There are some losses the markets feel quietly.

Not in index points or fund flows, but in the sudden absence of a voice that made you pause before placing a trade, a mind that reminded you that capital is precious, and a conviction that discipline matters more than applause. The passing of Siddhartha Bhaiya is one such loss.

Press Release Courtesy : Aequitas

At just 47, Siddhartha Bhaiya—Managing Director and founder of Aequitas Investment Management—left the world far too early. A sudden cardiac arrest while on a family vacation in New Zealand took away one of Indian equities’ most thoughtful and independent thinkers. For those who truly followed the markets, this was not merely the loss of a fund manager. It felt like losing a compass.

Dalal Street has seen many successful investors. Very few earn trust. Fewer still earn respect across cycles. Siddhartha Bhaiya belonged to that rare category.

A Chartered Accountant by profession and a market practitioner by instinct, his journey through institutions like Stratcap, Principal PNB, Reliance Capital, and later Nippon India Mutual Fund gave him a deep understanding of how capital market behaves—especially when it misbehaves! But it was in 2012, when he chose to step away and build Aequitas, that his true philosophy found a home.

Aequitas was never built as a factory of equity and brokerage. It was built as a house of profit with patience.

Under Siddhartha’s leadership, the firm grew into a respected PMS and AIF platform managing nearly INR 7,700 crore. The numbers were extraordinary—over 2800 percent absolute returns since inception and a long-term CAGR of around 33%-34%—but he never wore them lightly. For him, returns were an outcome, not a headline.

What truly set him apart was not just his ability to identify small, undiscovered companies that later became multibaggers, but his willingness to do nothing when nothing made sense. In a market addicted to momentum, Siddhartha Bhaiya had the courage to hold cash. When valuations ran ahead of fundamentals, he did not rationalize exuberance—he questioned it.

Over the last couple of years, while the broader market celebrated relentless rallies, Siddhartha Bhaiya stood almost alone in his caution. His funds held unusually high cash levels. He openly spoke about “epic bubble” in Indian equities at a recent concluded Moneycontrol Deserv Wealth Summit in December 2025, stretched valuations, and the risks of blind participation. “Holding cash is the easiest thing to do right now,” he once said—not as an act of fear, but of discipline.

“Before you jump into the markets with your pot of savings. Please spend 2 minutes to read what our team has to say. Take investment decisions carefully and not emotionally. Stock markets are raw brutal and like the animal kingdom, they don’t understand emotions.” Siddhartha Bhaiya wrote on X on June 5, 2024,  after BJP lead NDA got less than the required majority in Lok Sabha to form the government.

Read what he attached with the tweet on X.

This was Siddhartha Bhaiya’s essence: intellectual honesty over popularity.

He blended value with growth, conviction with humility, and contrarian thinking with deep research. He believed markets eventually reward patience, punish excess, and expose emotional decision-making. His frequent reminders to retail investors—to think independently, to observe promoter behaviour, to avoid emotional investing—came not from theory, but from lived experience.

Within Aequitas, he was more than a portfolio manager. He was the intellectual backbone, the cultural anchor. He believed institutions outlive individuals, and he worked quietly to build one that could stand without him. A young team, clear processes, and a long-term world view were central to that vision.

Yet beyond balance sheets and portfolios, those who interacted with him remember something rarer—kindness without pretense. He spoke plainly, never minced words, but was always generous with time and guidance. To many younger market participants, he was a guru who taught not what to buy, but how to think.

There is a cruel irony in his passing. A man deeply conscious about health, often reminding others to take care of their bodies, was taken away suddenly. It serves as a quiet reminder that markets give us cycles, but life gives no such warnings.

Siddhartha Bhaiya once said, “My goal is to always be the best fund manager in the country. Whether I achieve it or not is a different thing.” That sentence reveals everything.

For him, excellence was a pursuit, not a destination.

Today, the screens will continue to blink. Trades will execute. Markets will open and close. But something fundamental has changed. A rare voice of caution, clarity, and integrity has fallen silent. His insights will no longer come through interviews or notes—but they live on in portfolios built with care, in investors taught to respect risk, and in an institution shaped by principles rather than noise.

