Ashwin Jain

Retweet is endorsement of the tweet not the person

[Ashwin Jain @iAshwiin]

@gautam888 Congratulations 🎉

[Ashwin Jain @iAshwiin]

@raggedtag @Mohansinha @smritiirani @PadmajaJoshi They need to start taking steps to mollify the true middle class, unreserved class whom they ignored for other votebanks if they want to come back in 2029. Taking the earlier vote bank for granted will backfire

[Neil Borate @ActusDei]

Rajeev Thakkar, CIO of PPFAS has just written a letter to unitholders. Here are some key points:

1. PPFAS hasn't even given FD returns - his response

The only way to guarantee an FD return is to make an FD. Volatility is the reason equities can potentially beat FDs in the first place, not a bug in the system.

2. Why is PPFAS holding so much cash?

Cash peaked near 25% during the 2024 exuberance, when the team was guiding caution. It's down to 14-15% in Flexi Cap now. Thakkar expects single digit levels as more opportunities open up after two years of time correction.

3. Is the underperformance due to its large size?
No. He points to 2007, when he ran a larger drawdown on a PMS book of about ₹100 crore. The current stretch is ordinary for a strategy that buys out of favour names.

4. What about HDFC Bank?
PPFAS holds a basket of 4 private banks. Thakkar says HDFC Bank's recent issues don't carry the scale of past sector frauds and don't threaten the franchise. No change to the outlook on the basket.

5. What about small and midcap valuations?
Nifty 100 trades at 20.8x, Nifty Midcap 150 at 30.7x, Nifty Smallcap 250 at 34.6x, per Screener data as of August 4. Thakkar's point is that smaller doesn't structurally mean higher returns, and he cites the US market as a counterexample.

[Yishan @yishan]

A key stat that every environmentalist who is serious about solving climate change should know:

The US Navy has put into operation over 400 nuclear reactors without a single failure that resulted in any radioactive release.

That is equivalent to the entire total number of civilian reactors deployed worldwide, but the Navy’s reactors are literally deployed in BOATS IN THE WATER, that continually move, rock, get shot at, etc.

There are non-trivial engineering challenges, but the core reality is that safe, clean, abundant nuclear is a matter of political will, intelligence, and organizational culture.

[Ashwin Jain @iAshwiin]

@vats_vora

[𝙍𝘼𝙅𝙀𝙎𝙃 𝙋𝘼𝙍𝙄𝙆𝙃 @imacuriosguy]

The UPI incentive outlay was ₹3,631 crore in FY24. It then fell to ₹437 crore, before being revised upward mid-year after the industry protested.
That is hardly a sustainable funding model.
No one builds fraud prevention, cybersecurity and 24×7 payment infrastructure around a discretionary line item that can swing 80% in either direction.

And zero pricing has consequences too.
When processing payments earns nothing, only firms large enough to cross-subsidise UPI by selling loans, insurance and other financial products can afford to remain in the business.

“Free” at the point of use can quietly lead to concentration behind the scenes.

So yes, UPI needs a sustainable funding model.
Having said that, I will come to the counterpoint,

This is precisely why the new law worries me.

The Bill does not simply say that charge a small MDR above ₹2,000, or charge only large merchants.
It changes the architecture itself.

Instead of Parliament protecting zero-MDR UPI directly in law, the government gets considerably more discretion to decide through notification which payment modes remain free.
Today it may be 0.2–0.3% for large merchants.
Tomorrow the threshold, rate, exemptions or categories can change.

That is a dangerously open-ended way to alter the economics of something that has effectively become national digital infrastructure.

And then comes the irony.

Uttar Pradesh spent ₹6,812 crore on publicity over eight years i.e about ₹2.3 crore every single day.

Around 83% went towards advertising and visual publicity. Yet the state has repeatedly refused RTI requests seeking details of which media organisations received how much.

So we are debating whether citizens and merchants should pay for a payment rail that has transformed everyday commerce, while governments spend thousands of crores of taxpayers’ money advertising themselves.

Fund UPI properly. If the economics genuinely require it, charge large commercial users modestly. Protect ordinary users and small merchants.

