Shray sits down with Deepak Shenoy from Capitalmind to unpack the real playbook for NRIs thinking about investing in India — the taxes, the paperwork, the returns, and the traps nobody warns you about.

What we uncover:
The 3 types of NRIs who should invest in India — and the ones who absolutely shouldn't. Why patriotism and FOMO are the worst investment strategies.

The real return math: 12% in rupees, ~8% in dollars after currency depreciation — and why falling inflation could change this equation entirely.

Stocks vs. mutual funds vs. real estate: Why your passport decides your investment vehicle. UAE and Singapore NRIs get tax-free mutual fund gains; US and UK residents face PFIC nightmares.

The paperwork horror: Why 5% of your portfolio in India creates more admin than the other 95% abroad — and why Deepak respects any NRI who's actually opened a Demat account.

The "famous stocks" trap: Why buying Indigo, Swiggy, or Jubilant from abroad without local context is a recipe for pain. Great brands ≠ great investments.

Moving back math: ₹2L/month puts you in India's top 1%. $500K in fixed income could fund your entire re-entry. And why you still shouldn't bring everything back.

Deepak breaks down the Doordash minimum wage vs. Indian purchasing power, why small caps hold India's real growth story, and why NRI investing success is measured in rupees — not dollars.

Chapters:
0:00 - Not every NRI should invest in India
1:36 - Who is this conversation really for?
3:54 - The 3 types of people who SHOULD invest in India
6:34 - You have family & money sitting idle in India
7:19 - You know you're coming back someday
11:44 - The worst reason to invest in India
18:16 - Stocks, mutual funds, real estate — where to put your money?
22:07 - Your 12% return is actually 8% (here's why)
29:43 - Is Indian real estate worth it for NRIs?
36:57 - The paperwork nightmare no one warns you about
37:26 - Where you live changes everything
38:09 - UAE & Singapore NRIs — this is your tax cheat code
40:07 - Why US & UK NRIs should avoid Indian mutual funds
45:25 - Why buying Indian stocks from abroad is risky
51:44 - Great company. Terrible investment. Here's the difference
1:03:15 - Should you move more money to India as you plan to return?
1:09:26 - What does winning actually look like?
1:16:29 - Invest with your head, not your passport

Most investors obsess over finding the best mutual fund to invest in. But what if avoiding the worst fund matters far more than picking the absolute best?

In this episode, host Shrey Chandra sits down with Deepak Shenoy (Founder & CEO, Capitalmind Mutual Fund) and Anoop Vijaykumar (Head of Equity & Fund Manager, Capitalmind Mutual Fund) to tackle one of the most searched questions in personal finance: how to pick mutual funds that actually deliver long-term returns — without constantly second-guessing your choices.

Using 10 years of FlexiCap fund data across 18 funds, they reveal why even top-performing funds underperform 30–50% of the time — and why that's completely normal. They also run a "reactive investor" experiment that shows exactly how timing the market destroys returns, and what a disciplined mutual fund portfolio strategy looks like instead.

What you'll learn:
• The core vs. satellite portfolio framework and how to allocate across funds smartly
• Why mutual fund underperformance doesn't always mean you should exit — and when it does
• How fund size and AUM can quietly cap your returns — and the red flags to watch
• Corporate governance issues and fund manager changes as early warning signs
• The hidden tax impact of switching mutual funds that most investors never calculate
• When multi-asset mutual funds make sense as a simplified core holding
• How many mutual funds you should hold — and why more isn't always better
• 3 questions to ask before picking any fund — covering philosophy, size, and hygiene checks

Chapters:
0:00 – Intro
1:50 – Introduction to the topic: What's the best mutual fund?
2:22 – Anoop begins: How to think about picking a mutual fund
3:26 – Analysis of FlexiCap funds over 10 years (18 funds compared)
5:15 – Avoiding the worst funds vs. picking the best
5:35 – Rolling underperformance data - what it reveals
7:07 – Even good funds underperform 1/3 to 1/2 of the time
8:09 – Should you sell an underperforming fund?
8:28 – The "reactive investor" experiment - timing the market backfires
9:51 – What to do before and after investing in a fund
12:07 – Argument for style diversification across funds
13:50 – Two types of successful investors
15:39 – Do multi-asset funds simplify everything?
17:45 – Deepak joins: How many mutual funds should you hold?
20:00 – Core vs. satellite portfolio framework
24:44 – Multi-asset funds as a core holding
28:45 – Can you predict the worst funds? (Size, AUM issues)
31:35 – Corporate governance & fund manager changes as red flags
33:59 – Tax impact of switching funds - often overlooked
39:41 – Three questions to pick the right fund for you
49:46 – Expense ratios: are they really that important?
55:13 – Final framework: philosophy, size, hygiene checks
59:48 – Closing thoughts

If you've ever wondered why your mutual fund is underperforming or made the common mutual fund mistakes of chasing last year's top fund or switching too frequently — this conversation will reframe how you think about investing entirely.

Whether you're a first-time investor or managing a mature portfolio, this is the clearest framework we've put out on mutual fund selection in India.

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Shray sits down with Deepak Shenoy from Capitalmind to expose how proxy advisors, index manufacturers, credit rating agencies, and one costly habit are secretly making decisions about your investments.

What we uncover:

Proxy Advisors: How Glass Lewis and ISS voted against Elon Musk's $1 trillion Tesla package—and why their word has become gospel for fund managers managing your money

Index Manufacturers: Why NSE and BSE make subjective calls in supposedly "objective" indices. The HDFC-HDFC Bank merger and Reliance-Jio demerger reveal they're acting more like fund managers than neutral rule-followers

Current Account Waste: ₹21 lakh crores sitting idle in corporate accounts earning zero interest—₹40,000 crores in lost profits annually

Deepak breaks down why passive investing isn't truly passive, how the NBFC rule hurts startups, and why transparency matters as index funds take over the market.

Timestamps:
0:00 - Three institutions controlling your money

1:44 - Proxy Advisors - Fighting Elon Musk

6:28 - Proxy advisors have their own agendas

13:30 - Proxy advisors becoming gospel

17:16 - Index Manufacturers - Second institution

18:24 - 35 lakh crores active vs 12 lakh crores passive

20:22 - Index no longer objective function

26:45 - Index manufacturers becoming fund managers

32:01 - Credit Rating Agencies - Third institution

35:21 - Big names get triple A ratings easily

37:52 - Market knew ILFS wasn't triple A

41:37 - Don't link things strictly to ratings

46:25 - Why so much money in current accounts?

49:00 - Could add 40,000 crores to profits

49:36 - Startup NBFC rule problem

56:37 - Reduce need for inefficient buffers