics to Replace Nestle, IndusInd Bank

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. </li>
<li>The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. </li>
<li>Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.</li>
</ul>



Indusind Bank (IIB IN) released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. 
The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. 
Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.


India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

We see US$886mn and US$391mn one-way flows, respectively, for the NIFTY 50 and NIFTY Next 50 September 2025 index rebalance events.

Janaghan Jeyakumar, CFA

SENSEX Index Rebalance: Trent, Bharat Electronics to Replace Nestle, IndusInd Bank

Trent and Bharat Electronics will replace Nestle and IndusInd Bank in the Sensex from 23 June. The changes were forecast and there is positioning...

Brian Freitas

IndusInd Bank: Auditors Caught Napping

Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

​SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Nimish Maheshwari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

We see US$886mn and US$391mn one-way flows, respectively, for the NIFTY 50 and NIFTY Next 50 September 2025 index rebalance events.

Janaghan Jeyakumar, CFA

SENSEX Index Rebalance: Trent, Bharat Electronics to Replace Nestle, IndusInd Bank

Trent and Bharat Electronics will replace Nestle and IndusInd Bank in the Sensex from 23 June. The changes were forecast and there is positioning...

Brian Freitas

IndusInd Bank: Auditors Caught Napping

​Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Nitin Mangal

SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...