See what your mutual funds really own, checked against your own values
TL;DR Fundvalues lets you upload your consolidated account statement and see, fund by fund, how much of your money sits in businesses you object to, such as tobacco, liquor, coal or gambling. The scan is free. A paid tier offers values-screened model portfolios from a SEBI-registered research analyst.
Most Indian investors who care where their money goes have no easy way to check. A fund's name tells you very little about what it holds.
Take a Nifty 50 index fund. Anyone in one has 9.39% of that money in oil, gas and consumable fuels[1], whatever they happen to think about fossil fuels.
The information is public but it's scattered across monthly portfolio files from dozens of fund houses, and a typical investor holds several funds. India has 19.1 crore equity mutual fund folios[2], yet I found no Indian tool that looks through a person's whole portfolio to the companies underneath and scores it against their own list. Jain, Muslim and climate-minded investors each care about different exclusions, so a single ESG label doesn't do the job for any of them.
First, the regulatory bit - the holdings scan is free portfolio information, and the paid tier is SEBI-registered research. The scan reports facts about what a person already owns. Model portfolios are research services under SEBI's research analyst rules[3], so the paid tier is run by a registered analyst. Fundvalues makes no claims about social impact or returns.
The investor uploads the statement their depository emails each month. Fundvalues maps every fund to its latest disclosed holdings and tags each company by business line. You pick your own exclusions from a list, or a preset such as Jain or Shariah-style, and see your exposure in rupees and per cent, fund by fund.
I reframed the seed, which pitched curated impact pods with community-driven transparency. A curated basket offered to the public is a model portfolio, and recommending one requires registration[3]. So the community votes only on how each screen is defined and never on which stocks to buy.
The user pays, and that's usually an investor aged 25–50 who holds several funds and has firm views on what they won't own. My pricing assumption is ₹1,500–3,000 a year for screened model portfolios plus alerts when a fund drifts into an excluded sector. The free scan does the job of pulling people in. Later on, wealth managers and registered advisers could license the screening engine for their clients.
SEBI amended its research analyst rules in December 2024 to list model portfolios explicitly as a research service, and amended them again on 10 October 2026[3]. That makes the legal route for curated baskets a lot clearer than it was. Model-portfolio platforms have also taught investors to buy themed baskets, with the biggest one claiming more than 1 crore installs[4].
Nobody publishes a figure for values-based retail investing in India. The narrowest nearby number is sectoral and thematic funds, where ESG funds are counted, which had 2.36 crore folios across 194 schemes in September 2026[2].
That shows demand for themes, not for values screening, so treat it as context only.
Model-portfolio platforms sell portfolios managed by SEBI-registered experts, but its themes centre on sectors and strategies and not on personal exclusions[4]. Fund houses run ESG and Shariah-screened funds, which only cover money placed in those funds. A US shareholder-advocacy non-profit runs a free tool that rates funds on fossil fuels, tobacco, weapons and more[5], and it's the closest model.
Nothing in India yet screens a whole personal portfolio against the investor's own list. That's the gap.
| Difficulty | Moderate (41/100) |
| Starting capital | ₹50–90 L |
| Time to launch | 6–9 months |
Reading statements and fund holdings is routine work. The harder part is tagging thousands of listed companies by business line accurately and keeping that current, while also running a registered research practice with the record-keeping SEBI expects. There are only 2,304 registered research analysts[6], so hiring one is not a walk in the park.
Yes, for the paid tier. The free scan may sit outside regulation, but get that in writing.
Building this outside India? The categories above usually have a local equivalent, so check with your own regulator.
Don't let AI pick stocks or build the model portfolios. Those are research under SEBI rules and must come from the registered analyst, and a wrong tag needs a human check.
Want to work out the AI layer for Fundvalues? Talk to Yash →
Here's what can go south -
I think this is a reasonable bet for a founder with research-analyst registration or fund-data experience who actually enjoys careful classification work. If you want fast consumer growth then it's a poor fit, honestly.
Before you build the paid tier, prove one thing - that 1 in 20 free-scan users will pay for a screened portfolio.
Plan for roughly ₹50–90 L over 6–9 months, mostly on company tagging, statement parsing and a registered research practice.
Selling model portfolios needs SEBI research analyst registration. The free holdings scan is likely outside research, but get a legal opinion first.
Yes, and US tools already rate funds on exclusions. Check how your local regulator treats model portfolios and investment research before you charge.
The free Fundvalues validation kit has the line-by-line capital breakdown, the effort scoring, the SEBI research and data-protection checklist, a 14-day validation sprint with pass/fail targets, a 90-day launch plan, 10 interview questions for investors, and 5 assumptions to test. Download the kit →
Thinking about building Fundvalues or something close to it? The make-or-break work is getting free-scan users to pay without the scan itself crossing into unregistered research, and that's a line I'm happy to help you draw. If you need a hand, you know where to find me. Talk to Yash →
For illustration only. Names are fictional and ideas hypothetical; sourced facts are real but may be out of date. Nothing here is legal, financial or professional advice, and Yash Khatri is not personally liable for any use of it. Read the full disclaimer.