The markets have lost a brilliant mind. Aequitas has lost its founder. And many of us have lost a guide we didn’t realize we depended on so deeply.

Aum Shanti.

Russia’s transport group FESCO has once again taken on one of the toughest routes in global shipping—an Antarctic supply run—by dispatching its diesel-electric vessel Vasily Golovnin to support India’s polar research stations.

The ship is currently sailing toward Antarctica after departing from Cape Town, carrying essential shipment for India’s Bharati and Maitri research stations at Antarctica. The shipment includes fuel, food supplies, and specialized equipment required to sustain scientific exploration through the extreme cold and inhospitable environment.

This voyage is part of a long-standing arrangement between FESCO and India’s National Centre for Polar and Ocean Research (NCPOR), under the Ministry of Earth Sciences. Over the years, the partnership has made FESCO one of the few operators worldwide with consistent experience in servicing Antarctic stations. Along with cargo, the vessel is also transporting Indian scientists who will replace
outgoing station personnel—a routine but critical rotation that keeps year-round research running.

The expedition is expected to continue until April 2026, in line with the narrow navigation window allowed by Antarctic weather and sea ice conditions.

What place this tough mission challenging is not the distance, but the difficulty of the final delivery. India’s Antarctic stations lack traditional port facilities, meaning supplies must be transferred directly from ship to shore under unforeseeable conditions. To execute this, the Vasily Golovnin is adequately equipped with onboard cranes and a self-propelled cargo vessel for coastal unloading.

Two helicopters are also deployed for exploration, personnel transport, and cargo drops when sea access is restricted. Such operations demand precise coordination between maritime and aerial teams, constant weather monitoring, and a crew trained for extreme environments. Even small delays or errors can have serious consequences in Antarctica, where resupply options are virtually non-existent once the season closes. According to Nikolai Chvertkov, Director of FESCO’s Vladivostok branch, the company’s involvement in Antarctic missions dates back several decades. Russian vessels have supported polar expeditions since the 1970s, with international scientific collaborations expanding steadily since the early 2000s.

For the past seven years, the Vasily Golovnin and its crew have been a regular presence in India’s Antarctic logistics chain. Beyond Antarctica, India and Russia are also deepening cooperation in Arctic operations. India has conveyed interest in gaining operational expertise in polar conditions, including icebreaker construction and energy supply logistics in the Russian Arctic—region where Russia holds long-standing prowess.

In polar shipping, success is measured less by fleet size and more by experience. Operating in sub-zero temperatures, landing cargo on undeveloped arctic seaside, protecting human life, and combining sea and air logistics are capabilities that take years to develop. Against this backdrop, FESCO’s continued role in international polar missions highlights how specialized logistics providers remain essential to vital global scientific expedition. Despite changing geopolitical and economic scenario, such operations show that cooperation in extremely harsh environments continues where trust, reliability, and technical skill matter most.

For the broader logistics industry, these missions offer a peek into future demand—particularly for Arctic routes, scientific infrastructure projects, and operations along the Northern Sea Route, where only a handful of players possess the know-how to operate safely and consistently.

Under the guidance and leadership of PM Narendra Modi and NZ PM Christopher Luxon and with the close & collaborative engagement between Union Minister of Commerce and Industry Piyush Goyal and his counterpart, Minister Todd McClay, India and New Zealand have successfully concluded a landmark Free Trade Agreement in a record nine months.

India=New Zealand FTA Key Outcome 1

The FTA marks a decisive shift in bilateral economic engagement, dismantling tariffs on 95% of New Zealand’s exports, while granting Indian exporters unfettered, zero-duty access across the New Zealand market, which include textiles, apparel, leather, footwear, marine products, gems and jewelry, handicrafts, engineering goods and automobiles. The agreement opens a wide corridor of opportunity for Indian industry and signals a new chapter in trade-led growth between the two nations.

