Zerodha

Today on The Daily Brief: - We’ll explore India’s big push to install 25 crore smart electricity meters and why progress is slower than expected. This story highlights how smart meters can cut power theft, improve billing, support prepaid usage, and strengthen discom finances — all crucial for India’s renewable energy future. - We’ll talk about how Indian companies bounced back from the pandemic’s economic shock. Despite massive revenue losses, smart cost-cutting, RBI support, and focus on profitability helped businesses recover strongly, reduce debt, and emerge more resilient than before.

The investing world has changed, but value investing remains as relevant as ever. We are excited to host a full-day immersive bootcamp on Value Investing with Vishal Khandelwal. While this is a free session, seats are limited to ensure an intimate learning experience. We have a screening process for applicants and also require a minimum ₹500 donation to a social cause (link provided in the application form). The event is in Pune. To register, scan the QR code or click on the link in the comments.

Today on The Daily Brief: - A major chip crisis is brewing as Dutch-based chipmaker Nexperia, controlled by Chinese investors, becomes the latest flashpoint in the China–West tech war. After the Dutch government seized control citing security concerns, China retaliated by blocking exports — threatening global auto production and reviving fears of a chip shortage like the one during COVID. This showdown could reshape the global semiconductor supply chain and accelerate India’s push for chip self-reliance. - China’s $800 billion lending spree to developing nations is now unwinding, revealing the risks of its opaque, collateral-backed loans. As countries like Zambia, Ghana, and Sri Lanka struggle to repay, China faces mounting defaults — but offers only temporary relief instead of real restructuring. With global debt distress rising and China’s own economy slowing, this could mark the biggest test yet for the world’s financial stability and Beijing’s global influence.

Happy Diwali 🪔 everyone!

A look at how markets have fared from Diwali to Diwali over the past decade.

We started FLOSS/fund in 2024 to give up to $1 million annually to support the development of FOSS (free and open-source) projects globally. Here's what K (Kailash Nadh) in a post reflecting on the past year, making the case for the Indian government also to fund FOSS for strategic tech sovereignty: "Actually, no amount of material resources can enable governments to develop, nurture, and sustain complex, high-quality FOSS projects themselves in the way a community of passionate maintainers can. The incentives, DNA, and motivations simply do not align. Realistically, the idea of tech sovereignty cannot be rooted in 'owning' and creating all technology, especially software, from scratch. There is no way but to participate in the collaborative global FOSS ecosystem." Without open source software, it's impossible for us to realize our digital and economic ambitions. It's in the best interests of both the Indian government and Indian companies to support open source projects that they use and derive benefit from. I can imagine a "sovereign FOSS fund" to support open source projects that are crucial to the country's interests. The same goes for Indian companies with the financial ability to do so. Barring everything else, supporting FOSS is a logical business choice. I've said this numerous times: without open source software, there would be no Zerodha. Link to the post in the replies.

Today on The Daily Brief: - This story breaks down the work of Joel Mokyr, Philippe Aghion, and Peter Howitt — the winners of the 2025 Nobel Prize in Economics. It explores how Mokyr explained the origins of economic growth through the spread of knowledge and cultural openness during the Industrial Revolution, while Aghion and Howitt modeled how growth is sustained through innovation and creative destruction. Together, their research shows how openness, competition, and policy shape long-term economic progress. - This story breaks down the work of Joel Mokyr, Philippe Aghion, and Peter Howitt — the winners of the 2025 Nobel Prize in Economics. It explores how Mokyr explained the origins of economic growth through the spread of knowledge and cultural openness during the Industrial Revolution, while Aghion and Howitt modeled how growth is sustained through innovation and creative destruction. Together, their research shows how openness, competition, and policy shape long-term economic progress.

Today on The Daily Brief: - We’ll look into how SEBI exposed one of India’s biggest insider trading scandals involving the Indian Energy Exchange (IEX). A senior government official allegedly leaked confidential regulatory details to a former student, leading to massive profits just before IEX’s stock crashed. The story reveals how SEBI traced WhatsApp messages, suspicious trades, and money trails to uncover the scam. - We’ll talk about the ASEAN Power Grid — a decades-old dream to connect Southeast Asia through a shared electricity network. The project aims to make power cheaper, cleaner, and more reliable across 10 nations, but faces huge technical, financial, and political challenges. It’s a story about regional cooperation, renewable energy, and the future of cross-border power trade.

Today on The Daily Brief: - We’ll look into how the RBI’s shift from the old “incurred loss” model to the “expected credit loss” (ECL) framework marks a major reform for Indian banks. This move aims to make the system safer by recognizing bad loans earlier, though it may initially impact profits and lending behaviour. - We’ll talk about the IMF’s latest Global Financial Stability Report, which highlights rising risks beneath the surface — from overvalued stock markets and fiscal stress in rich nations to growing debt and currency market vulnerabilities in emerging economies.

The Diwali 🪔 Muhurat trading session will be held on Tuesday, October 21, 2025, from 1:45 PM to 2:45 PM. Keeping with our tradition of the last 15 years, brokerage charges for all trades during the session will be reversed.