“WE'LL KEEP A GREEN SHOE OPTION TO GIVE FAIR SHARE TO RETAIL INVESTORS”

DIPAM Secretary Arunish Chawla on strategy, markets, and the road ahead

- BY KARISHMA ASOODANI

IN HIS FIRST interview with Business Today since taking over as Secretary of the Department of Investment and Public Asset Management (DIPAM), Arunish Chawla outlines the government's evolving strategy for public assets, the rational shift away from fixed disinvestment targets, and the department's ambitious dividend outlook for FY26. Edited excerpts:

Currently market sentiments are volatile given global geopolitical tensions. Does this challenge DIPAM’s current strategy?

Market participants are very smart—they have already factored in the geopolitical problems. We adopt a composite strategy, supported by in-house research and guided by our DIPAM model. While developments may worry some, we look through them and far ahead.

So, are all of DIPAM's actions aligned with market sentiment?

Yes, and beyond. It is the prime minister's and finance minister's vision to share the value of our public enterprises with common investors—senior citizens, even housewives are becoming investors. Our composite strategy monitors corporate performance, manages public stocks—which now account for 10-15% of the entire market cap. We want public enterprises to be role models of the stock market.

What is the DIPAM model?