Bharat Shah: The OG of Calm Compounding | Vikaas M Sachdeva | Ep. 2 MF Chronicles 1991-2000

In the second episode of MF Chronicles, we bring you a voice that has seen the Indian mutual fund industry from the inside - through its most uncertain and defining years.

Bharat Shah, Executive Director at ASK Asset & Wealth Management Group, reflects on his journey across market cycles from the early 1990s onwards, when the industry was still finding its footing.

I sat down with Bharat to talk about the period after the 1991 economic crisis, the formation of SEBI, and the many moments that tested investor confidence.

In this episode, we discuss:
How Bharat navigated the markets through the 1991 riots, the 1992 scam, the Asian crisis, and the dotcom crash
His experience working at GrowMore, Harshad Mehta’s firm, and his interactions with Dhirubhai Ambani
How markets lost credibility - and what it took to earn trust back
The role IT companies played in reshaping the markets
Mistakes he made along the way, and the lessons they offer
How these moments shaped the future of Indian investing

Watch the full conversation and step into the formative years of India’s mutual fund industry.
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Chapters
00:00 Presented By
00:05 Trailer
01:47 Disclaimer
01:53 Introduction
02:39 Early 90s Markets
03:42 1992 Scam Aftermath
05:21 Honest Confession
07:50 Before 1990
08:54 Early Market Memories
11:39 Dhirubhai Ambani
14:08 SEBI’s Entry (1992)
15:11 Death of Capital
24:07 CRB Collapse
24:45 UTI & Mastergain
25:13 Birla MF Days (1994)
30:20 Changing Markets
32:53 Mastergain Story
33:32 Indexation Money
34:49 Asian Crisis (1997)
42:59 Managing the Crisis
49:34 A Key Moment
51:13 IT Boom
54:52 Key Learnings
56:51 Investor Appeal
57:41 Opportunity Size
1:02:07 Mistakes to Learn From
1:10:12 UTI Collapse
1:19:18 REMIT Rules
1:22:36 Regulation’s Role
1:25:19 Wild West 2000s
1:26:46 What Needs Fixing
1:33:16 Q&A (Part 1)
1:35:31 Q&A (Part 2)
1:37:03 Closing Thoughts
1:38:30 End Credits