New Delhi, Sept. 15 -- For years, institutional investment research has operated behind a fairly exclusive curtain. Analyst meetings, investor conferences, earnings calls and management interactions offered professional investors access to conversations that ordinary market participants could rarely hear firsthand. But that wall may be getting thinner-and Nikhil Kamath's WTF Podcast has just provided a striking example of how quickly the landscape is changing.

A recent LinkedIn post by Rahul Mathur, a pre-seed investor at DeVC and former founder of Verak, highlighted an unusual moment involving global brokerage firm Jefferies. Mathur said he came across a Jefferies research report titled "India Travel: Beyond Search and Stay", which cont...