The bull run in equities has brought many new investors into the stock markets. Many have chosen to invest directly. On October 25, the number of unique registered investors on the National Stock Exchange crossed 50 million. Mutual fund portfolios have also risen from 93.3 million in September 2020 to 111.7 million in September 2021. Their asset under management (AUM) has grown from Rs 26.86 trillion to Rs 36.74 trillion over the same period. When mutual fund or direct equity investors enter the markets for the first time at a late stage in a bull run, they need to be