# Kailash Kulkarni, CEO, HSBC Mutual Fund spoke to businessline on what lies ahead and market trends.

*fintech · news · 2026-04-28 · The Hindu Business Line*

## Key points

- Nifty is now trading slightly below its 10-year average valuation after recent market corrections.
- India's valuation premium to emerging market peers has dropped to below-average levels post-September 2024.
- Despite FPI outflows, India's weight in global emerging markets funds is near a 25-year low.
- SEBI's TER norm tightening is unlikely to drive consolidation; new asset management entrants are still expected.
- Corporate earnings may only see a modest short-term impact from crude oil price rises unless disruptions persist.

**Companies:** HSBC
**Countries:** India

[Read the full story on The Hindu Business Line](https://www.thehindubusinessline.com/news/bl-interview-pace-of-fpi-return-will-hinge-on-global-liquidity-interest-rate-cycle-currency-stability/article70915871.ece)

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