They are not bulls or bears but certainly "queens" in the stock market. These women have carved out new careers, starting as investment managers, analysts or marketing grunts. In a world dominated by men, they worked their way to the top to become fund managers, heads of broking firms, or even boards on stock exchanges.
It's about time too. The National Stock Exchange (which has 10 million investors registered) announced in August that 1 in 5 investors are women. Morningstar India is an investment research company that says the number of female fund managers has increased from 18 in 2017 (the year Morningstar started keeping records) to 42 in 2023. This number is small (only 9% of 473 fund managers), but they managed Rs 6.66 lakhs crores of assets in January 2024.
Deena Mehta (63), Managing Director at Asit C Mehta Investment Intermediates says: "It's ironic that Laxmi, [the Hindu god of wealth, prosperity and fortune] and Saraswati, [the Hindu deity of music, art, wisdom, and learning] are both women. It's time we busted the myth that men are only capable of handling financial planning and investment management.
Mehta along with other women such as Amisha vora, Priti rathi gupta Devina Mehra Lakshmi Iyer and Radhika gupta demolish myths to the left and right, despite the normal hurdles that all women face, including taking care of the kids and managing their home.
Imagine yourself as a stock broker, glued to your computer screens at work. Your child missed school at home because of a high fever. You know that your wife will take care of him. Imagine this: you, dear mommy, are in front of trading screens while your husband is at his desk... and your son is with your in-laws. Should you call home every 15 minutes or so? No. Mehta's advice is focused. She entered the stock market to escape an unfulfilling finance job in a blue-chip manufacturing company and became the first female president of the BSE. She encourages women to set clear priorities. If you have a sick child, you must give your 100% to the job. It would be useless to call home every 15 minutes while you are at work.
Lakshmi Iyer admits it's hard to stay away from guilt when you know that your child is waiting at home.
Iyer, 48 years old, started as a Research Analyst after completing her MBA at the Narsee Monjee Institute of Management Studies. She said she was a maths and language lover in school, and fell in love with finance when she attended NMIMS. She would handle the accounting at college events and be the treasurer.
Iyer has worked for the Kotak Group since 1997. She says there were no regulations on market timings at that time, and managing work and her family was difficult.
She rejects the phrase "work-life" balance. Iyer says that it's all about prioritising things at the right times. "I haven't missed a single PTM (parent-teacher meetings).
She stayed on track because of her passion for her job and some scheduling juggling. "Even though I was in a minority in the world of finance, I always reminded myself that my passion kept me going."
Iyer handled more than Rs. 1 lakh crore in assets at Kotak Asset Management Company before moving to the investment advisory business.
Devina Mehra is the Chairperson and Managing director of First Global Wealth Management. She says that the overall picture could use some tweaking. She says that before any workplace changes can be made, the need for change must first occur at the level of the family and the society.
Mehra, a gold medalist from IIM Ahmedabad was the sole woman in Citibank's investment banking. She can now teach fund managers some things with her portfolio strategy. First Global's India Multi-Asset Fund and The India Super 50 delivered annualised returns to high-net-worth investors of 19,76% and 27,84% since their inception in February 2019.
Mehra claims that her parents did not discriminate between daughters and sons. She has twin brothers who are five years older. Both brothers are in the same profession as her.
She saw at work that women who were working did not take part in family finances or investments, as they felt too overwhelmed with the demands of a full-time office job and a household.
Amisha Vora is the Chairperson and Managing director of Prabhudas Lilladher Group, a financial services company. She learned to deal with pressure at a young age: she was a chartered accountant by 21. Her father, a banker, encouraged her to emulate her uncle Nalin who owned a broking company called NVS Broking. In 1998, she was hired as a Research Analyst by JM Financial's Founder and Chairman, Nimesh kampani. She joined PL Group in 1998 as Vice President of FII Sales.
The 55-year old has over the years managed different aspects of the business. He has scaled operations and diversified offerings, as well as established robust systems.
The PL Group serves more than 160,000 clients across more than 200 locations. This includes corporates, institutions and family offices as well as HNIs and retail clients.
Vora says that the road was not an easy one, especially after her marriage. She found it difficult to keep up with market cycles, understand diverse business models, and analyse balance sheets.
The biggest challenge facing working women is balancing work and family obligations.
"Women must navigate both the professional and private spheres with equal devotion. I never asked for special treatment or favors, but instead focused on professionalism. If I expect equal respect, I do equal work," Vora says.
