India’s top fund manager has a word of caution for retail investors riding high on the stock market boom. Sankaran Naren, Chief Investment Officer of ICICI Prudential Mutual Fund, has warned that investors are unknowingly shouldering the bulk of market risk — especially those who have gone all-in on equities, mid-caps, and small-caps amid soaring valuations.

“This is the risk that all of you are taking, and I don’t think people are aware of it, and this is the biggest worry that I have at this point of time — that the investor is taking all the risk,” Naren said.

“Who is the seller? The seller is private equity. Private equity knows everything about the company. They know whether that stock is overvalued at 40 times or 50 times. The promoter is selling. The promoter knows whether the sto

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