indianotes

Awards or titles are usually controversial. Only one wins, while all the others are unhappy.

Take Donald Trump, still upset about not getting the Nobel prize despite “stopping” several wars. So much so, that he abducted a President.

But this article is not about Mr. Trump, despite his best efforts.

This is about a strong, silent, almost anonymous, but persistent and courageous Indian. One who has driven our economy and financial markets for several years.

The Retail Investor!

Consider her (or his) achievements:

• Didn’t allow a collapse in the market, even as foreigner investors sold over $18 billion (or ~₹1.6 lakh crores) in 2025. In earlier times, that would have sent markets into a tailspin. Market veterans like Shankar Sharma argue that by preventing a crash, investors denied the market its necessary detox before the next bull-run. But hey – most investors are probably happier without the extreme volatility.
• Boosted entrepreneurs, VCs and PEs, by providing them generous IPO exits. In 2025, around ₹1.95 lakh crores was raised via IPOs, of which 57% was “offer for sale”. This also sets the stage for fresh venture capital and more start-ups to follow.
• Propelled the revenues, profits and market cap of financial companies to new orbits. The top 3 listed asset management companies (HDFC, ICICI Pru and Nippon) now have a combined market cap of over ₹3 lakh crores. Brokers are not far behind: Billionbrains (Groww) is worth almost ₹1 lakh crores. Among platforms like BSE, CDSL, CAMS, NSDL, the unlisted NSE alone has an estimated market cap of ₹4.5 lakh crores.
• Helped boost employment. Beyond AMCs, exchanges and brokerages, an entire secondary economy of fund managers, advisors, distributors, selling agents and influencers has flourished. Legitimate or otherwise, the combined workforce linked to markets now exceeds one million people.
• Helped a parallel economy of scammers go mainstream. In the process, social media became a thriving marketplace for tips or advice — whether credible, questionable or outright fraudulent. An entire support ecosystem thrived: website designers, programmers, digital marketers and so on.
• Enriched firms like Jane Street by punting on complex derivatives. According to SEBI, retail investors lost ₹1.05 lakh crores in derivative trading in FY25. Jane Street may be the headline act, but not the only one. Few countries export capital so generously — something President Trump should note when discussing trade balances.
• Kept financial channels alive, and helped create a parallel economy of experts, influencers, and daily market prophets. YouTube has reason to celebrate. So do CNBCTV18, NDTV Profit, moneycontrol and others of their ilk.
• Helped the government reduce deficits. In FY25, securities transaction tax alone            delivered roughly ₹53,000 crores. Capital gains data is harder to pin down, but estimates suggest they could account for up to 15% of direct tax receipts. A good chunk of this came from the retail investor.

So in fact, even if driven by self-interest, the Retail Investor provided much-needed financial stability amidst global chaos. 2025 didn’t belong to a leader or a policy. It belonged to millions of ordinary Indians quietly believing the future could be better — and putting money behind that belief.

Let’s just hope they’re not let down, or all this wealth could vanish overnight.