Business
ETMarkets Smart Talk | Bharat investors to drive next growth wave in wealth management: Nilesh Naik
In an interaction with Kshitij Anand of ETMarkets Smart Talk, Nilesh D. Naik, Head of Investment Products at Share.Market, highlighted how the rise of ‘Bharat’—spanning tier II, tier III, and smaller towns—is reshaping the wealth management ecosystem.
With deeper digital penetration and growing participation from B30 cities, he believes this segment will be instrumental in expanding India’s investor base from around 60 million to nearly 200 million over the next decade, while also redefining how platforms approach product design, education, and investor behaviour. Edited Excerpts –
Kshitij Anand: Now that the access problem has been solved by digital apps, what specific psychological barriers are preventing retail investors from making those intelligent decisions?
Nilesh D. Naik: You are right— from an access perspective, the problem has largely been solved over the last five to six years. But one of the key challenges today is the complexity involved in starting the investing journey. And I think that is where platforms need to spend a lot of time.
For example, for people who have been investing in mutual funds, it may not be that difficult— mutual funds may come across as a very simple product.
But for a first-time investor, with thousands of products available, how do you zero down on the right one? That remains a big challenge. Going forward, you will see a lot of platforms focusing on this area in a big way.
Kshitij Anand: And how can a retail investor distinguish between a fund that is genuinely consistent and one that is simply riding a temporary market tailwind?
Nilesh D. Naik: Yes, this is an interesting question and one of the key issues that has been widely discussed in the industry. The general tendency of customers is to go by performance— they look at three-year or one-year performance and invest accordingly.
At least at PhonePe, we have tried to address this issue by not focusing too much on performance, but by highlighting the consistency of the product. When I say consistency, there are complex concepts like rolling returns and so on.
We try to simplify these, do the heavy lifting at our end, and present a simple metric that helps customers see whether the product has been consistent over the long term in relative terms, compared to other schemes in the category.
I think it is very important to shift the focus away from point-to-point returns, which are highly cyclical— not just at the market level, but even at the relative performance level. So yes, this is a key area to focus on.
Kshitij Anand: And at PhonePe, you very much believe in the Bharat story. So, how is that evolving at PhonePe and in the wealth management space?
Nilesh D. Naik: Yes, the strength of PhonePe is our distribution reach, and we have a very strong presence in tier II, tier III cities and beyond. Just to share some numbers with you—if you look at the mutual fund customers that we have, more than two-thirds of them are from B30 cities, beyond the top 30, as per the AMFI definition.
And not just from a customer perspective, but even from an AUM perspective, this is very different from the industry numbers, where it is actually the other way around, at least in terms of assets. So, the participation that we have seen is very encouraging, and it motivates us to build more for that cohort.
That is going to be the growth engine for the industry as well, in terms of moving from a 60 million customer base to, let us say, 200 million over the next decade or so.
Kshitij Anand: And let me also get your perspective on this—in a market that is prone to sudden volatility, how can platforms move beyond just providing data and actually help engineer better investor behaviour?
Nilesh D. Naik: Yes, it does not start with volatility. What you need to do is ensure that when the customer or investor is investing, at that stage itself, you offer the right kind of product mix. That will take away half the problem because when you invest in the wrong product, the volatility tends to be much higher.
A classic example today is investors who have invested in small caps. For a first-time investor, the kind of volatility experienced there is very different from someone who started with a large-cap, index, or hybrid product.
So, retaining a customer who has invested in core products is relatively easier compared to someone investing in small-cap or thematic products.
However, when such situations arise, there cannot be a single solution that addresses the entire problem. Continuous education is very important. Having the right contextual education within the app is critical. The nudges you give to customers—guiding them on how certain actions may work against them—are also very important. And of course, customers learn through experience.
No matter how much we educate them, experience cannot be replaced. The good thing is that many of these customers are in their 20s, which means over the next three to four years, if they continue investing, they will develop their own learning—and that is the best teacher.
Kshitij Anand: Staying with the Bharat story, as investors spread into tier II and tier III cities, how do we ensure that intelligence is simplified enough to be accessible to first-time investors?
Nilesh D. Naik: There are different ways to do this, but I can share what we have done at PhonePe Wealth to help customers. When it comes to shortlisting or identifying funds, there are three core parameters that we focus on.
The first is the consistency of the fund’s performance. The second is risk. And the third is whether there is a method behind that performance. By method, I mean the style of the fund manager and how the product is managed.
We have launched an interesting tool called CRISP, which stands for Consistency, Risk, and Investment Style of Portfolio. We understand that these are relatively complex concepts, so we simplify them by categorising factors such as consistency into high, medium, or low; and risk into acceptable or high levels, so that investors can make informed decisions.
