In an engaging episode of Simple Hai!, hosted by veteran finance journalist Vivek Law, mutual fund industry stalwart Swarup Mohanty shared deep personal and professional insights that transcended the world of finance. Currently Vice Chairman and CEO at Mirae Asset Investment Managers, Mohanty’s story is one of quiet grit, consistency, and values.
A Humble Beginning Rooted in Odisha
Swarup Mohanty’s journey began in Odisha, a state once often unfairly associated with poverty and underdevelopment. His upbringing was steeped in discipline and education — both his parents were professors, with his mother eventually becoming the principal of the college he attended.
Growing up in such an environment meant expectations were high. “Everyone from the lab assistant to professors knew me,” he recalled, underlining the pressure to uphold the family’s academic standards. Yet, Mohanty chose a different path, shifting from Science to Commerce when he realized it aligned better with his strengths and ambitions.
Choosing Commerce, Backed by Courage
At a time when conventional careers like engineering and civil services were considered the gold standard in Odisha, Swarup made the bold decision to pursue Commerce. “It was better than failing in Science,” he admitted candidly.
His decision was met with silence at home, but it marked the beginning of a successful, non-traditional career path in finance. Over time, his forward-thinking approach was shaped by not just formal education, but by the early liberalization of the Indian economy in the mid-1980s, which opened his eyes to alternative careers.
Family as the Foundation
Mohanty credits much of his moral compass to his wife and parents. With humility, he referred to himself as the “odd one out” in a family of PhD holders. His wife, a top academic, always reminded him to stay on the side of truth, a principle he says defines his work today. “It is a fiduciary responsibility,” he said. “People entrust us with their hard-earned money.”
Even as his visibility grew, his parents remained cautious advisors in the background, always reminding him to act responsibly. “They still say, ‘don’t do anything wrong’,” he shared with a smile.
A Career Built on Hard Work, Not Shortcuts
Having spent nearly three decades in the mutual fund industry, Mohanty remains refreshingly self-aware. “There are people far more skilled than me. But hard work — that is the only thing I can control.”
He recounted his early career jitters — his nervousness walking into five-star hotels or comparing himself to more polished city professionals — and how learning from others, adapting, and showing up every day made all the difference.
The Power of Staying Invested
A major theme of the episode was the power of compounding and the importance of staying invested in the market. Mohanty is passionate about financial literacy and believes that even small, consistent investments can change lives.
“If I had started investing ₹500 a month when I was younger, I would be financially free today,” he said, adding that he now ensures his own son doesn’t make the same mistake.
His key message was clear: “There’s a risk to investing. But there’s a bigger risk to not investing in India right now.”
Why the Next Generation Will Lead the Financial Revolution
According to Mohanty, the next generation is financially smarter and more purposeful. They don’t chase returns blindly; they invest with goals and meaning. But while they have information at their fingertips, they still need guidance.
He encourages young investors to start with simple tools like index funds and core large-cap mutual funds. “But first, ask yourself why you’re investing,” he advised. “The ‘why’ defines the ‘how’.”
The Importance of Financial Advisors
Despite the rise of DIY investing, Mohanty remains an advocate for financial advisors. “Just like you have a doctor, you should have a financial advisor,” he said. He acknowledged that India lacks enough qualified advisors but expressed hope that the ecosystem is evolving.
The real challenge, he emphasized, is not entering the market but staying in it through its highs and lows. “Markets are like good music — sometimes high, sometimes low — but you have to listen to the full song.”
Leadership, Trust, and Building a Legacy
Mohanty’s professional achievements are notable. Under his leadership, his company has grown to manage nearly ₹2 lakh crore in assets. But for him, success is rooted in people, values, and processes.
He proudly highlighted that many of his fund managers and employees have been with the company since its inception — a rarity in the financial services industry. “You can’t build something special without consistency,” he said.
Even in international boardrooms, India remains central to his vision. “In a room full of 200 Koreans, I heard my name and India mentioned as the future. I still get goosebumps,” he recalled.
Music, Therapy, and the Power of Positivity
Away from numbers and markets, Mohanty finds solace in music. An analog music enthusiast, he believes music is his therapy. During the pandemic, he would tweet songs from his vinyl collection daily — a small act that brought cheer in dark times.
His favorite? “Chala Jata Hoon Kisi Ki Dhun Pe” — a song, he says, that defines his life’s rhythm.
Final Word: Invest in India, Stay the Course
Mohanty ended the episode with a powerful call to action: “India is going to double its economy in the next 10 years. The best way to own this story is through the capital markets. If you miss this opportunity, the mistake is yours.”
His message to all investors — new or seasoned — is simple: “Stay invested. Ask questions. And never underestimate the magic of compounding.”
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