Capital markets should play an important role in the transformation of the country into a nation developed by 2047, said Tuhin Kanta Pandey, president of SEBI, during the 16th conference on the capital market organized by Assocham. Speaking on the theme “Growth catalyst for Viiksit Bharat @ 2047”, Pandey said that a convergence of long -term investment, expansion of infrastructure, technological innovation and deep institutional reforms will feed the transformation of the country.
Opening his speech with a tribute to the armed forces of India, Pandey underlined the fundamental role of security in the activation of economic prosperity. “Unless we are safe, our economy cannot prosper,” he noted.
Over the past decade, the capital markets in India have turned into a major capital training engine. With more than RS 93 Lakh crores raised by shares and debt, the market capitalization of listed companies increased to Rs 423 Lakh crore in April 2025 of RS 150 Lakh crore in 2019. “These figures reflect strong confidence in investors and solid performance of companies,” said Pandey. The leader of SEBI also said that retail participation has also experienced a massive increase, with unique investors reaching triple at more than 13 crores since 2019.
He also added that assets under management of the Placement Fund Industry (AUM) reached 70 Lakh believes in rupees, the SIPS contributing to 2.9 Lakh crores per year. Likewise, AIF active have increased almost five times to Rs. 5.4 Crere Lakh, highlighting their role in the financing of startups, infrastructures and innovation.
In terms of debt, Pandey said that over time, the market regulator has taken several measures to strengthen the architecture of the corporate bond market. For example, previous problems of private investments have generally been negotiated by transmitters directly with investors or through arrangers. The process has taken time and ineffective. Introduction of the electronic book supplier platform (EBP), he addressed these problems and leads to increased efficiency and a better discovery of prices.
“Recently, we have widened the scope of the EBP platform to include the FPI program and guests also. Now, the electronic book mechanism has been made compulsory for RS 20 debt emissions or more (from Rs 50 Crere or more, earlier).
Sharing his opinions on municipal obligations, the president declared that these obligations in India are still at an emerging stage but has an immense potential for fundraising and broader participation of market players. With active participation, it can become a key source of financing for urban infrastructure.
Since 2017, municipalities across India have collectively lifted Rs 2,784 believing against 17 issues. These include the issue of obligations by municipal companies in cities such as Indore, Pimpri, Ahmedabad, Vadodara and Rajkot, over the past two years.
Technology and regulatory simplification are at the heart of the SEBI agenda, said Pandey, with innovations such as the specialized investment fund and electric derivatives (a potential tool to hide against the volatility of the energy sector) expanding the investment landscape.
While commenting on FPIs and guests, Pandey said: “We are also witnessing the growing importance of new investment vehicles such as FPIs and guests, which gain ground and have the potential to considerably support infrastructure and real estate facilities.
“Currently, we have 6 FPIs and 26 invitations, recorded with SEBI. Meaning the potential to mobilize long-term capital, FPIs and guests have mobilized RS.1.5 Lakh, over the past five years,” he said.
