For those that didn't read this link posted by Semiconductor on the PNV Banter thread on 28th February there is some good independent research by Selector on PNV/BTM in India. They even provide an estimate on the total addressable Indian market.
Good find Semi.
https://assets-global.website-files.com/5c3cc8bfe91a85c9f0ded1a3/65b6e18043ed2423fe076d1e_Selector%20High%20Conviction%20Equity%20Fund%20December%202023%20Quarterly%20Newsletter.pdf
Ann: India update, page-70
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