Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

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>The DGGI arrested <a href="https://www.smartkarma.com/entities/fino-payments-bank-ltd" target="_blank" data-smartkarma-citation="entities:35042:1" rel="noopener">Fino Payments Bank Ltd (FINOPB IN)</a> CEO Rishi Gupta, linked with an alleged INR 30 bn GST evasion involving shell entities linked to banned online gaming platforms.</li>
<li>Fino maintains the investigation pertains solely to third-party programme managers and merchants, asserting no operational or GST compliance lapses and expecting no financial liability.</li>
<li>While the bank maintains conversion timelines remain intact, the episode may bring it strong regulatory headwinds from the RBI, potentially delaying the conversion to Small Finance Bank.</li>
</ul>


The DGGI arrested Fino Payments Bank Ltd (FINOPB IN) CEO Rishi Gupta, linked with an alleged INR 30 bn GST evasion involving shell entities linked to banned online gaming platforms.
Fino maintains the investigation pertains solely to third-party programme managers and merchants, asserting no operational or GST compliance lapses and expecting no financial liability.
While the bank maintains conversion timelines remain intact, the episode may bring it strong regulatory headwinds from the RBI, potentially delaying the conversion to Small Finance Bank.


Fino Payments Bank- SFB Dream Faces a Speed Breaker?