Smallcase enables US stock investing via GIFT City, to launch global themes

Smallcase enables US stock investing via GIFT City, to launch global themes


Vasanth Kamath, Founder & CEO, smallcase
| Photo Credit:

After opening international market investments to retail investors through GIFT City, Smallcase plans to launch analyst-recommended global theme-based ideas by May.

Smallcase opened a facility for domestic investors to trade in US equities through GIFT City-registered Global Access Provider Tickertape, a market information and tools platform. The facility enables Indian residents to access the universe of over 7,000 stocks and ETFs listed on US markets in real time.

Vasanth Kamath, Founder & CEO, smallcase, said thanks to the updated regulatory framework, the process is now seamless, right from opening an account to LRS remittances, which are now fully digital with partner banks.

How the structure works

Investors can select individual stocks and ETFs based on live prices displayed on Tickertape. Funds move from the investor’s Indian savings account to the GIFT City Global Access Provider account in dollars after conversion. From there, funds are transferred to the US brokerage. Investors do not need a bank account in GIFT City.

Within a week of launch, smallcase has opened over 5,000 accounts, and transactions are split equally between stocks and ETFs, said Kamath.

Investors have shown keen interest in themes unavailable in India, such as AI, biotech, space and deep tech, as well as commodity ETFs on copper, lithium and uranium, he added.

Investors can buy individual US stocks and ETFs, including fractional shares, starting at $1.

By April-May, research analysts and advisors can create portfolio-based recommendations using US stocks and ETFs through smallcase, he said.

Costs and investor protection

The brokerage works out to 20 basis points (0.2 per cent) on the dollar trade value. In addition, the investor’s bank will charge a forex markup when converting rupees to dollars.

In the US, brokers hold securities on behalf of clients.

In the event of a broker failure, investors are protected by Securities Investor Protection Corporation (SIPC) insurance up to $500,000 per account for missing securities or funds.

On the sale of US securities, the proceeds will be credited to the US brokerage wallet. Investors can reinvest or initiate an inward remittance back to their Indian bank account. Alternatively, it can remain in the brokerage account for up to six months before mandatory repatriation.

While most Indian investors have over 95 per cent of their equity exposure limited to India, which represents about 5 per cent of global market capitalisation. In contrast, the US markets account for roughly 70 per cent of global market cap.

Wealth Office launch

Smallcase has also launched Wealth Office, a consolidated net-worth tracker app with an AI layer. It integrates with the Account Aggregator framework and credit bureaus to automatically fetch mutual funds, equities, loans, NPS and vehicles.

Users can manually add assets like real estate, gold, ESOPs or informal loans. The AI layer summarises investments and provides their future growth prospects.

Published on February 19, 2026



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Investors move to mid-cap funds as small-cap volatility rises

Investors move to mid-cap funds as small-cap volatility rises


The Nifty Midcap 150 has outperformed large- and small-cap indices across multiple time frames, with several mid-cap funds delivering 23–27% three-year returns.
| Photo Credit:
iStockphoto

Growing uncertainty notwithstanding, investors are increasingly shifting their bets from small-cap to mid-cap funds.

The gross inflows into mid-cap funds rose by ₹1,139 crore in the last 12 months ended January, to ₹94,043 crore, compared to ₹92,904 crore logged in small-caps.

After the recent meltdown in small-cap stocks, investors have shifted their focus to mid-cap mutual fund schemes. With strong inflows and better performance, the assets under management of mid-cap funds have increased nearly 2.5 times to ₹4.61 lakh crore in December 2025, up from ₹1.85 lakh crore in December 2022.

Performance edge

The Nifty Midcap 150 has outperformed both the Nifty 100 and the Nifty Smallcap 250 indices across one-, three-, five-, and seven-year time frames by fair margins.

Interestingly, most mid-cap mutual funds have beaten their benchmark indices. HDFC Mid-cap and Mahindra Manulife Mid Cap funds have delivered 27 per cent over three years, while mid-cap funds from Motilal Oswal MF and Kotak Mahindra MF delivered returns of 25 per cent and 23 per cent in the same period.

Expert view

Krishna Patwari, Founder & MD, Wealth Wisdom India, said mid-cap funds have attracted strong inflows over the past few years due to their superior return potential.

Mid-caps have delivered over the long term. For instance, an eight-year SIP in Mahindra Manulife Mid Cap Fund generated an extended internal rate of return of 22 per cent, outperforming its benchmark, with consistent rolling returns and relatively better risk-adjusted performance, he said.

