Capital Markets

For most of India's history, the stock market was the preserve of a small urban elite. That changed after 2020: demat accounts jumped from about 2.2 crore in 2014 to over 18 crore by 2024, most of the surge in just four years, as cheap smartphone apps, low-cost broking and monthly SIPs pulled in first-time retail investors from smaller towns.

This 'financialisation of savings' is reshaping India. Monthly SIP inflows crossed record highs, NSE market capitalisation rose more than six-fold and India's total market value crossed $5 trillion, making it one of the world's largest markets. Regulatory moves like faster T+1 settlement and ASBA have made markets safer and more accessible for small investors.

Indian companies raise money on two big exchanges — the BSE and NSE — where shares trade fully electronically and settle in a fast T+1 cycle, among the quickest in the world. The market regulator SEBI polices disclosure and fraud. The defining shift has been the arrival of retail investors: tens of millions of ordinary Indians now invest, many through automatic monthly SIPs into mutual funds, bringing steady domestic money into the market.

India's total market capitalisation has crossed $5 trillion, among the world's five largest markets, and demat (share) accounts have multiplied to well over 15 crore. The next task is turning enthusiasm into steady, informed investing — deepening retail understanding of risk (especially in derivatives, where SEBI has tightened rules after heavy small-investor losses) so the boom rests on durable long-term participation, not speculation.

The next step is turning enthusiasm into steady investing — helping new investors understand risk (especially in derivatives) so the boom rests on informed, long-term participation.

~2.2 → ~18.5 crore demat accounts (2014→2024). NSE market cap up ~6x; market value $5 trillion+. Record monthly SIP inflows. Sources: NSDL, CDSL, SEBI.