India: Fund Managers Relieved After Correction and Remain +ve on Fundamentals, Concern Is on Inflows

All Is Not Lost for the NBFC Pack: Rural Focused NBFCs & Strong Retail Funded NBFCs to Outperform

India: IL&FS Default and The Nature of the Shadow Banking System

India Politics: Will Demonetization Hurt Modi in 2019 or Did It Make His Clean Image Stronger?

Policy Risks & Disruption Rising as India Regulates New Sectors; E-Comm Policy, CV Loading, RERA...

India Politics: A Shift in Preferences, Will BJP Do More For "Bottom of the Pyramid" Before 2019?

India - Political Competition Adds to Economic Risk

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

We read the Friday's Flash Crash as a signal from the market that companies with any hint of suspicious promoters and/or potential regulatory troubles will get discounted valuations. While liquidity issue was the immediate trigger, the larger issue of high valuations and suspect promoters also led to the fall. Policy activism is rising as the government pushes its reform agenda further and resets the long-established norms of doing business. From a period of policy paralysis in the previous regime, we have moved to policy and regulatory activism with disruptive changes starting from demonetisation onwards. An activist policy is more of a risk when macro headwinds are rising and the authorities should aim to prevent policy shocks or at least communicate it better.

We read the Friday's Flash Crash as a signal from the market that companies with any hint of suspicious promoters and/or potential regulatory troubles will get discounted valuations. While liquidity issue was the immediate trigger, the larger issue of high valuations and suspect promoters also led to the fall. Policy activism is rising as the government pushes its reform agenda further and resets the long-established norms of doing business. From a period of policy paralysis in the previous regime, we have moved to policy and regulatory activism with disruptive changes starting from demonetisation onwards. An activist policy is more of a risk when macro headwinds are rising and the authorities should aim to prevent policy shocks or at least communicate it better. 

NIFTY Flash Crash: It Is Not Business As Usual Anymore As Policy Activism Continues to Surprise