India Opens Stocks to Global Retail

India just gave global retail investors a new front row seat: for the first time, individuals worldwide can buy Indian stocks directly on local exchanges, capped at 10% per person and 24% for all foreign individuals in a company. This move could diversify flows beyond institutional investors, but the real test comes in execution—banks and brokers must now monitor limits and onboarding in near real time, or risk regulatory headaches and forced unwinds. Meanwhile, India is beefing up enforcement with longer investigation timelines and tighter controls, aiming to keep its fast‑evolving market in check.

But here’s the catch: as India opens up, the UK is backpedaling, trying to rebuild its research coverage after years of MiFID II fragmentation thinned analyst ranks and left smaller companies in the lurch. Liquidity could increasingly flow to markets where research and price discovery are robust, underscoring the value—and fragility—of market structures built to meet global demand.

SpaceX’s wall‑street‑meets‑crypto moment highlights another stress test: perpetual futures allowed traders to bet on the IPO before it listed, but when it came time to deliver, tokenized shares fell short, with major exchanges unable to secure enough underlying stock. For advisors and investors, it’s a lesson: pre-IPO perps are great for reading market sentiment, not for guaranteeing early ownership. Featuring insights from Christopher Perkins and Adam McCarthy.

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