In 2012, she took on the responsibility of managing PL’s retail business alongside the institution business. It was a steep learning process, but I adapted quickly by creating strong processes, implementing India’s first eKYC and training my staff to give responsible financial advice. This helped us to grow our business by tenfold over a decade."
Vora encourages woman to take charge of managing their personal and family wealth. She says that the goal is to empower women with financial confidence so they can make informed decisions and build their wealth.
Priti Rathi, the founder of Lxme has more than two decades experience in financial services. She has helped over a million women improve their financial knowledge and leverage their savings.
She began very young. At 16, her father asked that she help him manage the family portfolio. This experience sparked her passion. She then interned at her uncle's stockbroker firm and completed her Bachelor of Commerce. In 2003-04, she received her post-graduation degree from the SP Jain Institute of Management & Research.
She then set up and managed a commodity desk in 2004-2015 for her husband. She then earned an MBA at Harvard Business School. She also completed a Postgraduate Programme in Family-Managed Business at SP Jain Institute of Management and Research.
She says, "The commodity desk is part of the Anand Rathi Group which has now become Anand Rathi Commodities." She was asked to create a business strategy in 2017 while she was still at Harvard.
Lxme was India's first financial and investment platform for women. It's called Laxmi. She will launch it in 2020.
She says: "There was a hole in the market. There was no platform that helped women make informed decisions about investing. Many people doubted women's ability to engage in finance. "This scepticism was the biggest challenge I faced."
She often encountered clients who would not acknowledge her and preferred to speak with her male colleagues. "These experiences, although challenging, have made me stronger and more driven. "I've made a lot of progress in the financial industry, an industry where men have always been dominant," says she.
She believes every challenge offers an opportunity to improve and learn. Priti Rathi says that strategic thinking and problem solving skills have been crucial in helping her overcome challenges. Anand Rathi manages assets worth $7 billion, while Lxme is a new venture she launched in mid-2020 with an AUM exceeding Rs 30 crore.
She believes women should aim for work-life balance, not achieve it. She has a simple rule: Be 100% present, no matter what role you are playing. She describes her day as "a day with a list of things to do that I ensure I accomplish throughout the day." I think happiness is more important than perfection and that balance comes from the mind, not your time management. "As long as I can maintain work-life balance, I'm on the right path."
Mehta remembers her husband Asit suggesting that she join the stock market. In 1985, she joined the stock exchange and was surprised to find that she was the sole woman in the trading room. The ring in those days was noisy and chaotic. Before computers, brokers and jobbers would shout orders and use their own sign language.
People in my organization tried to discourage me from joining the trading ring. "But it became a matter of prestige," she says.
Mehta holds a degree in Stock Exchange Law and Securities Law, a Master's in Management Studies in Financial (MMS), as well as an Associate Chartered Accountant. She was initially treated with a great deal of respect and affection by the male fraternity. This changed after she decided to run for the position of exchange president. She said, "Men feel comfortable when we are peers, but as soon as you are first among equals swords will be drawn."
She was the first woman to be elected president of an exchange after receiving the most votes of any candidate.
DBS Bank India's study 'Women and Finance,' conducted in partnership CRISIL found that 47% women make their own financial decisions. Working women are risk-averse, and invest 51% of their money in fixed deposit and savings accounts. They also put 15% in mutual fund, 10% in real property, and 16% in gold.
Iyer believes that financial independence for women is non-negotiable and that they must be in charge of their finances. Financial education is the best way to achieve this.
Mehra believes that women should educate themselves through formal courses, books, or videos. Women who rely on others to make investments for them should ask questions. Mehra advises women to never think they will appear foolish if they ask their advisors and intermediaries for clarifications.
Women are better at investing than men because they have a disciplined approach, and their risk-averse nature can lead to smart, sustainable investments.
Priti Rathi says: "Read and learn about other women's financial planning journeys. Ask them questions. Start small. But start with an SIP." A systematic investment plan (SIP) allows you to save regularly into a mutual fund.
According to data, women are slowly becoming more active in mutual funds. According to the Association of Mutual Funds of India, the percentage of women's assets in the industry has increased from 15% in March 2017, to almost 21% by December 2023. The growth rate is higher in the hinterland compared to urban centres.
Radhika Gupta is the CEO and MD at Edelweiss Mutual Fund. She says: "More young women are interested in managing their money. "Indian women are amazing savers. "The transformation from saving into investment is taking place."
Gupta says that women who have the basic financial literacy and work with financial advisors can become financially independent.
