A nationwide study conducted by Kantar India offers one of the most comprehensive views of India’s investment landscape to date. Commissioned by the Securities and Exchange Board of India (SEBI), in collaboration with the Association of Mutual Funds in India (AMFI), Market Infrastructure Institutions (MIIs),National Stock Exchange (NSE), BSE Ltd., National Securities Depository Ltd. (NSDL), and Central Depository Services (India) Ltd. (CDSL) - the ‘Investor Survey 2025’ stands among the largest household investor studies undertaken in the country.
Spanning over 90,000 households across 400 cities and 1,000 villages, the study combines quantitative scale with qualitative depth to uncover how Indians engage with investments today and how that is evolving. By capturing perspectives from investors, non-investors, lapsers, intenders, and intermediaries, Kantar provides a holistic view of the opportunities, barriers, and behaviours shaping India’s investment ecosystem.
Spanning over 90,000 households across 400 cities and 1,000 villages, the study combines quantitative scale with qualitative depth to uncover how Indians engage with investments today and how that is evolving. By capturing perspectives from investors, non-investors, lapsers, intenders, and intermediaries, Kantar provides a holistic view of the opportunities, barriers, and behaviours shaping India’s investment ecosystem.
Key Findings
- Awareness vs. Participation: Awareness of securities market products in India is relatively high, with 63% of households (213 million) aware of at least one instrument such as mutual funds, ETFs, shares, F&O, REITs/InvITs, bonds or AIFs. However, actual participation remains low at 9.5% (32.1 million households). Participation is significantly higher in urban areas (15%) compared to rural areas (6%), with Delhi (20.7%) and Gujarat (15.4%) leading among regions. The survey also reveals that only 36% of investors have high or moderate knowledge of securities markets, highlighting theneed for continued financial education to deepen participation.
- Behaviour and Risk Tolerance: Nearly 80% of Indian households prioritise capital preservation over higher returns, reflecting a strong preference for financial security. This risk-averse mindset is also evident among younger investors, with 79% of Gen-Z households displaying similar cautious investment behaviour.
- Barriers to Investment: Key deterrents to investing in securities markets include perceived complexity, lack of knowledge, trust deficits and fear of financial losses. At the same time, intenders (non- investors aware of securities products and intend to invest within the next year) - indicate that simpler digital platforms, easier investment processes, relatable success stories and role models and lower entry barriers could help encourage their participation in the market.
- Investor Education Needs: Social media, mobile apps and TV and digital advertisements emerge as the most preferred channels for financial education. Gen-Z audiences show a strong preference for short-form video tutorials and reels, while older cohorts tend to favour articles, podcasts, and workshops as learning formats. Across all segments, there is also a strong preference for financial education content delivered in regional languages, highlighting the importance of localisation in improving investor awareness and engagement.
- Regulatory Awareness and Grievance Redressal: Awareness and usage of SEBI’s grievance redressal system remain limited, though users report ~90% satisfaction with outcomes.
- Opportunities Ahead: 22% of non-investors who are aware of securities products express intent to invest within the next year. Unlocking this potential will require a focused effort on building trust in financial markets, simplifying investment processes, and expanding financial literacy initiatives, particularly in regional languages to make investing more accessible and inclusive.
The detailed report is available on SEBI’s website - Investor Survey 2025
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