Lastly, we also explain how the product is managed—whether it follows a quality, value, or momentum style—so that customers can create the right mix of funds that complement each other.
However, even with simplification, education remains critical. We are focusing a lot on educating customers about these concepts in a simple and accessible manner.
Kshitij Anand: Do you feel there is any single mistake that investors usually make when selecting a fund or investing?
Nilesh D. Naik: Two things I would highlight here. One is, of course, investing based on past performance. In fact, we have done several studies wherein, if you look at, say, the previous three-year ranking of funds in a category and compare it with the next three years—for example, 2019 to 2022 versus 2022 to 2025—and then look at the ranks, the rank correlation is actually close to zero.
This means there is absolutely no correlation between the two, which tells you that investing based on past performance does not work. However, it is a common behaviour among customers to look at returns and invest, and this is where one of the biggest mistakes comes from the customer side.
The second is the absolute lack of planning. It is like someone tells me that this is a good fund, and I invest without thinking about why I am investing or what my framework should be.
Every investor, no matter how small the investment, needs a framework that they can refer back to, especially during times when markets are highly volatile. Otherwise, you will keep debating whether to add more equity or redeem. Having a framework helps.
When I say framework, it means understanding that your investment is long term and defining the level of downside risk you can tolerate. For example, based on recent data, markets can fall by as much as 40% in a worst-case scenario.
But if, as an investor, I cannot tolerate more than a 20% downside, then I would probably allocate 50–60% to equity and the rest to fixed income products, gold, etc. Now, whenever something happens in the market, you can go back to that asset allocation framework and assess whether you are still aligned with your plan.
It is a very simple concept, and there can be many variations of it. But having a proper plan is extremely important, and this is something that is missing for most investors.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Travelers heading through Los Angeles International Airport on Saturday, March 28, 2026, are encountering relatively light TSA security wait times compared to recent nationwide disruptions, with official and third-party trackers showing standard screening lines averaging under 20 minutes at most checkpoints during midday hours.
The official LAX security wait times page reported minimal delays early Saturday, with Tom Bradley International Terminal (TBIT) showing just 2 minutes for general boarding and 0 minutes for TSA PreCheck as of 12:20 a.m. PT data refresh. Third-party monitors like TakeoffTimer and OnAirParking indicated average standard waits fluctuating between 16 and 19 minutes throughout the morning and early afternoon, well below peak-hour norms.
LAX, one of the world’s busiest airports handling more than 60 million passengers annually, typically sees longer lines during peak travel periods. On this late-March Saturday, however, conditions appeared smoother than the multi-hour delays reported at some other major U.S. hubs amid ongoing government staffing challenges.
Current TSA Wait Times at LAX
As of mid-morning on March 28, real-time data painted a traveler-friendly picture across LAX’s nine terminals:
– **Standard Security**: Average waits hovered around 16-19 minutes, with some reports as low as 10-13 minutes in mid-morning slots.
– **TSA PreCheck**: Consistently under 5-10 minutes, with many lanes clearing in 0-5 minutes at TBIT.
– **Peak Early Morning (4-6 a.m.)**: Higher waits reached 24-37 minutes in some hourly breakdowns, typical for the airport’s busiest departure window.
– **Afternoon/Evening Projections**: Expected to remain moderate, with potential spikes to 29-30 minutes around midday and early afternoon before easing later.
The flyLAX.com official dashboard, which updates periodically, confirmed short lines at TBIT, the primary international hub. Other terminals, including 1 through 8 and the regional terminals, showed similar patterns based on aggregated traveler reports and live trackers.
Despite a partial government shutdown affecting federal operations, including TSA staffing in some regions, LAX has avoided the extreme four-hour lines seen elsewhere. Local factors such as efficient lane management and variable passenger volumes on a non-holiday Saturday contributed to smoother processing.
Tips for Navigating LAX Security Today
Airport officials and travel experts recommend several strategies to minimize delays:
Arrive at least two hours before domestic flights and three hours for international departures. Download the official MyTSA app for real-time crowd-sourced updates and item screening guidelines. Enroll in TSA PreCheck or CLEAR if eligible — these programs dramatically cut wait times, often to under five minutes.
Use the LAX app or flyLAX.com for terminal-specific information, parking status and ground transportation. Public transport options, including the LAX shuttle and Metro connections, help avoid traffic snarls that can compound arrival stress.
Pack smart: Follow the 3-1-1 liquids rule and remove laptops, liquids and large electronics early. Wear slip-on shoes and avoid bulky outerwear to speed screening.
Travelers with disabilities or needing assistance can request expedited service or contact airport accessibility services in advance.
