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About Us

Money Maths Financial Services seeks to assist its clients in achieving their financial goals through comprehensive, independent and objective advice.

We are a Delhi-based firm & because we are not captive to a large company, we have access to a wide menu of products and strategies. This independence allows us to objectively weigh potential investment options for our clients.


Our Principles:

Following are the principles we work on:

Client-First: Money Maths Financial Services exists for a very simple reason: to help our clients achieve their goals. Perhaps never before has trust been so important in financial relationships and yet never has it been so frequently broken. We understand the high degree to which our clients depend on us to do what is right for them, and we believe that we are legally and morally bound to keep their needs first.


Attention to Detail: As with many things in life, the trend in financial services is toward automation. We appreciate the necessity to do business more efficiently but believe that our clients’ futures are too important to set on autopilot. Our plans are created, implemented, monitored and explained by people. 


Independent: In a profession based on objective advice, true independence offers many choices intended to benefit you, the client. Your choice of an independent financial professional is the first step in getting unbiased recommendations and impartial guidance based directly on your needs and goals.


Disciplined: Strategies to allow you to realise your financial dreams, long-term investment strategies designed to meet your risk tolerance and hedge against market volatility, as well as helping establish layers of insurance to protect against circumstances beyond your control. Our goal is to safeguard the dreams that you strive to achieve and the assets you have worked so hard to accumulate.


Value: Price is what you pay, value is what you get. Our commitment to our clients is that the fee they pay is transparent and reasonable. You can rest assured that the value you receive over time will far exceed the price paid





Product and Services Offered

We offer a comprehensive list of financial services on basis of client's needs.

Some of the major one includes :

Mutual Fund Advisory:

Mutual Funds have seen a recent surge in their inflows especially from retail investors. With the increasing participation from retail investors, AMCs are trying to extract as much business as possible and are launching NFOs day after day offering lucrative incentives to distributors, making it further difficult for investor to choose the right fund. Presently, there are more than 1000 mutual funds available across more than 20 categories. We do an in-depth analysis on all these funds to come out with a list of funds which have given consistently good returns and have taken minimal risk vis a vis other funds in the category.

Goal Oriented Investment Advisor:

Depending on the client goal (ranging from 1 month goal to 60 year goal), investment is advised that can give them the most optimised returns. Here the focus is not on wealth creation but choosing those investment vehicles that can bring client closest to their destined goal.

Financial Planning:

Financial Planning is the most comprehensive exercise of all. It incorporates all the financials of the client and all the future goals are noted down ( 1 yr, 2 yr, 3 yr, 5 yr, 10 yr, 20 yr,.. and so on). On basis of client's current cashflows a plan is prepared that will help client identify how and when the goals can be fulfilled and what all iterations can the client make with respect to the defined goals (time & the amount).

Tax Saving Investment Advisory:

Taxes burn a hole in the pocket. What if I say there are options available where if you invest today, there are no taxes on the earned income invested, no tax on the gains at the time of redemption? Sounds fishy? But it is 100% true. There exists funds which are covered under Section 80 C of income tax and fall under EEE category (Exemption on Earned Income, Exemption on Dividend/Gain, Exemption at the time redemption).

Term Insurance:

All people need it but many do not take it and states that their money will go waste if they survive. We have figured out a way to analyse insurance plans so that they also makes investment sense. We do a lot of permutation and combinations before recommending client the most optimised plan as per their requirements.

Health Insurance:

Another insurance that each and every one should take but people claim that they are fit and hence do not need this insurance ignoring the main reason behind insurance which is Risk Management. Risk is when you don't know what would happen.

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Mutual Funds

Mutual Funds have seen a recent surge in their inflows especially from retail and domestic investors. But despite this rapid surge the penetration is way below the potential.

With the increasing participation from retail investors, each AMC is trying to extract as much business as possible and are launching NFOs almost on a weekly basis, making it further difficult for investor to choose the right fund. Presently, there are more than 1000 mutual funds available across more than 20 categories.

Despite all this there exist so many individuals who do not know anything about mutual funds. Here is the brief on what are mutual funds, how they work, what are the different categories available in mutual funds, differenty type of funds in those different categories and other basic concepts.


