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Investment requires proper understanding and assessment of risks, concur experts at TechSparks
- Co-founders of Share.Market by PhonePe, PeepalCo and LXME at TechSparks 2024 in Bengaluru held that investment requires proper understanding, knowledge, and assessment of risks
- As per Association of Mutual Funds in India, Indian mutual funds currently have about 9.61 crore SIP accounts and more than almost 20 crore unique folios
- Broking sees 17 crore demat accounts and 10 crore unique PANs which is ahead of mutual funds, which has about 5 crore PANs
- There was a boom in the number of demat accounts being opened post COVID, especially by 'young Indians'
- Lemonn, an app by PeepalCo, aims to help make decision-making and discovery easy
- Ridhi Kanoria Doongursee, Co-founder, Director, LXME held that less than 10% of financial platforms have women presence and financial services have been conventionally designed for men only
- LXME has a one-hour bootcamp where any woman in India can learn how to manage her money and start on her financial dreams
- The session ended with several suggestions including start small, think big and stay invested with a simple approach
- People should be cautious and ensure that they are diversified, asset allocated and not just taking the last three years as their only learning
- Mistakes people make on stock broking platforms are due to adrenal induced decision-making
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