I'm down 5% portfolio level today driven by PB FinTech Concentration has some evils; it is painful to see my 2nd largest position drop 30% (so far) today with (what I believe) will be another 4% fall later today. Effectively, 3 yrs of averaging in at a great price got wiped clean. I've also read through the 2-part IRDAI note. I'm sure they'll hear a good bit from industry participants. Felt more like retaliation rather than regulation (latter being the typical stance) Some leaders are yet to realize that Distribution is not cheap. Intermediation isn't disappearing overnight because of a Govt website or AI ONDC was a great lesson in this regard. FWIW, I'll average down across today, tomorrow & Monday. I believe calmer & more sensible heads will ultimately prevail 😇
Tejas Bansal | Equity Insights Elite
@EquityInsightss
Sep 24
This is what a black swan like event looks like Policybazaar & Turtlemint are both down 20% today after IRDAI’s proposed changes to insurance distribution economics One consultation paper comes out & the market can reprice the entire business model within minutes

Sep 24, 2026 · 8:24 AM UTC

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Of course, don't treat this as financial advice. DYOR. If you want a fun statistic: this position in PB was built across 32 independent buys over 800+ trading days. XIRR was close to 25% until this morning 😂
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Sort replies: Relevant Recent Liked
Replying to @Rahul_J_Mathur
Loss of one could be gain for another. Protean Egov with mandate of 6 Years for Bima Sugam has been quitely rising on back of these proposals
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Replying to @Rahul_J_Mathur
Where do SME policies land in this, shop and fire covers?
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Replying to @Rahul_J_Mathur
Man oh man, HDFC life, PB, Bajaj Finance - all dipping
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Replying to @Rahul_J_Mathur
This is just BAD LUCK. Noone can predict these things
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Replying to @Rahul_J_Mathur
i agree with you that distribution isn't cheap but there needs to be some order to how insurance products are sold, banks usually bundle it with other services and most customers aren't even aware of what they are buying, so disincentivising will help here?
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Replying to @Rahul_J_Mathur
Cost of insurance need to come down for general public, its a sensible move to cap commission, despite GST cut insurance cost never came down. Why i need to share my number just to get a quote? Insurance is a gray area, welcome move by IRDAI.
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Replying to @Rahul_J_Mathur
Good opportunity to buy more. Consultation papers will get withdrawm
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Replying to @Rahul_J_Mathur
Have you ever tried a call with Policy Bazar for insurance?
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Replying to @Rahul_J_Mathur
If you're not going to liquidate and if it's going to bounce back, there's nothing to worry
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Replying to @Rahul_J_Mathur
Shorted at 1300 … value will emerge not before 800
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Replying to @Rahul_J_Mathur
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Replying to @Rahul_J_Mathur
Most people are better of with 50-100 stocks
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Replying to @Rahul_J_Mathur
You mind sharing link for IRDAI note? Draft paper?
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Replying to @Rahul_J_Mathur
Me also have a good chunk. And can open pf today.
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Replying to @Rahul_J_Mathur
Dont catch falling knife....
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Replying to @Rahul_J_Mathur
I was thinking of you just a few hours ago apropos our latest chat on insurance. Your similarly mentioned PB
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Replying to @Rahul_J_Mathur
the paper can reprice the stock in minutes but it can't reprice customer acquisition. the tell is what happens when insurers try going direct and see the real cac.
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Replying to @Rahul_J_Mathur
Fair read on ONDC. I'd separate the two bets though: averaging down is a wager on the consultation process, not the unit economics. Digital distribution economics didn't change overnight, the regulatory floor under them did.
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Replying to @Rahul_J_Mathur
What’s happening to private competitors valuation though?
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Replying to @Rahul_J_Mathur
Yup I feel you bro!
Capt Shashank
@Capt_Cool1
Sep 24
PB Fintech is port co, but I am okay :)
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Replying to @Rahul_J_Mathur
Policy risk is real in this country. But, commission growing 4x vis e vie premium. This is absolutely not acceptable. This is akin to ULIP era of 2008.
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Replying to @Rahul_J_Mathur
That is true. It looks like an attack. Not good for the industry for investment or founders
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Replying to @Rahul_J_Mathur
Banking , brokers , insurance have great risk of govt policy change.
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Replying to @Rahul_J_Mathur
Sir yeeah roz roz dekhna bataama band kiniye , maybe every month first monday - can be reported
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Replying to @Rahul_J_Mathur
Distribution is not cheap, agreed. But one paper repricing the business model by 20% is why I'd wait for the final rules before averaging down. Are they hearing the industry at all?
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Replying to @Rahul_J_Mathur
Just curious how ONDC is doing ? It was about to take food aggregator and ecommerce heavyweight
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Replying to @Rahul_J_Mathur
Tough day with PB FinTech. You and @fotsguy are two stock accounts I always follow
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Replying to @Rahul_J_Mathur
All listed insurance broker and Fintech in panic after IRDAI Guidelines regarding misselling and insensitives...
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Replying to @Rahul_J_Mathur
Biased decision. Becareful in averaging. Else you will be last one holding shares
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Replying to @Rahul_J_Mathur
All the best 🤞
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