Hemant Manuj

Professor@ O. P. Jindal Global University;

Corp Finance| Governance | Financial Markets | Risk Management

Always be a learner. Tweets are personal.

[Hemant Manuj @hemantmanuj]

Eggs provide the cheapest source of complete protein (max amino acids). This is just a research based fact.
If some people can't eat eggs, for their personal reasons, it's a different matter. But, a nutrition policy should be based on the most efficient path to children's health.

[Diva Jain @DivaJain2]

This is prime example of why this debate is idiotic.
No egg does not mean no nutrition. These meals have calorie + protein targets and Isckon has said they will adhere to nutrition norms.

[Hemant Manuj @hemantmanuj]

Yes, we badly need large investments in AI. But look at the big picture. Which head of expenditure in the govt budget should be reduced to make way for AI? Defence, food & fertilizer subsidies, salaries, or the subsistence allowance to 80 cr poor people? You get the answer.

[Mohandas Pai @TVMohandasPai]

PM @narendramodi Sir we need an India AI Mission under you with @NandanNilekani as vice chair and others from the private sector and govt. to Help India tackle the AI Revolution. We are way behind and need a national mission to get going quickly. Existing govt programs are too slow, way too small to make any large impact. We need an annual 50000 cr fund for deep tech and AI, a 200,000 cr ELGS Guarantee Fund to build Hyper cloud, hardware and chips. @AshwiniVaishnaw @nsitharaman @PiyushGoyal @FinMinIndia @RBI We need a Very Large National Mission. @AmitShah @amitmalviya

[Hemant Manuj @hemantmanuj]

It's a choice. However, take it from me, an athlete, that it is very frustrating to face the kind of weather, pollution, and other blocks, when you run outdoors for at least 6 months in a year. And, yes, a treadmill is not a substitute. Runners will understand this.

[Sandeep Mall @SandeepMall]

@DelJargon I will not migrate for not able to run outdoors for few months. It’s easier for me to run indoor on treadmills

[Hemant Manuj @hemantmanuj]

Every person (especially in public life) should first declare how much they would personally benefit from a policy amendment that they are strongly advocating.

Btw, capital gains tax is not the primary reason that the FPI's are selling. The tax has been around for long!

[Mohandas Pai @TVMohandasPai]

PM @narendramodi Sir our Rupee is getting hammered in markets, depreciated, causing big issues, increasing costs. One Big problem is heavy selling by FPI’s. Huge outflow of $.
To remedy please waive capital gain taxes on New investments in markets by all registered FPI’s from now on for next 5 years, whether out of sale here or new inflows, and after 5 years the benefit will continue till they sell stocks invested over last 5 years from now onwards. This will stem selling, increase inflow, stop tax harassment and stabilize rupee. Even if ~20b $ comes in big benefit. Please consider.
@nsitharaman @FinMinIndia @PMOIndia @RBI @NITIAayog @PiyushGoyal We need radical solutions to strengthen rupee, lower costs

[Hemant Manuj @hemantmanuj]

Agree. We refused to take a moral stand in favour of either side. So, how can we expect the others to take a moral stand in our favour?
It doesn't matter who is actually right. It matters who is ready to stick their neck out and take a stand. In our daily lives and geo-politics.

[Hemant Manuj @hemantmanuj]

Very true. Diversification is the only mantra to be a successful fund manager. Any talk of a concentrated or focussed portfolio doing better than index is plain mis-selling.

Btw, active funds, even in India, DO NOT out-perform the indices. This is what historical data says.

[Neil Borate @ActusDei]

I often have long and exhausting arguments with 'India-only' lobby in finance.
Me: Most markets have beaten India in the last 1 yr
IO: Look at last 3 yrs
Me: Europe and US have done better than India in last 3 yrs
IO: Look at last 5 yrs:
Me: US has done better in last 5 and 10 yrs
IO: Look at last 20 yrs
Me: Do you know the valuation of India and its earnings 10 yrs ago? Also, did you invest 20 yrs ago?
IO: Look at rolling returns
Me: Rolling returns sometimes fail to capture asset class rotations. They are a better tool for active management.
IO: All this is due to rupee depreciation. USD returns don't matter to Indians - it is theoretical.
Me: Really? You're never going to buy any imported goods or good with imported components? Never going to travel abroad or send your kids to college abroad?
IO: Active funds in India have done better than Indices
Me: I have to compare like-for-like. Index with an index. But even if active has done better very few funds are consistent - the top funds keep changing.
IO: You see what happens next yr. Naren has given India call over abroad
Me: But you just said 1 yr is not useful. Also that's the whole point, it is about diversification. Different engines will fire at different times.
IO: You are biased because AMCs are in GIFT & they want to push things
Me: I was advocating global long before funds in GIFT. There are a lot more AMCs and funds in India if I wanted an easy sell. Also, I advocate the concept, not any particular AMC.
IO: You are unpatriotic
Me: My own portfolio is 60:40 in favour of India. I'm still very bullish on India. Also patriotism and investing need to be kept separate. I'm talking about India + Global not India or Global.
IO: You can say anything, I won't be convinced.
Me: It is your life. One last thought - remember the song, Mera Joota hai Japani, ye Patloon Englishtani? Now look at your shoes, jeans, phone, laptop, apps etc etc

