The SEBI Investor Survey 2025 is one of the largest household surveys on investor participation in India, conducted in association with AMFI, NSE, BSE, NSDL, and CDSL, and executed by Kantar. Covering over 90,000 households across 400 cities and 1,000 villages, it captures insights from investors, non-investors, lapsers, intenders, and intermediaries.
The survey aims to assess awareness, penetration, barriers, motivators, and investor behavior in India’s securities market, offering a detailed snapshot of how households approach financial products and market participation.
The survey reveals that 63% of Indian households, about 213 million, are aware of at least one securities market product. However, only 9.5%, or roughly 32 million households, actually participate in the markets. Urban households show a higher penetration rate at 15%, while rural participation lags at just 6%. Delhi recorded the highest participation at 20.7%, followed by Gujarat at 15.4%.
Nearly 80% of Indian households show a preference for capital preservation over high returns, reflecting a cautious investment culture. The survey highlights that 79.7% of households fall into the low-risk tolerance category, 14.7% are in the moderate-risk bracket, and only 5.6% display high risk tolerance.
Among participating investors, only 36% demonstrated moderate or high levels of knowledge about securities markets, while the remaining 64% had limited understanding of products and associated risks. This indicates that a large portion of investors operate with minimal awareness, underscoring the importance of financial education initiatives.
For non-investors, the survey identifies key reasons for staying away from markets. About 74% cite product complexity and lack of knowledge as major hurdles. Around 73% mention concerns related to risk and return, particularly the fear of losses, while 51% point to trust and transparency issues, including doubts about financial institutions and regulatory systems.
Despite barriers, the survey highlights factors that could encourage market entry. Intenders, who are aware of securities products but not yet invested, represent a significant opportunity. Among them, 22% expressed intent to start investing within the next year. Their main triggers include simplified digital platforms, relatable success stories, peer influence, and financial education available in regional languages.