NSE CEO thanks SEBI for IPO nod, highlights domestic savings' role

NSE CEO Ashish Kumar Chauhan thanked SEBI for the go-ahead on the exchange's IPO. He highlighted the crucial role of rising domestic savings in India's capital market growth, noting equity and MFs now form 15.2% of household financial savings.

National Stock Exchange (NSE) Managing Director and CEO Ashish Kumar Chauhan on Wednesday thanked SEBI Chairman Tuhin Kanta Pandey for giving the go-ahead to NSE's initial public offering (IPO) and resolving long-pending issues, while emphasising that rising domestic savings will play a crucial role in the next phase of India's capital market growth. "First of all, let me thank SEBI Chairman, Shri Tuhin Kanta Pandeyji, for giving go-ahead to NSE's IPO," Chauhan said while addressing the 23rd FICCI Capital Markets Conference. "And also resolving all long-pending issues. We'll remain eternally grateful, sir, for your practical approach."

Capital Market Transformation and Growth

Chauhan said India's capital markets have undergone a significant transformation, with more than 13 crore unique investors participating in the market across the country and over 26 crore accounts on NSE.

He said equity and mutual funds now constitute 15.2 per cent of annual household financial savings, up sharply from 1.8 per cent in FY12. Total household equity holdings have crossed Rs 90 lakh crore, growing at nearly 32 per cent annually between April 2020 and June 2026. Mutual fund assets under management have also expanded significantly, rising from around Rs 15.2 lakh crore a decade ago to more than Rs 85 lakh crore. Average monthly systematic investment plan (SIP) contributions have increased eightfold over the same period, Chauhan said.

He said the growing pool of household savings would be critical to financing India's expanding investment requirements across manufacturing, infrastructure, logistics, urbanisation, digital networks, renewable energy and the broader energy transition.

Future Outlook and Untapped Potential

Chauhan also highlighted the growth of India's corporate bond market, with outstanding corporate bonds increasing from around Rs 17.5 lakh crore in FY15 to Rs 59 lakh crore in FY26. However, at around 17 per cent of GDP, the market still has considerable scope for further deepening, he said.

"India's capital markets have built remarkable scale over the last three decades. The next phase is about adding depth to that scale through deeper corporate bonds, greater access to global capital markets and technology that strengthens the economy," Chauhan said.

Industry Voices: Awareness vs. Participation

FICCI Senior Vice President Vijay Shankar highlighted the gap between awareness and actual participation in India's securities market. "63% of India's households are aware of at least one securities market product, but only 10% actually participate in the market," he said.

CDSL Managing Director and CEO Nehal Vora said India had crossed 23.45 crore demat accounts, with around one lakh new accounts being opened every day, reflecting the continued expansion of the country's investor base.

FICCI Capital Markets Committee Chairman Sunil Sangai said the next objective should be to build "a market that the world increasingly chooses."

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