Concept of Mutual Fund

Mutual fund is a vehicle (in the form of a “trust”) to mobilize money from investors, to invest in different markets and securities, in line with the common investment objectives agreed upon, between the mutual fund and the investors. In other words, through investment in a mutual fund, an investor can get access to equities, bonds, money market instruments and/or other securities, that may otherwise be unavailable to them and avail of the professional fund management services offered by an asset management company.


Role of Mutual Funds

Mutual funds perform different roles for the different constituents that participate in it.

Their primary role is to assist investors in earning an income or building their wealth, by participating in the opportunities available in various securities and markets. It is possible for mutual funds to structure a scheme for different kinds of investment objectives. Thus, the mutual fund structure, through its various schemes, makes it possible to tap a large corpus of money from investors with diverse goals/objectives.

Therefore, mutual funds offer different kinds of schemes to cater to the need of diverse investors. In the industry, the words ‘fund’ and ‘scheme’ are used inter-changeably. Various categories of schemes are called “funds”. In order to ensure consistency with what is experienced in the market, this workbook goes by the industry practice. However, wherever a difference is required to be drawn, the scheme offering entity is referred to as “mutual fund” or “the fund”.

The money that is raised from investors, ultimately benefits governments, companies and other entities, directly or indirectly, to raise money for investing in various projects or paying for various expenses.

The projects that are facilitated through such financing, offer employment to people; the income they earn helps the employees buy goods and services offered by other companies, thus supporting projects of these goods and services companies. Thus, overall economic development is promoted.

As a large investor, the mutual funds can keep a check on the operations of the investee company, and their corporate governance and ethical standards.

The mutual fund industry itself, offers livelihood to a large number of employees of mutual funds, distributors, registrars and various other service providers.

Higher employment, income and output in the economy boosts the revenue collection of the government through taxes and other means. When these are spent prudently, it promotes further economic development and nation building.

Mutual funds can also act as a market stabilizer, in countering large inflows or outflows from foreign investors. Mutual funds are therefore viewed as a key participant in the capital market of any economy.


Why are there different kinds of Mutual Fund Schemes?

Mutual funds seek to mobilize money from all possible investors. Various investors have different investment preferences and needs. In order to accommodate these preferences, mutual funds mobilize different pools of money. Each such pool of money is called a mutual fund scheme.

Every scheme has a pre-announced investment objective. Investors invest in a mutual fund scheme whose investment objective reflects their own needs and preference.


How do Mutual Fund Schemes Operate?

Mutual fund schemes announce their investment objective and seek investments from the investor. Depending on how the scheme is structured, it may be open to accept money from investors, either during a limited period only, or at any time.

The investment that an investor makes in a scheme is translated into a certain number of ‘Units’ in the scheme. Thus, an investor in a scheme is issued units of the scheme.

Typically, every unit has a face value of Rs. 10. (However, older schemes in the market may have a different face value). The face value is relevant from an accounting perspective. The number of units issued by a scheme multiplied by its face value (Rs. 10) is the capital of the scheme – its Unit Capital.

The scheme earns interest income or dividend income on the investments it holds. Further, when it purchases and sells investments, it earns capital gains or incurs capital losses. These are called realized capital gains or realized capital losses as the case may be.

Investments owned by the scheme may be quoted in the market at higher than the cost paid. Such gains in values on securities held are called valuation gains. Similarly, there can be valuation losses when securities are quoted in the market at a price below the cost at which the scheme acquired them.

For running the scheme of mutual funds, operating expenses are incurred.
Investments can be said to have been handled profitably, if the following metric is positive: (A) +Interest income
(B) + Dividend income
(C) + Realized capital gains
(D) + Valuation gains
(E) – Realized capital losses
(F) – Valuation losses
(G) – Scheme expenses

When the investment activity is profitable, the true worth of a unit increases. When there are losses, the true worth of a unit decreases. The true worth of a unit of the scheme is otherwise called Net Asset Value (NAV) of the scheme.

When a scheme is first made available for investment, it is called a ‘New Fund Offer’ (NFO). During the NFO, investors get the chance of buying the units at their face value. Post-NFO, when they buy into a scheme, they need to pay a price that is linked to its NAV.