But put hard statutory guardrails around MDR.
Define who can be charged.
Define who cannot.
Cap the rate.
Protect P2P permanently.
Protect small merchants.
And require Parliament, not merely an executive notification, for any major expansion.

Before putting a tollbooth on one of India’s most successful pieces of public digital infrastructure, perhaps put government publicity expenditure under the same microscope.

A government unwilling to tell citizens exactly what it pays the press should be rather slower to give itself an open-ended power to decide what citizens must pay to use UPI.

[Ashwin Jain @iAshwiin]

@bigulchugh @DealsDhamaka What he is saying is true for life insurance. Bought later much higher total payment goes for same amount of cover. Health insurance is different.

[Ashwin Jain @iAshwiin]

@malde_dhiren @Thekalal True.

[Deepak Shenoy @deepakshenoy]

Not quite happy to see mdr in upi. Neft and Rtgs are free and well used. It should have a max absolute number like 5 rupees, or 0.2% whichever is lower. The cost isn't higher for higher numbers and at this volume even rs. 5 is good. Percent based mdr is like percent based brokerage...should be history.

[Ashwin Jain @iAshwiin]

@ByRakeshSimha Then BJP should listen and act on genuine grievances of its core voter rather than taking them for granted

[Ashwin Jain @iAshwiin]

A 40 year old ligitation is not a question mark on credibility of judiciary?

[Abhishek Bhardwaj @Gurugrammer_]

"Land is considered the new gold."

The Supreme Court wrote that line last week, about 436 bighas in a Gurugram village in Wazirabad tehsil.

At today's rates, that land is worth close to 30,000 crore.

Four men, Ganpat, Maher Chand, Ram Pat and Chattar, spent 40 years trying to prove it belonged to their families. In 1985 they filed a claim. Their ancestors had farmed this land, held it jointly, for generations. The panchayat said it was common village land. They said no, it was always theirs.

Decades of hearings later, the High Court agreed with them. The land was theirs.

Think about what that verdict actually meant to four families who had waited a lifetime. Not just relief. A number. A share of a fortune, split across every claimant behind that case, still crores each. The kind of money that rewrites a family's next three generations. New homes. Land for the sons. A business finally funded. The wedding done without counting rupees. Somewhere in those years after the High Court order, someone in each family must have quietly started planning a life that finally had room to breathe.

Then the state appealed. The Supreme Court did not even revisit the whole story. It asked one question. Was this land formally split into individual shares before 26 January 1950. A date before most of these claimants were even born.

Their proof was seventy years of farming it together. The Court's answer was simple. Joint possession is not partition. However long you hold something together, that is not the same as owning your separate share of it.

Appeal allowed. Land handed back to the Municipal Corporation of Gurugram.

Forty years of hearings. A High Court win that must have felt like the finish line. And then one sentence from the Supreme Court took it all back, over a date nobody in these families could have changed.

[Olympic Khel ™ @OlympicKhel]

An iconic save for the history books 🧤

#OnThisDay, PR Sreejesh came up with the decisive penalty shootout save against Great Britain as India reached the Paris 2024 semi-finals. 🇮🇳

[Ashwin Jain @iAshwiin]

@indiaemerges Places were smart meters were installed there are lot of problems

[Ashwin Jain @iAshwiin]

Awesome actor. Tried breaking his stereotype roles. Didn't succeed completely

[CinemaRare @CinemaRareIN]

Actor #PradeepRawat passed away earlier today at the age of 74.

With a towering screen presence he leaves behind an unparalleled legacy spanning multiple languages.

From Ashwatthama in Mahabharat, and the Oscar nominated Lagaan, to his terrifying acts in Sye to the titular villain in Ghajini (both versions), he permanently etched his name into Indian film history.

Rest in Peace 🙏

[CinemaRare @CinemaRareIN]

Actor #PradeepRawat passed away earlier today at the age of 74.

With a towering screen presence he leaves behind an unparalleled legacy spanning multiple languages.

From Ashwatthama in Mahabharat, and the Oscar nominated Lagaan, to his terrifying acts in Sye to the titular villain in Ghajini (both versions), he permanently etched his name into Indian film history.