India=New Zealand FTA Key Outcome 2

Under the India-New Zealand Free Trade Agreement, India will eliminate tariffs on sheep meat, wool, coal, and nearly all forestry  and wood exports. India will also allow duty-free access for dairy and other food ingredients for re-exports. However, to ensure protection for Indian farmers and the domestic dairy-agro industry, this market access excludes dairy, coffee, milk, cream, cheese, yoghurt, whey,
caseins, onions, sugar, spices, edible oils, and rubber.

India’s Signed FTA In 5-Years.

This Free Trade Agreement marks India’s third FTA sign-up this year, following a free trade agreement with the UK in July 2025 and free trade agreement with Oman earlier this week of December 2025.

Free Trade Agreement’s key outcome

India=New Zealand FTA Key Outcome 3

1. Upon entry into force, the India New Zealand Free Trade Agreement will ensure Zero duty on 100% of India’s exports, with tariff elimination across all tariff lines. It will benefit farmers, MSMEs, workers, artisans, women-led enterprises, and youth, while providing immense opportunities for labour-intensive sectors such as textiles, apparel, leather, and footwear. Sectors like engineering & manufacturing, automobiles, electronics, machinery, plastics, pharmaceuticals & chemicals will also stand to benefit.
2. India New Zealand Free Trade Agreement provides a significant boost to investments, with New Zealand committing to facilitating $20 billion in FDI into India over 15 years, targeting manufacturing, infrastructure, services, innovation and job creation domain.
3. With a focus on empowering farmers, the FTA opens new opportunities for Indian agricultural products in New Zealand’s markets, including fruits, vegetables, coffee, spices, cereals, and processed foods. Through the Agricultural Productivity Partnership, Centres of Excellence, and access to New Zealand’s advanced agri-technologies, farmers will significantly benefit from higher productivity, improved quality, and higher incomes. Targeted initiatives for horticultural products such as honey, kiwi fruit, and apples further strengthen the sector and support sustainable growth.
4. In view of domestic sensitivities, India has safeguarded agriculture and allied products, including dairy, sugar, coffee, spices, edible oils, precious metals (gold and silver), precious-metal scrap, copper cathodes, and rubber-based products, thereby ensuring the protection of farmers, MSMEs, and domestic industries.
5. The FTA creates new opportunities for India’s services sector, spanning IT & ITeS, finance, education, tourism, construction, and other areas. New Zealand’s first-ever annexes on health, traditional medicine, student mobility, and post-study work open up unprecedented avenues for Indian professionals and students. In addition, enhanced mobility provisions, including working holiday visas, post-study work pathways, and a dedicated quota of 5,000 temporary employment visas for skilled Indian professionals, will enable Indian talent to access better global opportunities.

India=New Zealand FTA Key Outcome 4

India currently ranks as New Zealand’s 12th largest export market overall, accounting for roughly 1.5 percent of exports. This mutually beneficial agreement will further strengthen the India-New Zealand economic partnership and advance India’s journey towards the vision of Viksit Bharat 2047.

On India-New Zealand FTA deal, India’s Prime minister Narendra Modi tweeted –

An important moment for India-New Zealand relations, with a strong push to bilateral trade and investment!

My friend PM Christopher Luxon and I had a very good conversation a short while ago following the conclusion of the landmark India-New Zealand Free Trade Agreement.

Concluded in just nine months, this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries.

India PM Narendra Modi With New Zealand Prime Minister Christopher Luxon During Initiation Of India-NZ Trade Talk.

The India-NZ partnership is going to scale newer heights. The FTA sets the stage for doubling bilateral trade in the coming 5 years.

India welcomes investment worth over USD 20 billion from New Zealand across diverse sectors. Our talented youth, vibrant startup ecosystem and reform-driven economy offer a strong foundation for innovation, growth and long-term partnership.

At the same time, we continue to strengthen cooperation in other areas like sports, education and cultural linkages.

This FTA ensures:

Enhanced market access. Deeper investment flows. Numerous opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth.

Tagging New Zealand PM Christopher Luxon.