The money mobilized from investors is invested by the scheme in a portfolio of securities as per the stated investment objective. Profits or losses, as the case might be, belong to the investors or unitholders. No other entity involved in the mutual fund in any capacity participates in the scheme’s profits or losses. They are all paid a fee or commission for the contributions they make to launching and operating the schemes. The investor does not however bear a loss higher than the amount invested by him.

Various investors subscribing to an investment objective might have different expectations on how the profits are to be handled. Some may like it to be paid off regularly as dividends. Others might like the money to grow in the scheme. Mutual funds address such differential expectations between investors within a scheme, by offering various options, such as dividend payout option, dividend re- investment option and growth option. An investor buying into a scheme gets to select the preferred option.

The relative size of mutual fund companies is assessed by their assets under management (AUM). When a scheme is first launched, assets under management is the amount mobilized from investors. Thereafter, if the scheme has a positive profitability metric, its AUM goes up; a negative profitability metric will pull it down.

Further, if the scheme is open to receiving money from investors even post-NFO, then such contributions from investors boost the AUM. Conversely, if the scheme pays any money to the investors, either as dividend or as consideration for buying back the units of investors, the AUM falls.

The AUM thus captures the impact of the profitability metric and the flow of unit-holder money to or from the scheme.


Advantages of Mutual Funds for Investors Professional Management

Mutual funds offer investors the opportunity to earn an income or build their wealth through professional management of their investible funds. There are several aspects to such professional management viz. investing in line with the investment objective, investing based on adequate research, and ensuring that prudent investment processes are followed.

Investing in the securities markets will require the investor to open and manage multiple accounts and relationships such as broking account, demat account and others. Mutual fund investment simplifies the process of investing and holding securities.

Affordable Portfolio Diversification

Investing in the units of a scheme provide investors the exposure to a range of securities held in the investment portfolio of the scheme in proportion to their holding in the scheme. Thus, even a small investment of Rs. 500 in a mutual fund scheme can give investors proportionate ownership in a diversified investment portfolio.

As will be seen later, with diversification, an investor ensures that “all the eggs are not in the same basket”. Consequently, the investor is less likely to lose money on all the investments at the same time. Thus, diversification helps reduce the risk in investment. In order to achieve the same level of diversification as a mutual fund scheme, investors will need to set apart several lakhs of rupees. Instead, they can achieve the diversification through an investment of less than thousand rupees in a mutual fund scheme.

Economies of Scale

Pooling of large sum of money from many investors makes it possible for the mutual fund to engage professional managers for managing investments. Individual investors with small amounts to invest cannot, by themselves, afford to engage such professional management.

Large investment corpus leads to various other economies of scale. For instance, costs related to investment research and office space gets spread across investors. Further, the higher transaction volume makes it possible to negotiate better terms with brokers, bankers and other service providers.

Mutual funds give the flexibility to an investor to organize their investments according to their convenience. Direct investments may require a much higher investment amount than what many investors may be able to invest. For example, investment in gold and real estate require a large outlay. Similarly, an effectively diversified equity portfolio may require a large outlay. Mutual funds offer the same benefits at a much lower investment value since it pools small investments by multiple investors to create a large fund. Similarly, the dividend and growth options of mutual funds allow investors to structure the returns from the fund in the way that suits their requirements.

Thus, investing through a mutual fund offers a distinct economic advantage to an investor as compared to direct investing in terms of cost saving.


At times, investors in financial markets are stuck with a security for which they can’t find a buyer – worse, at times they can’t find the company they invested in. Such investments, whose value the investor cannot easily realize in the market, are technically called illiquid investments and may result in losses for the investor.

Investors in a mutual fund scheme can recover the market value of their investments, from the mutual fund itself. Depending on the structure of the mutual fund scheme, this would be possible, either at any time, or during specific intervals, or only on closure of the scheme. Schemes, where the money can be recovered from the mutual fund only on closure of the scheme, are compulsorily listed on a stock exchange. In such schemes, the investor can sell the units through the stock exchange platform to recover the prevailing value of the investment.

Tax Deferral

Mutual funds are not liable to pay tax on the income they earn. If the same income were to be earned by the investor directly, then tax may have to be paid in the same financial year.