[Hemant Manuj @hemantmanuj]

I disagree. STT is a blanket tool to disincentivise trading in derivatives. Unless it is felt that derivatives, as a product, is dangerous, it should not be "shut down". Derivatives are risky, yet useful for the market. There are better ways of regulating excessive risk taking.

[Shankar Sharma @1shankarsharma]

I love this Budget for ONE major reason: hiking of STT on derivatives. Derivatives are a poison x cocaine, eating away at the roots of our youth. Its destructive effect will be felt by generations. It's a pure wealth transfer from the traders to F& O specialist brokers, who have been massive winners of this drug + gun trade. ( Not their fault).
F&O adds zero value to India. It deducts inestimable value.
It can't be stopped but it can be taxed the hell out of.
Kudos to the Finance Minister.

[Hemant Manuj @hemantmanuj]

Heartiest congratulations, @ashishchauhan !

[Professor Alok Kumar Rai @profalokkumar]

Congratulations @ashishchauhan MD, and CEO of @NSEIndia on being appointed as Chairperson (Acting) of BoG of @IIM_Calcutta
He is also an alumnus of the institute too.

[Hemant Manuj @hemantmanuj]

Truly well deserved recognition!! Congrats and wish you many more!!

[Ashish Chauhan @ashishchauhan]

Humbled and deeply grateful to receive the first-ever Lifetime Achievement Award from @RegulationAsia this evening in Singapore.
Thank you for this incredible honour recognising over three decades of contributions to shaping India’s and the global securities markets.
Truly a moment to cherish. 🙏
#RegulationAsia #LifetimeAchievement @nseindia

[Hemant Manuj @hemantmanuj]

A sharp articulation of the AI ecosystem and the global order by @ashishchauhan. What we do, or not do, in the next 12-18 months will make or break our future.

[Ashish Chauhan @ashishchauhan]

AI story till now. It is still unfolding.

AI is a very useful technology and will change life transformationally in next few years and decades. It will generate substantial productivity gains in most areas like electricity, telecom or IT did.

In AI, Large US companies and Government of US tried to project it as a matter of large investments rather than use of brains. Extremely Costly hardware, trillion dollar models etc were to some extent part of the hype, awe and shock model US adopts to control most new technologies to keep small countries and small companies out.

In last 3 years since ChatGPT started, it was a constant reminder every day that countries like China are enemies because they also have AI capabilities they built over last twenty years using government planning and coordination.

It was also projected that Countries like India are losers is AI field - because they are neither like US which can spend trillions of USD or are like china where government capabilities of to direct investments and efforts are immense.

AI field has been changing fast and becoming democratised every day. Democratisation of technology brings down costs of new technologies with each passing day. The AI tech waves are coming faster at a pace that no one is able to control or even comprehend let alone own.

Last few weeks have proved that much more effective hundreds of open weight AI models coming out of China and other countries don’t require large compute also that has been projected by US AI groups. These Chinese models are being proved to be equal or better in their effectiveness for purpose.

Broadly, the hype, shock and awe part of the US AI story has been punctured substantially in last few weeks. Repercussions will be felt over next several years.

User countries like India would be the beneficiaries. For example, over last 60 years, India didn’t invent computer chips, most computer languages, databases, network equipments etc. Despite that India has been one of the winners of the IT race in the world over last several decades.

I am becoming more confident that India will be the biggest winner of AI race as the most adaptive country for Informarion technology in next 20-30 years. Indian policy makers, organisations and individuals will have to work hard, coordinate and make the best out of this extremely fast evolving situation.

Next race is already building up. Robotics between US and China. How do we get prepared and how do we combine Robotics with AI to be the biggest beneficiaries of this new fast moving race needs to be thought through.

[Hemant Manuj @hemantmanuj]

Wonderful, congrats!

[Ashish Chauhan @ashishchauhan]

Honored and privileged to be a witness to the signing of Free Trade agreement between India and UK on July 24,2025 with Hon’ble PM India and Hon’ble PM Uk at the country residence of UK PM Chequers outside London, UK.

[Hemant Manuj @hemantmanuj]

It would have been far more constructive to reduce the broader GST rate than the income tax rates/ slabs. Better from a wider consumption multiplier as well as equity angle.

I am not even sure, the I.T. cuts would help politically, but that's another discussion.