Broader Context: National TSA Challenges
While LAX fares better today, the U.S. aviation system continues grappling with staffing shortages tied to the prolonged partial government shutdown. TSA Deputy Administrator Ha Nguyen McNeill recently warned of record wait times exceeding four hours at select airports, with call-out rates as high as 40-50% among officers in heavily impacted facilities.
LAX has benefited from its scale and local operational adjustments, but travelers are urged to monitor conditions closely. Third-party sites like TakeoffTimer provide hourly forecasts, showing typical Saturday patterns with lighter evening traffic after 8 p.m.
Spring break travel has eased somewhat by late March, reducing family-driven crowds that plagued earlier weeks. International arrivals via TBIT remain steady but manageable, with CBP processing times separate from TSA security.
What Influences Wait Times at LAX
Several variables affect security lines daily:
– **Time of Day**: Early mornings (4-9 a.m.) and late afternoons (3-7 p.m.) traditionally see the longest queues due to flight banks.
– **Flight Volume**: International departures from TBIT often require additional screening, though PreCheck lanes help.
– **Staffing Levels**: TSA officers work across checkpoints; any call-outs can create temporary bottlenecks.
– **Passenger Preparation**: Compliant travelers who organize belongings move faster through screening.
– **Technology**: Automated lanes, credential scanners and biometric options continue rolling out to improve flow.
LAX has invested in infrastructure upgrades, including more PreCheck enrollment centers and expanded checkpoint capacity in recent years. These improvements help buffer against external pressures like the current federal staffing issues.
Real Traveler Experiences on March 28
Social media and forum reports from recent days, including Saturday morning, echoed the data. One traveler at Terminal 6 reported clearing security in about 10 minutes early in the week, while others noted quick PreCheck experiences under five minutes. Midday Saturday posts described “no line” scenarios in certain terminals, though individual results vary by exact checkpoint and arrival time.
Airport workers and frequent flyers noted that evenings and non-peak weekends often provide the smoothest experiences at LAX compared to weekdays.
Planning Your LAX Journey
For the most accurate information:
1. Check flyLAX.com/wait-times before leaving home.
2. Use the MyTSA app for live and historical data.
3. Monitor airline apps for gate and boarding updates.
4. Allow buffer time for traffic on the 405 and 105 freeways, which feed the airport.
Parking and rideshare options remain available but can add time during busier periods. Economy lots and off-site providers offer alternatives for longer stays.
Passengers should also review TSA’s prohibited items list to avoid secondary screening delays. With evolving security protocols, double-checking liquid rules and electronics requirements prevents frustration.
Looking Ahead for LAX Travelers
As March 28 progresses into evening hours, wait times are projected to remain light based on historical Saturday patterns. Sunday could see a slight uptick with weekend return traffic, but no major disruptions are anticipated unless staffing or weather issues arise.
LAX continues operating as a vital gateway for Southern California and international travel. Officials encourage proactive planning while assuring that safety remains the top priority.
Travelers facing longer-than-expected lines can use the airport’s free Wi-Fi to stay informed or contact their airline for assistance. Designated waiting areas and concessions provide comfort during any brief delays.
For the absolute latest updates, visit the official flyLAX security wait times page or download the MyTSA app. Real-time conditions can shift quickly, so checking within an hour of departure offers the best snapshot.
On this Saturday in Los Angeles, most passengers at LAX are experiencing efficient security screening, allowing more time to relax before boarding or connect with loved ones upon arrival. Smooth travels depend on preparation, flexibility and utilizing available tools — a combination proving effective for many on March 28, 2026.
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The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 150 crore and an offer-for-sale (OFS) of up to 2,83,99,567 equity shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Friday.
The company proposes to utilise the proceeds from the fresh issue towards payment of debt, lease rentals or licence fees for its warehouses and experience stores, and for general corporate purposes.
Founded by Geetansh Bamania, the company operates a technology-driven, full-stack direct-to-consumer (D2C) platform offering rental and subscription services for furniture and home appliances across India.
Rentomojo is the largest player in the organised online rental segment for furniture and appliances, with an estimated market share of 42-47 per cent based on subscription revenue in FY2025, as per a Redseer report cited in the draft papers.
As of September 30, 2025, the company had over 2.27 lakh live subscribers across 22 cities, supported by a network of 21 warehouses.
On the financial front, revenue from operations stood at Rs 265.96 crore for the full fiscal year 2025 and profit after tax at Rs 43.11 crore for FY2025.
Motilal Oswal Investment Advisors, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue.
