Published work.
Primary-source investigations, data essays, and regulatory analysis on Indian capital markets.
Lab Rats
I was in the ninety-one percent. This piece traces what that means structurally through SEBI's loss study, the referral economy delivering traders to the product, and why the US has never applied its forex disclosure mechanism to listed options.
The Due-Diligence Trail
AMFI publishes annual commission data. The due-diligence outcomes it's supposed to trigger are in no public document. This piece builds the proxy and asks where the trail goes.
Rules, Not Discretion
To punish one broker, SEBI must be proportionate. To redesign a market for millions, SEBI must find it expedient. The asymmetry is written into the Securities Markets Code Bill 2025.
The Same Stock, Twice
Bosch Limited was a mid-cap stock in June 2025 and a large-cap stock in December 2025. The company did not change. The AMFI reclassification list did.
The Price of Forty-Five Seconds
We modeled what stopping a ₹5,000/month SIP during a correction actually costs using Nifty 50 TRI data, AMFI figures, and SBI FD rates. Three corrections. One ranking: keeper first, fixed deposit second, stopper last.