Retail Investor Participation and Financial Inclusion in India (International Journal of Advanced Research)

Summary

• Total demat accounts rose from 4.09 crore in March 2020 to about 23.4 crore by July 2026.p.1
• Monthly SIP contributions to mutual funds reached a record ₹32,490 crore in September 2026.p.1
• The RBI Financial Inclusion Index rose from 53.9 (March 2021) to 70.0 (March 2026).p.1
• Only 9.5% of Indian households invest in any securities product, even though 63% are aware of one.p.1
• SEBI found that 87.7% of individual traders in equity derivatives made net losses in FY26.p.1
• NSE's unique registered investor base crossed 13 crore in April 2026.p.1

Key insights

1. Only about 19.4% of demat accounts were active clients in June 2026.p.3
2. PMJDY had 59.09 crore accounts, of which women held 32.92 crore (55.7%).p.3
3. About 16% of account owners in India have no active account, against an average of 4% in other low- and middle-income economies.p.4
4. Demat additions in calendar 2025 were 3.06 crore against 4.60 crore in 2024.p.4
5. SIP assets stood at ₹17.86 lakh crore, 21.6% of industry AUM, from 10.06 crore contributing SIP accounts.p.5
6. Mutual fund folios reached 28.62 crore, with total industry AUM of ₹82.64 lakh crore.p.5
7. Women hold 55.7% of Jan Dhan accounts but make up only about 25% of NSE investors.p.7