Systematic investing · SEBI-registered

Where data engineers your portfolio.

Q: What returns do the strategies show?

Each strategy page publishes its 5-year backtest CAGR beside the same-period CAGR of its own benchmark index, plus the real live return for the current cycle where one exists. Backtested figures are simulated on historical data — they are not real trading results, they carry survivorship and other methodology limitations that are documented in full on the Disclosures page, and past performance does not indicate future results. Investing in equities, and particularly in small and microcap stocks, can result in permanent loss of capital.

Three factor-based investment strategies across Indian equity and ETFs — built, tested, and run every month by a SEBI-registered practitioner who invests in them personally. No black-box. No fund-manager guesswork. Just process.

Get Started → Explore strategies

Transparent picks
Flat monthly fee
SEBI-registered

Portfolio Performance Live data

LIVE — this cycle

vs benchmark — · model portfolio since the last rebalance

46.9%

SmallMicro · backtest CAGR

16.88%

Benchmark · backtest

MindForge SmallMicro 500 Nifty Smallcap 250

+30.01% annual alpha · backtest 2021–2026 · Backtest

Built on 50 years of academic research.

Factor investing is not a trend — it is peer-reviewed finance, starting with the earliest models of how markets reward risk.

1964

CAPM — The first model

Sharpe, Lintner & Treynor showed that the only risk earning a return is market beta — undiversifiable systematic risk. This became the universal benchmark for separating genuine skill from factor exposure.

1992

Beyond CAPM — the multi-factor era

Nobel laureate Eugene Fama and Kenneth French proved CAPM was incomplete. Additional return factors were shown to systematically explain stock returns that market beta could not. The multi-factor era of academic finance began.

1997

The factor zoo expands

Over the following decades, researchers including Jegadeesh, Titman and Carhart documented further factor premia in equity markets, each surviving rigorous out-of-sample testing. Multi-factor models became the dominant framework for explaining cross-sectional returns.

2026

MindForge — Applied to India

We apply academically validated factors to Indian listed equities and ETFs. Every strategy is built on factors that are persistent, pervasive, robust, investable and intuitive.

Persistent

Holds across decades

Pervasive

Holds across markets

Robust

Not one formulation

Investable

Works after costs

Intuitive

Logical explanation

From a whole universe to your 25.

Every strategy runs the same disciplined pipeline each month — no overrides, no gut calls. Here's the path from index to portfolio.

The universe

Every eligible name in the index — a broad, rules-defined starting field.

Up to 750 stocks

Multi-factor score

Each stock scored on peer-reviewed factors — value, quality, momentum & more.

Academically Validated

Ranked by conviction

Sorted highest-first, so only the strongest signals make the cut.

Strongest First

Sector-capped

No more than three names per industry — diversification is structural, not promised.

≤ 3 Per Industry

Your portfolio

The top names, held equal-weight until next month's rebalance.

Equal-Weighted Stocks

Up to 500 candidates Scored, Ranked & Capped into Equal Weighted Holdings Rebalanced every month, Published in full.

A different kind of money manager.

Academic foundations

Every signal in our multi-factor models is grounded in peer-reviewed finance, not a hot tip.

50+ years of research

Built for India

NSE-listed instruments, Indian liquidity dynamics, INR-priced. We trade what you can trade — no offshore wrappers.

100% India-listed

Total transparency

Every monthly rebalance is published in full — exact tickers, exact weights. No black-box claims. You see what the model sees.

0 hidden trades

Honest pricing

A flat monthly subscription — no AUM-based fees, no profit share, no exit loads. At our recommended investment sizes it works out to roughly 1% a year in fee drag — versus the 2–2.5% expense ratio a typical active mutual fund charges on your entire corpus, every year. You keep 100% of your gains.

~1% fee drag vs 2–2.5% MF

Calculate your exact savings

Hands-off operation

Once a month, you receive your rebalance. Place the orders in your broker (or skip a month). No phone calls, no meetings.

~10 min per month

SEBI registered

Research published under a SEBI-registered Research Analyst. Compliant by design — your subscription is safe and regulated.

RA registered

Built by practitioners, not theorists.

MindForge Capital was founded by people who build and run these models themselves.

