Welcome to Indian Market Access
Capital Markets Landscape
Equity market indices
In 2025, Indian equities delivered stable returns and marked the 10th consecutive year of positive performance, aided by strong macroeconomic fundamentals, sustained DII flows, proactive policy support, even as heightened global trade policy uncertainties and depreciation in the rupee capped the upside. That said, Indian equities have underperformed relative to global peers.
Movement in global equity indices during the last two years (June’2023 = 100)
Source: LSEG Refinitiv, NSE EPR
Note: Data for Shanghai Stock Exchange available till January 2026.
Fund flows in India
FPI flows remained highly volatile, recording a net outflow of USD 3.98 bn in Jan-26. This was offset by resilient domestic participation, with DIIs channeling USD 7.6 bn, while individual investors contributed USD 1.87 bn. So far in FY26 (Apr-Jan), cumulative DII flows of US$ 76 bn have helped offset the FPI outflows of US$ 9.5 bn.
Monthly Trends in equity fund flows across FPIs, DIIs and individual investors
Source: NSDL, LSEG Datastream and NSE EPR
Fund mobilisation
Equity fund-raising stood at US$ 43.7 bn between April-December while the debt-fund raising has registered uptick crossing US$ 82 bn. Globally, India led IPO volumes with 367 IPOs, accounting for more than 28% of global listings and ranked third by proceeds at US$ 22.9 bn, reflecting the depth and growing scale of India’s capital markets.
Trends in absolute fund mobilisation across equity, debt and REITs-InvITs in India
Source:SEBI, LSEG Datastream, NSE EPR
MF flows and total AUM
Mutual fund AAUM stood at US$903 bn in January 2026 with cumulative inflows of US$ 101 bn in FY26 so far (April-January), supported by record SIP flows. Equity AAUM is now over 10% of overall Indian equity market.
Trends in net fund flows and average assets under management of mutual funds
Source: AMFI, CMIE Economic Outlook, LSEGH Datastream, NSE EPR
Demat account numbers and MF folios
Total demat accounts in India has reached ~ 220 million while the MF folios has set new record of 266 million as of January 2026.
Trends in number of demat accounts and MF folios
Source: CMIE Economic Outlook, NSE EPR
India’s Weight in MSCI EM
Trends in number of demat accounts and MF folios
Source: MSCI Index Factsheet