The capital markets are set to play an vital position within the nation’s transformation right into a developed nation by 2047, mentioned Tuhin Kanta Pandey, Chairman, Sebi, on the sixteenth Capital Market Convention organised by ASSOCHAM. Talking on the theme “Progress Catalyst for Viksit Bharat @ 2047”, Pandey mentioned {that a} convergence of long-term funding, infrastructure enlargement, technological innovation, and deep institutional reforms will energy the nation’s transformation.
Opening his handle with a tribute to India’s armed forces, Pandey highlighted the elemental position of safety in enabling financial prosperity. “Until we’re safe, our economic system can’t prosper,” he famous.
Over the past decade, India’s capital markets have reworked into an vital engine of capital formation. With over Rs 93 lakh crore raised by way of fairness and debt, market capitalisation of listed companies surged to Rs 423 lakh crore in April 2025 from Rs 150 lakh crore in FY19. “These figures replicate robust investor confidence and strong company efficiency,” mentioned Pandey. The Sebi chief additionally mentioned that retail participation has additionally seen a large uptick, with distinctive traders rising threefold to over 13 crore since 2019.
He additional added that the mutual fund business’s property underneath administration (AUM) reached Rs 70 lakh crore, with SIPs contributing Rs 2.9 lakh crore yearly. Equally, property underneath AIFs have grown almost 5 occasions to Rs. 5.4 lakh crore, highlighting their position in funding startups, infrastructure, and innovation.
On the debt entrance, Pandey mentioned that over time, the market regulator has taken a number of steps to strengthen the company bond market structure. As an illustration, earlier points of personal placements had been often negotiated by the issuers immediately with traders or by way of arrangers. The method was time-consuming and inefficient. Introduction of Digital Ebook Supplier (EBP) platform, he addressed these points and led to elevated effectivity and higher value discovery.
“Just lately, now we have expanded the scope of EBP platform to incorporate issuance by REITs and InvITs as properly. Now, the digital ebook mechanism has been made necessary for the debt issuances of Rs 20 crore or above (from Rs 50 crore or extra, earlier). These measures would additional streamline the debt issuance and broaden the general debt market,” mentioned Pandey.
Sharing his views on municipal bonds, the chairman mentioned these bonds in India are nonetheless at a nascent stage however holds immense potential for fundraising and broader participation by the market gamers. With lively participation, it may possibly grow to be a key supply of financing for city infrastructure.
Since 2017, municipalities throughout India have collectively raised Rs 2,784 crore from 17 points. These embrace bonds issuance by municipal companies of cities like Indore, Pimpri, Ahmedabad, Vadodara and Rajkot, in final couple of years.
Know-how and regulatory simplification are central to Sebi’s agenda, mentioned Pandey, with improvements just like the Specialised Funding Fund and electrical energy derivatives (a possible software to hedge towards the volatility in vitality sector) widening the funding panorama.
Whereas commenting on REITs and InvITs, Pandey mentioned, “We’re additionally witnessing the rising significance of recent funding automobiles similar to REITs and InvITs, that are gaining traction and have the potential to considerably help infrastructure and actual property improvement. These devices supply long-term traders entry to steady revenue streams whereas offering infrastructure builders a method to recycle capital and fund new initiatives — thereby accelerating India’s core sector progress.”
“At current, now we have 6 REITs and 26 InvITs, registered with Sebi. Signifying the potential to mobilise long-term capital, REITs and InvITs have mobilised Rs.1.5 lakh crore, over the past five-years,” he mentioned.