Mutual funds offer options, whereby the investor can let the money grow in the scheme for several years. By selecting such options, it is possible for the investor to defer the tax liability. This helps investors to legally build their wealth faster than would have been the case, if they were to pay tax on the income each year.

Tax benefits

Specific schemes of mutual funds (Equity Linked Savings Schemes) give investors the benefit of deduction of the amount subscribed (upto Rs. 150,000 in a financial year), from their income that is liable to tax. This reduces their taxable income, and therefore the tax liability.

Convenient Options

The options offered under a scheme allow investors to structure their investments in line with their liquidity preference and tax position.

There is also great transaction conveniences like the ability to withdraw only part of the money from the investment account, ability to invest additional amount to the account, setting up systematic transactions, etc.

Investment Comfort

Once an investment is made with a mutual fund, they make it convenient for the investor to make further purchases with very little documentation. This simplifies subsequent investment activity.

Regulatory Comfort

The regulator, Securities and Exchange Board of India (SEBI), has mandated strict checks and balances in the structure of mutual funds and their activities. Mutual fund investors benefit from such protection.

Systematic Approach to Investments

Mutual funds also offer facilities that help investor invest amounts regularly through a Systematic Investment Plan (SIP); or withdraw amounts regularly through a Systematic Withdrawal Plan (SWP); or move money between different kinds of schemes through a Systematic Transfer Plan (STP). Such systematic approaches promote investment discipline, which is useful in long-term wealth creation and protection. SWPs allow the investor to structure a regular cash flow from the investment account.

Limitations of a Mutual Fund

Lack of portfolio customization

Some brokerages offer Portfolio Management Schemes (PMS) to large investors. In a PMS, the investor has better control over what securities are bought and sold on his behalf. The investor can get a customized portfolio in case of PMS.

On the other hand, a unit-holder in a mutual fund is just one of several thousand investors in a scheme. Once a unit-holder has bought into the scheme, investment management is left to the fund manager (within the broad parameters of the investment objective). Thus, the unit-holder cannot influence what securities or investments the scheme would invest into.

Choice overload

There are multiple mutual fund schemes offered by 42 mutual funds – and multiple options within those schemes which makes it difficult for investors to choose between them. Greater dissemination of industry information through various media and availability of professional advisors in the market helps investors handle this overload.

In order to overcome this choice overload, SEBI has introduced the categorisation of mutual funds to ensure uniformity in characteristics of similar type of schemes launched by different mutual funds. This will help investors to evaluate the different options available before making informed decision to invest.

No control over costs

All the investor's money is pooled together in a scheme. Costs incurred for managing the scheme are shared by all the Unit-holders in proportion to their holding of Units in the scheme. Therefore, an individual investor has no control over the costs in a scheme.

SEBI has however imposed certain limits on the expenses that can be charged to any scheme. These limits, which vary with the size of assets and the nature of the scheme, are discussed later.

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Market Views

Key Market Events:


  • The Gross Domestic Product continued its downward spiral for the seventh consecutive quarter, falling to 4.5 per cent in the second quarter (July-September) of the year 2019-20
  • CPI inflation jumps to 4.62% in October 2019. Core CPI inflation dips to 3.44% in October 2019
  • Wholesale prices in India rose by 0.16 percent year-on-year in October of 2019, slowing from a 0.33 percent gain in the previous month and compared with market expectations of a flat reading.
  • The fiscal deficit for the period April-October was recorded at 102.4% crossing the full year target underlining the fiscal concerns for the government
  • India’s trade deficit narrowed to $11.01 billion in October from $18.0 billion a year ago, the trade ministry said on Friday, helped by lower oil imports.
  • Industrial growth shrunk for the second straight month in September, contracting by 4.3%, the most in nearly 8 years. The slide was mainly due to poor performance in the manufacturing sector, according to official data released on Monday.
  • India’s Manufacturing PMI rose to 51.2 in November from 50.6 in October, indicating little improvement in health of the sector.
  • The Union Cabinet approved the sale of the government's stake in BPCL, SCI, and Concor, as well as decided to cut shareholding in select public sector firms below 51%.

