The Securities and Exchange Board of India (SEBI), in collaboration with the Association of Mutual Funds in India (AMFI) and Market Infrastructure Institutions (MIIs), released the Investor Survey 2025, a study covering over 90,000 households nationwide to assess India’s investment landscape. The key finding revealed a significant gap between awareness and participation: while 63% of households (213 million) are aware of securities market products, only 9.5% (32.1 million) actually participate. Participation is heavily skewed toward urban areas (15%) compared to rural (6%). The survey identified that nearly 80% of households, including Gen-Z, prioritize capital preservation over high returns, indicating pervasive risk-averse behavior. Primary barriers to investment include complexity, lack of knowledge, trust deficits, and fear of losses. To foster inclusive investing, the survey highlighted the need to simplify processes, build trust, and deliver financial education through preferred channels like social media and mobile apps, emphasizing content in regional languages. The findings will guide future strategies aimed at increasing market penetration and promoting responsible investing.
Securities and Exchange Board of India
PR No. 63/2025
SEBI Releases Investor Survey 2025; Findings to Guide Inclusive and Responsible Investing
The Securities and Exchange Board of India (SEBI), along with the Association of Mutual Funds in India (AMFI) and the Market Infrastructure Institutions (MIIs) – National Stock Exchange (NSE), BSE Ltd., National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) – had commissioned the Investor Survey 2025, one of the largest household surveys of its kind.
The nationwide survey, conducted by Kantar, covered over 90,000 households across 400 cities and 1,000 villages. Using both quantitative and qualitative methods, it captured insights from investors, non-investors, lapsers, intenders, and intermediaries to provide a comprehensive view of India’s investment ecosystem.
Key Findings
1. Awareness vs. Participation
- 63% of households (213 million) are aware of at least one securities market product (Mutual Funds, ETFs, Shares, F&O, REITs/ InvITs, Bonds, AIFs).
- Actual participation is just 9.5%—around 32.1 million households.
- Urban participation (15%) is significantly higher than rural (6%). Delhi (20.7%) and Gujarat (15.4%) lead in participation.
- Only 36% of investors possess high or moderate knowledge of securities markets, highlighting the need for sustained financial education.
2. Investor Behaviour and Risk Tolerance
- Nearly 80% of Indian households prefer capital preservation over higher returns.
- 79% of Gen-Z households also display risk-averse behaviour.
3. Barriers to Investment
- Key deterrents include complexity, lack of knowledge, trust deficits, and fear of losses.
- Intenders (non-investors aware of securities products and intend to invest within the next year) seek:
- Simpler digital platforms
- Easier processes
- Success stories and role models
- Lower entry barriers
4. Investor Education Needs
- Social media, mobile apps, and TV/digital ads are the most preferred education channels.
- Gen-Z favours short-form video tutorials and reels; older cohorts prefer articles, podcasts, and workshops.
- Strong preference for regional language financial education across segments.
5. Regulatory Awareness and Grievance Redressal
- Awareness and usage of SEBI’s grievance redressal system remain limited, though users report ~90% satisfaction with outcomes.
6. Opportunities Ahead
- 22% of non-investors who are aware of securities products express intent to invest within the next year.
7. Unlocking this potential requires:
- Building trust
- Simplifying processes
- Expanding financial literacy in regional languages
Survey Oversight
The survey design, methodology, and findings were guided by an expert group comprising:
- Shri Mahesh Vyas, MD & CEO, CMIE
- Shri Sandeep Arora, CEO, Sunxora Solutions Pvt. Ltd.
- Abhiman Das, Professor, IIM Ahmedabad
- Senior officials of SEBI, AMFI, NSE, BSE, NSDL and CDSL
Context and Objectives
The survey was undertaken against the backdrop of rising investor participation and the expanding role of India’s securities market in mobilising and allocating funds. Its objectives were to:
i. Assess current penetration and awareness levels.
ii. Identify barriers and motivators for investors and non-investors.
iii. Evaluate the effectiveness of investor education and grievance redressal mechanisms.
The larger purpose is to shape strategies that promote responsible investing and make India’s securities markets more inclusive.
Further details regarding the Methodology and Findings of Investor Survey 2025 are here.
Mumbai
September 30, 2025