Data from Franklin Templeton also shows steady SIP participation despite volatility, reinforcing investor commitment to long-term wealth creation. Investors must see this as a portfolio recalibration rather than excessive risk-taking. Mid-caps remain attractive for growth, but allocation discipline and a structured SIP approach are key, he added.

Shantanu Awasthi, Co-founder and Chief Executive Officer, Mavenark Wealth, said the flow into mid-cap funds has increased as both mid-cap indices and mutual fund schemes have performed well over the last six months, and people with a higher risk appetite are chasing higher returns.

On the other hand, volatile small-cap stocks have been beaten down, and money has moved out of small-cap mutual fund schemes, he added.

Published on February 19, 2026



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Power sector coal off-take falls in January even as electricity demand rises

Power sector coal off-take falls in January even as electricity demand rises


Coal off-take by the power sector during January 2026 declined on an annual basisdespite severe cold wave conditions fuelling electricity demand, marking the highest January consumption since at least 2010.

According to the Coal Ministry data, off-take of the dry fuel by the Power sector fell by almost 3 per cent Y-o-Y to 73.16 million tonne last month on a provisional basis. During the April-January period in FY26, the off-take fell by 3.72 per cent Y-o-Y to 661.69 mt.

Cumulative off-take across all industries also declined during January 2026 by around 1.4 per cent Y-o-Y to 92.18 mt, dragged down by declining demand from the Power sector.

The sector’s share in overall coal off-take stood at 79 per cent last month compared to 77 per cent in December 2025 and 82 per cent in January 2025. In fact, the sector’s share during December is the lowest in over two years, compared to the record high of 83 per cent in March 2025.

The share of coal in the country’s power generation stood at 74 per cent last month, compared to 76 per cent in January 2025. In December last year, the share was also 74 per cent.

Besides, higher generation from Renewable Energy Sources, hydro and nuclear, an official said, adding that power plants had adequate stock during the month, which also led to lower off-take by thermal power plants (TPPs).

Crisil Intelligence in a commentary pointed out that electricity demand increased by 4.5 per cent Y-o-Y to around 143 billion units (BUs) last month, marking the highest January consumption since at least 2010.

The surge was driven by severe cold wave conditions in northern and eastern regions that increased heating demand during the month. Besides, India’s manufacturing activity continued to expand in January, albeit at a slower pace, it added.

January also saw a peak power demand of 245 gigawatt (GW), surpassing the previous summer peak of 243 GW, which was recorded in June. This could be attributed to a surge in heating demand, as it came during the height of North India’s cold wave on January 9 at 9:52 am, Crisil said.

“Power generation jumped 6 per cent on-year to 156 BUs in January, mirroring the growth in power demand. Fuels across the board saw a rise in generation—a first for the current fiscal,” it noted.

Renewable energy (RE)-based generation increased 10 per cent Y-o-Y, maintaining its streak since April 2025, driven by capacity additions. Similarly, coal-fired generation increased around 5 per cent on-year, Crisil said.

Hydro and nuclear power generation also increased around 11.8 per cent and 5.3 per cent on-year, respectively, during last month, it added.

Coal stocks at TPP end stood at around 53.24 mt on January 1, 2026, rising further to 56.07 mt on January 31, which Crisil Intelligence points out is the highest level of coal stock with the plants since July 2025. Coal inventory stood at 18 days in January 2026, compared with 17 days in December 2025.

Published on February 19, 2026



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JM Financial launches ₹1,500 crore pre-IPO fund under SEBI-approved AIF category

JM Financial launches ₹1,500 crore pre-IPO fund under SEBI-approved AIF category


Vishal Kampani, Vice-Chairman and Managing Director of JM Financial Ltd,
| Photo Credit:
cueapi

JM Financial Asset Management Ltd on Thursday launched its first pre-IPO Alternative Investment Fund under Category II, with a target corpus of ₹1,500 crore. The fund received approval from the Securities and Exchange Board of India and marks the firm’s formal entry into the pre-IPO investment segment.

The fund will target companies expected to go public within 18 months. It will be managed by Jaisinh Suchak, Managing Director of Alternative Investment Funds at JM Financial Asset Management, who has over 23 years of experience in financial services and more than a decade of buy-side investment expertise.

The launch is part of JM Financial’s broader strategy to build out its AIF platform across credit, real estate and pre-IPO opportunities. The firm said it intends to leverage its equity capital market capabilities to identify and evaluate potential investee companies ahead of their public listings.

Vishal Kampani, Vice-Chairman and Managing Director of JM Financial Ltd, pointed to the scale of India’s AIF industry as context for the move — citing over 1,600 registered AIFs and total commitments of ₹15.05 lakh crore as of September 2025.

