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

Thematic (Sector/Industry)

<ul>
<li>India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.</li>
<li>F&amp;O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.</li>
<li>MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.</li>
</ul>


India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.
F&amp;O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.
MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.


India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

<ul>
<li>India's depository duopoly shows strong growth, with <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> leading in institutional assets and <a href="https://www.smartkarma.com/entities/central-depository-services" target="_blank" data-smartkarma-citation="entities:27902:1" rel="noopener">Central Depository Services (CDSL IN)</a> dominating the expanding retail investor base.</li>
<li>Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.</li>
<li>NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.</li>
</ul>


India's depository duopoly shows strong growth, with NSDL (NSDL IN) leading in institutional assets and Central Depository Services (CDSL IN) dominating the expanding retail investor base.
Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.
NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.


NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

<ul>
<li>SEBI asked Brokers to to be ‘true to the label’ in how they levy charges.</li>
<li>This can impact 10% of <a href="https://www.smartkarma.com/entities/zerodha" target="_blank" data-smartkarma-citation="entities:29664:1" rel="noopener">Zerodha (ZERO IN)</a> and 8% of <a href="https://www.smartkarma.com/entities/angel-one-ltd" target="_blank" data-smartkarma-citation="entities:33510:1" rel="noopener">Angel One (ANGELONE IN)</a> Topline.</li>
<li>Rationale behind this circular and its impact on the market.</li>
</ul>


SEBI asked Brokers to to be ‘true to the label’ in how they levy charges.
This can impact 10% of Zerodha (ZERO IN) and 8% of Angel One (ANGELONE IN) Topline.
Rationale behind this circular and its impact on the market.


SEBI’s New “True to Label” Circular: End of Zero Fee Era

Event-Driven

<ul>
<li>The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.</li>
<li>Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.</li>
<li>The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.</li>
</ul>


The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.
Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.
The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.


RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

<ul>
<li>Groww is India's largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.</li>
<li>It is aggressively expanding into lending (MTF, LAS) and has recently acquired 'Fisdom' to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.</li>
<li>At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.</li>
</ul>


Groww is India's largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
It is aggressively expanding into lending (MTF, LAS) and has recently acquired 'Fisdom' to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.


Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

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Zerodha (ZERO IN)

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Nimish Maheshwari

NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

Nimish Maheshwari

SEBI’s New “True to Label” Circular: End of Zero Fee Era

SEBI's new directive on transparent charges could significantly affect Zerodha and Angel One's revenue, prompting market analysis on the rationale...

Nimish Maheshwari

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

Groww, India's largest stockbroker by user base, is evolving into a complete investment platform with lending and wealth solutions. Is the IPO...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

​India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Nimish Maheshwari

NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

​India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

Nimish Maheshwari

SEBI’s New “True to Label” Circular: End of Zero Fee Era

​SEBI's new directive on transparent charges could significantly affect Zerodha and Angel One's revenue, prompting market analysis on the rationale...

Nimish Maheshwari

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

​RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

Groww IPO Review – India’s Largest & Fastest Growing Broker / Investment Platform.

​Groww, India's largest stockbroker by user base, is evolving into a complete investment platform with lending and wealth solutions. Is the IPO...

Himanshu Dugar

India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

SEBI's new directive on transparent charges could significantly affect Zerodha and Angel One's revenue, prompting market analysis on the rationale...

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Groww, India's largest stockbroker by user base, is evolving into a complete investment platform with lending and wealth solutions. Is the IPO...