[Swaraj @swarajk_]

@Saiarav @Akshay_VAK doubt it but then reduce indirect taxes and spend the fiscal space there

[Hemant Manuj @hemantmanuj]

#Budget2025 What % of earning Indians pay income tax and will gain from the new tax slabs /rates?

If our economy depends mainly on this section to boost consumption, then there is something seriously wrong with us!

If not, then I wonder why some market analysts are so bullish!

[Hemant Manuj @hemantmanuj]

The tragedy of the #MahakumbhStampede and the loss of lives is so painful. But the mis-management was clearly visible much earlier.

The ground level people did their best, and I have seen it. It's the absolutely poor planning and management from the top. Truly sad!

[Hemant Manuj @hemantmanuj]

#MahaKumbh2025 is the biggest event of faith for the Hindus. Millions of common people are going to take a dip.

My personal experience - visitors of all ages and health have to walk 10 km. They do not get any major help from the administration on directions, lodging, or food.

[Hemant Manuj @hemantmanuj]

#MahaKumbh2025 is the biggest event of faith for the Hindus. Millions of common people are going to take a dip.

My personal experience - visitors of all ages and health have to walk 10 km. They do not get any major help from the administration on directions, lodging, or food.

[Hemant Manuj @hemantmanuj]

This is unfair and unsustainable. A higher allocation based on higher population and lower state revenues creates moral hazard.

A simple solution is to add governance as a key factor. The ruling parties of Bihar must be made accountable. But, who will bell the cat?Politics!

[Indian Tech & Infra @IndianTechGuide]

🚨 For every Rs 1 rupee given to the centre, Bihar gets the maximum of Rs 7.26 in return.

[Hemant Manuj @hemantmanuj]

There is nothing wrong with EMI as a product. It is the miscommunication, sometimes intentional, that makes many people suspicious of even good financial products.

All loan products should be mandated by @RBI to disclose the IRR. Simple, yet effective solution.

[Sneha Mordani @snehamordani]

Hmm… to this tweet.
On an EMI of 42k, money towards interest is 37k a month and money towards the principal amount is 5k

Essentially, in 15 months, on a loan of 48 lakh, I’ve paid 4 lakh 80,000 as interest and about 75,000 as principal amount.

Which means it will take me 19-20 years to clear this loan and the actual amount paid towards a loan of 48 lakh will clearly be way way more than what I am presuming.

Hence, home loan is a scam.
My experience, if lump-some money is readily available or in sight in near future, take a loan and buy a properly; By all means take a loan to buy an asset but work towards getting rid of it soonest.

Do not get trapped, into doing this - Paying EMI for the rest of your active working life.

Ends

[Hemant Manuj @hemantmanuj]

Trading in @derivatives is very risky. This warning needs to be played ad nauseum.

Whenever I teach a course on financial derivatives. It begins and ends with the warning - Do not trade in derivatives.

Behaviour change works best through good education and not just rules.

[Neil Borate @ActusDei]

I had a chat with a 32 yr old in 60 lakh debt from F&O trading. He did an MBA and began trading options in college itself, in a small way. He then got a job in a bank. The pressure of life in Mumbai on a fresher salary made F&O alluring. So the habit continued. He tried trading courses and various techniques. Nothing worked.

After 8 years of trading, off and on, he's 60 lakh in debt. The financial system makes borrowing super easy. You can borrow using cards and just pay minimum amount due and then get another card. He even withdrew from EPFO stating 'medical treatment' as the reason.

Everything went into trading. After defaults, banks have been harassing him. They called his family, friends, employer anyone they could reach on social media. They sent notices as well. Now they've given up and started to settle the loans. He hopes to rebuild his life.

Nobody talks about these things. The entire system of brokers and finfluencers is designed to get you trading, at your expense. 9 out of 10 lose money. And the show goes on.

https://t.co/JFGQMInxBE

[Hemant Manuj @hemantmanuj]

We, therefore, need to watch the embedded risk in the stock prices more than the levels of prices.

Making the markets more efficient should always be our no. 1 priority. Adequate safeguards in risk management ensure that individual losses do not translate into systemic risk.

[Hemant Manuj @hemantmanuj]

Well spoken! Yet, another pov here. When the secondary market prices of stocks rise, the cost of capital falls. That encourages firms to invest more in their businesses.

So, rising stock prices do pose a risk of loss to market investors, it is not really negative for firms.

[Neil Borate @ActusDei]

One of the best speeches I've heard on capital markets was delivered today by Ananth Narayan of Sebi.

He laid out the basic demand-supply mismatch in the stock market in the past 3 yrs.

Demand for paper - from MFs, retail etc: Rs 3.1 lakh crore
Supply of paper - IPO, OFS etc: 2 lakh crore

Result: Crazy bull market
Solution: We need more supply- IPOs etc

Full text here: https://t.co/Wiy3YqyhXX