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The New York Times’ popular word-grouping game Connections delivered another brain-teasing challenge to players on Saturday, March 28, 2026, with puzzle No. 1,021 blending everyday actions, physics concepts, educational visuals and clever wordplay.
Connections, which launched in 2023 and quickly became a daily staple alongside the Mini Crossword and Wordle, tasks players with sorting 16 words into four groups of four. Each group shares a hidden theme, ranked by difficulty from yellow (easiest) to purple (most challenging). Many solvers turned to online hints and companion articles as they tackled the Saturday edition.
Today’s Puzzle Themes and Answers
The 16 words in Connections #1021 were: BOARD, EMBARK, ENTER, MOUNT, ACCELERATION, FORCE, MASS, MOMENTUM, FIGURE, ILLUSTRATION, PICTURE, PLATE, FACE, PITCHER, POWER, ROBERT.
Here are the complete solutions, revealed in order from easiest to hardest:
Yellow Group (Easiest): Step Onto, as a Vehicle BOARD, EMBARK, ENTER, MOUNT
These verbs all describe boarding or mounting modes of transport — think stepping onto a bus, train, plane or even a horse. Solvers who spotted the travel-related action early often nailed this category first.
Green Group: Quantities in Mechanics ACCELERATION, FORCE, MASS, MOMENTUM
A physics-heavy group drawing from classical mechanics. These are fundamental quantities used in Newton’s laws and equations of motion. Players with a science background likely connected these quickly, though the theme required recalling high-school physics terminology.
Blue Group: Textbook Images FIGURE, ILLUSTRATION, PICTURE, PLATE
This category refers to visual elements commonly found in educational books. “Plate” here means a full-page image or diagram, a term still used in academic publishing. The grouping rewarded familiarity with how textbooks label their visuals.
Purple Group (Hardest): ____ Plant FACE, PITCHER, POWER, ROBERT
The trickiest set played on compound phrases: face plant, pitcher plant, power plant and Robert Plant (the iconic Led Zeppelin frontman). This punny category often stumps players until they consider proper names and botanical or industrial terms.
How Solvers Approached the Puzzle
Many online guides, including those from CNET, Mashable, Try Hard Guides and Lifehacker, offered tiered hints to avoid full spoilers. Early hints encouraged thinking about vehicle entry for the yellow group and basic physics for green. Blue hints pointed toward book visuals, while purple required lateral thinking around “plant.”
The New York Times’ own Connections Companion for No. 1,021 provided community discussion and further reading, noting the puzzle’s mix of concrete actions and abstract concepts. Some players reported struggling with the purple group due to the proper name “Robert Plant,” while others breezed through the mechanics terms.
Why Connections Remains Popular in 2026
Since its debut, Connections has grown into one of the NYT Games suite’s standout titles, attracting millions of daily players who share streaks, near-misses and victories on social media. Its appeal lies in the balance of logic, vocabulary, cultural knowledge and occasional wordplay — a formula that keeps the game fresh even years later.
Saturday’s puzzle exemplified this mix: accessible entry points via travel verbs contrasted with more specialized references to physics and publishing. The purple category added the signature “aha” moment many fans crave, linking mundane words to a rock legend and carnivorous flora.
For those who missed a perfect solve, the game resets daily with a new grid. Streaks carry over, encouraging consistent play. Tips from seasoned solvers include scanning for obvious synonyms first, then considering multiple meanings of words like “mount” or “plate,” which can fit different contexts.
Tips for Future Connections Puzzles
- Start with the yellow group by looking for strong synonyms or clear actions.
- Consider technical or academic fields for mid-level categories.
- Save purple for last — it often involves puns, proper names or less common phrases.
- Use the in-game shuffle button to rearrange words and spark new connections.
- If stuck, step away briefly; fresh eyes often reveal hidden links.
The NYT Games team continues to refine the puzzle, occasionally adding visual or thematic ties to current events while maintaining the core challenge. Followers of the official NYT Games Instagram account frequently find behind-the-scenes insights and solving strategies.
Whether you’re a daily player chasing a long streak or a casual solver checking in on weekends, Connections #1021 offered a satisfying mix of straightforward groupings and one head-scratching reveal. For the official companion and community reactions, visit the New York Times Games section.
Players can access the latest puzzle directly through the NYT Games app or website. With fresh challenges dropping every morning, there’s always another chance to test your word association skills.
(Word count: approximately 1,020. This article incorporates the latest available solutions and hints as of March 28, 2026, drawing from official NYT resources and leading puzzle coverage sites.)
Petroleum engineer with an enthusiasm for investing, accounting and personal finances.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of VZ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Past performance is not an indicator of future performance. This post is illustrative and educational and is not a specific offer of products or services or financial advice. Information in this article is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.
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