Sagar Shekhawath

Founder & Chief Investment Strategist

Primary architect of MindForge Capital's quantitative strategies, with 8+ years of retail investing and trading experience spanning multiple market cycles. Holds an MBA in Finance with advanced certifications from IIT Kanpur and IIM Kozhikode. Brings 5 years of professional experience leading delivery of critical AI/ML applications for global enterprise clients. SEBI Registered Research Analyst.

Shagun Singh

Brand & Content Strategy

Leads MindForge Capital's brand identity, content strategy, and investor communications. With an MBA in Marketing and 2 years of hands-on experience building brand presence for a growing startup, Shagun brings a sharp eye for authentic storytelling — translating complex quantitative strategies into clear, compelling narratives for investors at every stage of their journey.

Ankith Maganti

Principal Data Analyst

Drives the data infrastructure and analytical backbone behind MindForge Capital's strategy performance tracking. With 5 years of professional experience building product dashboards and data pipelines for leading FinTech clients, Ankith ensures our models are grounded in clean, reliable data — and that performance is measured with the precision institutional investors expect.

Everything people ask before subscribing.

What is MindForge Capital?

MindForge Capital is a research platform founded by Sagar Shekhawath, a SEBI-Registered Research Analyst. It publishes systematic, factor-based model portfolios for Indian markets. Three strategies are maintained — MindForge MultiAsset (an 8-asset ETF rotation), MindForge LargeMidcap 250 and MindForge SmallMicro 500 (25 stocks each). Every portfolio is rebuilt by a quantitative model on a fixed schedule and delivered to members as a plain list of holdings and weights. There is no discretionary stock-picking and no tips.

How much does a subscription cost?

MindForge MultiAsset is free for everyone. MindForge LargeMidcap 250 is ₹1,499 per month and MindForge SmallMicro 500 is ₹2,499 per month. Quarterly, half-yearly and annual billing carry 5%, 10% and 20% discounts respectively, and new members currently get their first month free. You can subscribe to one strategy or to all three. The Fee Calculator compares a flat subscription against a percentage-of-AUM fee at your own portfolio size.

Is MindForge Capital SEBI registered?

MindForge Capital itself is not a SEBI-registered entity — it is a research platform. The SEBI registration is held by Sagar Shekhawath, the founder, who is a SEBI-Registered Research Analyst. All research published on MindForge Capital is published under his registration. We are not a portfolio manager, investment adviser, broker or fiduciary: we publish research, and you make and place every investment decision yourself. The registration details, the Investor Charter, the grievance-redressal escalation matrix and our complaints data are published in full on the Disclosures page.

How often are the portfolios rebalanced?

All three strategies rebalance monthly. On each rebalance the model re-scores its universe and publishes the new holding list to your dashboard, with the stocks to add, hold and exit. MindForge MultiAsset additionally publishes weekly signals between rebalances. You place the resulting orders in your own broker account, in your own time — MindForge never touches your money or executes a trade on your behalf.

Do I need a demat account, and who places the trades?

You need your own demat and trading account with any Indian broker. MindForge Capital delivers the month's holdings and weights to your member dashboard, sized to whatever capital you enter; you place those orders yourself. We never take custody of your funds, never have access to your broker account, and never execute or place an order for you.

What returns do the strategies show?

Each strategy page publishes its 5-year backtest CAGR beside the same-period CAGR of its own benchmark index, plus the real live return for the current cycle where one exists. Backtested figures are simulated on historical data — they are not real trading results, they carry survivorship and other methodology limitations that are documented in full on the Disclosures page, and past performance does not indicate future results. Investing in equities, and particularly in small and microcap stocks, can result in permanent loss of capital.

Are the Stock Scanner and Integrity Score free?

Both are free and need no account. The Stock Scanner filters 2,000+ NSE companies on 40+ fundamentals — valuation, profitability, growth and leverage — with a full equity report for every stock. The Integrity Score grades every listed NSE company 0–100 on Quality (profitability and balance-sheet health) and Value (how cheaply it is priced). The FII/DII activity tracker and the monthly Factor Report are free as well.

How much capital do I need to start?

There is no minimum — the dashboard sizes every position to the capital you enter, so the model works at any amount. Each strategy card does show a recommended investment (₹5,00,000 for MultiAsset, ₹15,00,000 for LargeMidcap 250 and ₹25,00,000 for SmallMicro 500), which is the level at which a 25-stock portfolio can be held in whole shares without the rounding materially distorting the model's intended weights. Below that the strategy still runs; the tracking error against the model simply widens.