JM Financial Asset Management’s mutual fund business reported assets under management of ₹13,342.43 crore as of January 31, 2026, servicing approximately 8.89 lakh investor folios through a network spanning 26 locations and over 29,500 distribution partners.

The parent group, JM Financial Ltd., reported a consolidated loan AUM of approximately ₹9760 crore and wealth management AUM of roughly ₹1.16 lakh crore as of December 31, 2025. The group operates across 938 locations in 230 cities and is listed on the BSE and NSE.

Published on February 19, 2026



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Global attention to underwater resources adding new dimension to maritime tension: Rajnath

Global attention to underwater resources adding new dimension to maritime tension: Rajnath


Union Defence Minister Rajnath Singh with Chief of Naval Staff Admiral Dinesh K Tripathi and Flag Officer Commanding-in-Chief Eastern Naval Command Vice Admiral Sanjay Bhalla during Exercise MILAN 2026 inauguration, in Visakhapatnam on Thursday.
| Photo Credit:
ANI

Defence Minister Rajnath Singh on Thursday said that international attention to underwater resources, particularly rare-earth minerals is growing, adding a new dimension to the maritime tension. He, therefore, urged before Chiefs of Navies and heads of delegations of 74 countries to effectively tackle the evolving complex and interconnected challenges at sea while acting in the spirit of mutual respect.

Addressing Chiefs of Navies and heads of delegations during the inaugural ceremony of Exercise MILAN at Visakhapatnam, Singh said, “The role of Navies in international peacemaking has only increased over time. There has been an exponential economic growth during last few decades leading to massive increase in international trade and transport. There has also been a rise in contests for ownership of straits and channels, sometimes causing threats of flare up.”

“Increasing international attention to underwater resources, particularly rare-earth minerals are adding a new dimension to this tension. In addition, there is a need to guard our waters from the nefarious terrorist activities which are spreading tentacles across countries and regions,” he stated.

The Defence Minister also asserted that traditional threats coexist with emerging challenges such as piracy, maritime terrorism, illegal fishing, trafficking, cyber vulnerabilities, and disruptions to critical supply chains, adding that climate change is intensifying natural disasters, making humanitarian and disaster relief operations more frequent and demanding. No single navy, however capable, can address these challenges alone, he said, underscoring the need for enhanced cooperation among the Navies to ensure a safer and more secure future, he observed.

Chief of Naval Staff Admiral Dinesh K Tripathi said that India clearly recognises that today’s maritime challenges are complex, interconnected, and transnational and that’s why he sought Navies to work together and pool individual strengths.

Three-tiered approach

“Indian Navy’s efforts are progressed through a unique three-tiered approach. At the global level, the Indian Navy works with partners to promote holistic maritime security – spanning governance, law enforcement, humanitarian assistance, and environmental stewardship, into a single continuum of purpose upon the global commons,” he said before the august gathering.

“At the regional level, we remain mindful that maritime challenges and operational necessities vary across sub-regions. One size may not fit all, and thus, staying ahead of the curve needs our cooperative measures to be calibrated to local realities and requirements. Two recent examples reflect this approach,” he noted.

The month-long deployment of an Indian Naval Ship as Indian Ocean Ship Sagar to South-West IOR with a mixed crew of about 44 personnel from nine IOR countries demonstrated our willingness to share platforms, responsibilities, and experiences, said the Navy Chief. Building on this, IOS SAGAR 2.0 will be deployed in April this year, with even wider participation, he added.

Published on February 19, 2026



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Cash vs Digital India: क्या Tax के डर की वजह से बढ़ रहा है Cash Circulation? | Paisa Live

Cash vs Digital India: क्या Tax के डर की वजह से बढ़ रहा है Cash Circulation? | Paisa Live



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<p data-start="0" data-end="546" data-is-last-node="" data-is-only-node="">क्या भारत में लोग tax के डर से फिर cash की ओर लौट रहे हैं? जनवरी 2026 तक Currency in Circulation ₹40 लाख करोड़ के record level को पार कर गया, जिसमें करीब ₹39 लाख करोड़ यानी 97.6% रकम सीधे public के पास है। यह पिछले साल की तुलना में 11.1% की तेज़ बढ़ोतरी दर्शाता है। SBI की एक report के मुताबिक GST notices और कुछ राज्यों में UPI Transaction पर बढ़ी निगरानी के बाद छोटे व्यापारी cash को प्राथमिकता दे रहे हैं। दूसरी ओर bank deposit growth सुस्त है और कम बचत ब्याज दरें भी असर डाल रही हैं। हालांकि Cash-to-GDP 11% है और UPI लेनदेन लगातार मजबूत हैं।</p>
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