Debt Outlook:


  • The head line spiked as expected however the core data plunged to 3.44 which is a clear indication of a demand slowdown. As per the RBI outlook this is likely to stay in the range for coming year which is very positive for the rates cycle.
  • Brent crude oil fell back to ~US$60-62 per barrel despite all global news which took higher how ever its has cooled down faster than expected reflecting underlying weak demand i.e. slow world economy
  • The GDP growth was pegged at 4.5% which was marginally lower than consensus despite heavy lifting form the government spending. This will give RBI enough reason to go for the cut again. The only question arises is whether the cut is of 15bps or 25 bps.
  • India is probably preparing for inclusion in JP Morgan EM bond index. This will be a huge positive for long bonds
  • Liquidity is in huge surplus mode but market is yet to price this new phase. Positive liquidity is a more important tool than repo rate cut.
  • Global bond yields of developed economies continue to remain low or in the negative zone. This may lead to a chase for sovereign assets which are still offering high real rates sooner than later probably the index inclusion may act as a trigger
  • We expect at least 50-75 bps cut in the policy rates in FY 20. Market may still be in denial mode which gives a window of opportunity for the long term investors
  • In a nut shell key driver for returns will be corporate spread compression or flattening of the yield curve. It will start with AAA/PSU followed by NBFC/HFC like Bajaj/HDFC and then it may percolate to lower grade NBFC and other corporate bonds.
  • We believe that the investment opportunity in short duration bond funds, banking and PSU funds, credit funds and dynamically managed duration funds is still present and become more attractive. Investors may look to invest in the funds depending on the scale of risk appetite and the investment horizon.

Key Market Events of October 2019


  • India moved from 77th to 63rd position in the World Bank's Ease of Doing Business rankings this year.
  • In line with expectations, RBI MPC delivered a 25bps rate cut (taking cumulative cut to 135bps in 2019) and provided a strong forward guidance for further rate cuts to support growth
  • US Fed cuts policy rate by 25 bps, but signals pause in easing cycle
  • GST collection declined 5.29 per cent to Rs 95,380 crore in October 2019, in comparison to the same month last year.
  • Headline CPI rose to 4% yoy in September primarily led by vegetable price inflation
  • Aug IIP declined 1.1% yoy (capital goods -21%, consumer durables -9.1%), sharpest fall in industrial output growth since Feb’13 reinforcing fears of a structural slowdown and deteriorating consumer sentiment.
  • India Manufacturing PMI came in at 51.4 in September 2019, unchanged from the previous month's 15-month low.
  • Sep Trade Deficit narrowed to $10.9bn as deterioration in import growth outweighed exports. Import growth fell to a 3-yr low on lower oil, gold and capital goods whereas exports weakness was more broad-based.
  • The Union Cabinet raised Dearness Allowance of ~5mn government employees and ~6.5mn pensioners by 5% costing the exchequer approximately ~Rs160bn.
  • The International Monetary Fund (IMF) downgraded growth of the global economy. In the October World Economic Outlook, IMF forecast a 3 % growth in 2019, the slowest pace since the global financial crisis. It also estimated that the U.S.-China trade tensions will cumulatively reduce the level of global GDP by 0.8 % by 2020.
Ms Shibani Kurian - Head Of Research and Equity Fund Manager, Kotak Mutual Fund shares her outlook on the Indian equity market, the month gone by, sector outlook and strategies to focus on going forward.
09/12/2019 12:08:50
Ms. Lakshmi Iyer, CIO (Debt) & Head Products, shares her outlook on the Debt Market. She shares her view on the monetary policy, its impact on the bond market, Liquidity in the banking system, the way forward and strategies to focus on.
09/12/2019 12:08:19
Ms. Lakshmi Iyer, CIO (Debt) & Head Products, shares her outlook on the Debt Market. She shares her view on the month gone by, debt markets, liquidity, the way forward and strategies for investors to focus on.
20/11/2019 07:19:43

Contact Us

Phone 9968885451, 9315266277
Email moneymathsfinserv@gmail.com
Address: Metroplex East Mall, Office 20, Ground Floor, District Center,
Old Radhu Palace, Near Nirman Vihar Metro Station
Delhi : 110092