Rest in Peace 🙏

[Tanmay Kurtkoti | Quant Trading @TanmayKurtkoti]

“ India’s Biggest Casino ”

India’s biggest casino now opens at 3:15 PM.

Not in Goa. Not in Sikkim.

At the NSE closing auction where a 0DTE option trader can watch the

“settlement value”

jump 150 points while the underlying cash basket is not trading continuously.

A thread 👇🏻

Today at 3:15 PM, Nifty was at 24,463.45.

Its official close: 24,614.90.

That is a 151.45-point auction jump on weekly expiry day.

Yesterday, Day 1 of CAS, the closing adjustment was roughly 200 points.

Fair and robust price discovery, apparently.

Here is the new game:

3:15–3:20: cash orders blocked; reference price calculated.
3:20–3:25: market + limit orders collected.
3:25–random close: only limit orders; market orders locked.
3:28–3:30: random close.
F&O keeps trading till 3:40.

On my terminal, the ATM straddle was near ₹100 at 3:15.

In five minutes it went ₹100 → ₹120 → ₹85 → ₹100, even though the cash index was effectively frozen.

At 3:20, the indicative auction value began moving and 0DTE derivatives had to chase it.

The market then priced possible closes around 24,500, 24,520, 24,545, 24,587 and 24,602.

By roughly 3:28–3:29, it stabilised near 24,615.

The official Nifty close was 24,614.90.

Great opportunity provided you enjoy betting on a moving, non-binding auction indication.

Let us call this what it was.

Not normal cash-futures arbitrage.

Before random close, the indicative price can change as orders enter, change or disappear. The cash basket cannot be continuously traded against it.

You are trading settlement jump risk not a locked arbitrage.

On expiry, this is far more dangerous.

The final Nifty close determines option settlement.

So a thin closing auction in heavyweight stocks can transfer large P&L across the expiring options book while traders cannot continuously hedge the underlying basket.

Today’s CAS turnover was reportedly ₹1,542.4 crore on NSE versus only ₹9.4 crore on BSE.

That is 99.4% of auction activity concentrated on NSE.

The two exchanges run separate auctions and can discover different closing prices.

What could possibly go wrong?

The absurdity:

The “actual” Nifty remains based on the last continuous cash prices.

The “indicative close” is based on tentative auction prices.

But expiring options trade on expectations of the second number.

One index. Two displayed realities. Ten minutes to settlement.

NSE says CAS promotes transparency and robust price discovery.

Yet its own framework allows:

• separate NSE/BSE closes
• market orders counted in equilibrium
• market orders locked after 3:25
• no MOC/LOC order type
• a random closing time

On weekly expiry. Brilliant.

Closing auctions are not the problem. Major markets use them.

The mistake is coupling a new, thin cash auction to 0DTE settlement while derivatives remain live and the underlying basket cannot be continuously hedged.

That turns price discovery into a lottery.

SEBI and NSE should urgently:

Pause CAS-based weekly-expiry settlement.
Publish real-time index and stock imbalances to everyone.
Add deviation collars and auction extensions.
Align cash finalisation with derivatives.

Until then: 3:15 PM = casino time 😞

@NSEIndia @BSEIndia @SEBI_India
Do like & share if you want to stop this casino

Comment with your thoughts

[K.Annamalai @annamalai_k]

நேற்று வைகை ஆற்றை சுத்தம் செய்தபோது, "இதைவிட மோசமான மாசு இருக்க முடியுமா?" என்று தோன்றியது.

பிறகு திரு. உதயநிதி ஸ்டாலின் அவர்களின் பேச்சைக் கேட்டேன்...

[MRV @MRVChennai]

I wish the @BJP4India learns its lessons from political greenhorn CM Vijay of TN. The decisiveness in acting for his supporters is sadly missing in case of BJP. Same Udaya made intemperate remarks against Sanatana Dharma. Of course, BJP was impotence personified!

[Ashwin Jain @iAshwiin]

@keshavbedi 40+ People getting killed trumps resignation caused by the movement

[Ashwin Jain @iAshwiin]

@ManishKuma10782 @tashipaljor12 @Flipkart @Ekart Non refundable hai