India’s equity investor base has grown from 4.2 crore during the COVID period to 14 crore today, a shift that former SEBI whole-time member Ananth Narayan says reflects a structural movement of household savings into capital markets. He added that participation could reach 25 crore in the coming years, marking a new phase in India’s retail investment landscape.

Domestic flows have surged. Narayan said ₹8.8 lakh crore, or nearly $100 billion, came into the capital markets in the fiscal year 2024-25 (FY25) through mutual funds, pension funds, insurance and direct retail participation. This offset ₹1.3 lakh crore of FPI outflows, resulting in ₹7.5 lakh crore of net equity demand, “an all-time high record.”

On the supply side, he pointed out that initial public offerings (IPOs), follow-on pu

See Full Page