‘Retail participation in capital market increased significantly'
Speaking at an event organised by IVCA Renewable Energy Summit 2025, Dr. Ruchi Chojer, Executive Director at Sebi, said that trust is the cornerstone of investment, and India has earned that trust. 'At Sebi, our regulatory approach has focused on balancing capital formation with systemic stability and investor protection. Trust is the cornerstone of investment, and India has earned that trust,' she was quoted in a statement issued by IVCA. She shared that retail participation has surged from 3.6 crore demat accounts in 2019 to 19.4 crore in 2025.
Highlighting the evolution of capital markets in the country, Chojer said that over the last three decades, India's capital markets have transformed into one of the world's top 10 equity ecosystems-- resilient, inclusive, and increasingly driven by domestic participation. In the last 10 years alone, Indian companies have raised nearly Rs 93 lakh crore through equity and debt, with FY 2024–25 witnessing a record Rs 4.3 lakh crore in equity issuance, including Rs 1.7 lakh crore via IPOs. 'This growth is powered not just by policy and infrastructure, but by deepening investor trust,' she said.
Additionally, she spoke aon the importance of capital markets in India's clean energy journey. 'As India undertakes its green transition, the role of capital markets and particularly alternative investment funds (AIFs) will be critical.
Financing long-gestation sectors like grid modernisation, storage, and transmission requires patient and risk-tolerant capital. Sebi has already enabled blended finance structures, allowing philanthropic and multilateral capital to invest through junior units in AIFs. This is a vital step in unlocking capital for the energy transition,' she said.
Also, she stressed that India's clean energy transition cannot be driven by listed companies alone and AIFs must play a key role in driving ESG adoption among unlisted investee companies, especially as 40 per cent of AIF capital comes from foreign investors who expect alignment with global disclosure standards. 'We are open to proposals for ESG-labelled AIF categories, and we believe well-structured tax incentives can further catalyse investment into sectors with long-term impact and higher risk profiles,' she said.
Looking to the future, she noted, 'India will need an estimated USD 250 billion by 2030 to finance renewable energy, storage, and transmission.
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