Riding India’s Wealth Boom with the Capital Markets Tracker smallcase

India’s capital markets are undergoing a historic transformation. With increasing retail participation, a surge in demat accounts, and a booming asset management industry, the financial ecosystem is expanding rapidly. From stock exchanges and brokerage firms to asset managers and depositories, businesses facilitating this financialization trend are poised for long-term growth.

Why India’s Capital Markets Are a Growth Story

1. Explosive Growth in Retail Participation
   Over the past five years, the number of demat accounts in India has grown nearly fivefold, crossing 18 crore by the end of 2024. More individuals than ever before are actively investing in the stock market, fueling trading volumes and liquidity.
2. Surging Mutual Fund Industry
   The AUM of India’s mutual fund industry has skyrocketed from ₹12 lakh crores in Feb 2015 to over ₹64 lakh crores in Feb 2025, marking a fivefold increase in just a decade. This shift from traditional savings to investment-driven wealth creation is a structural change, not a passing trend.
3. Rise of Digital Trading Platforms
   Discount brokers and fintech platforms have revolutionized investing, making market access easier and more affordable. This has led to an influx of first-time investors, accelerating financial market penetration.
4. Supportive Regulatory Tailwinds
   SEBI’s regulatory initiatives have enhanced transparency, investor protection, and market participation. These reforms are strengthening the foundation for sustainable capital market expansion.

Why is this Growth Story far from over?

This rapid financialization is just the beginning. The next phase of growth will be fueled by the following markers:

India’s Economic Expansion

With a 12.6% CAGR over the last six decades, India’s GDP has reached ₹295 lakh crore (~US$3.6 trillion) in FY24. Projected to be the world’s third-largest economy by 2030, this economic expansion is laying the foundation for an even deeper, more dynamic capital market. India’s stock market capitalization crossed US$5 trillion in 2024, becoming the fourth-largest globally. The pace of growth is accelerating, with each new trillion-dollar milestone arriving faster than the last.

Expanding Retail Investor Base

Since 2020, NSE’s registered investor base has tripled, surpassing 10 crore investors by August 2024. This reflects rising financial literacy, market accessibility, and robust regulatory safeguards.

Government & Policy Support

The Viksit Bharat 2047 vision prioritizes financial market deepening as a key economic pillar. Policies focused on ease of doing business, tax reforms, and market infrastructure are set to sustain momentum.

Wealth Creation & Rising Billionaires

India now has 205 billionaires (as per Forbes 2025), a reflection of the rapid wealth generation across industries. The combined net worth of Indian billionaires has reached $941 billion, highlighting the growing financial prowess of the country’s entrepreneurial ecosystem.

IPO Boom

A surge in IPO activity is further expanding India’s Capital Markets. With 400+ IPOs in the past three years and companies across sectors tapping into public markets, the breadth and depth of investable opportunities are growing rapidly. The pipeline remains strong, with more domestic and global players listing in India.

Investing in the Capital Markets Boom

To capitalize on this growth, the Capital Markets Tracker smallcase offers a carefully curated portfolio of companies at the heart of India’s financial market evolution. This portfolio includes:

• Stock Exchanges – Benefiting from increased trading activity and growing investor participation.
• Depositories & Market Infrastructure Providers – Handling the surge in demat accounts and transaction volumes.
• Brokers & Wealth Managers – Witnessing higher client engagement and assets under management.
• Asset Managers – Driving financial inclusion and retail participation with tech-enabled solutions.

Why choose the Capital Markets Tracker smallcase?

• Structural Growth Opportunity – Invest in businesses that directly benefit from India’s long-term financialization trend.
• Diversified Yet Thematic Exposure – Spreads risk across multiple segments of the capital markets industry while staying focused on the theme.
• Long-Term Wealth Creation – Capitalizes on recurring revenue streams and scalable business models.
• Data-Driven Selection – Built on fundamental analysis, ensuring exposure to strong, growth-oriented companies.

Be Part of India’s Capital Market Evolution

As India’s capital markets continue to expand, the businesses enabling this growth stand to benefit significantly. The Capital Markets Tracker smallcase offers a smart, diversified way to invest in this transformation.

With powerful tailwinds driving long-term expansion, this is more than just market growth—it’s a structural shift. Seize this rare opportunity to invest in the backbone of India’s financial revolution.

Don’t just witness India’s capital market evolution—invest in it.

Disclaimer: Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

The content in these posts/articles is for informational and educational purposes only and should not be construed as professional financial advice and nor to be construed as an offer to buy /sell or the solicitation of an offer to buy/sell any security or financial products.Users must make their own investment decisions based on their specific investment objective and financial position and using such independent advisors as they believe necessary. Windmill Capital Team: Windmill Capital Private Limited is a SEBI registered research analyst (Regn. No. INH200007645) based in Bengaluru at No 51 Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore, Karnataka – 560025 creating Thematic & Quantamental curated stock/ETF portfolios. Data analysis is the heart and soul behind our portfolio construction & with 50+ offerings, we have something for everyone. CIN of the company is U74999KA2020PTC132398. For more information and disclosures, visit our disclosures page here.