Abstract

 The decision and the conviction to keep the capital markets functioning amidst the uncertainty of COVID-19 lockdown, proved to be a game changer for the Indian economy. The robust systems put in place over decades and reinforced with measures to strengthen systemic integrity during COVID, revived the inherent trust in the Indian markets, especially at the retail level. The buoyant numbers of new trading and demat accounts opened, new investors in Mutual Funds etc. are a reflection of this trust. At a structural level, apart from decreasing dependence on FPI investments, the retail segment has witnessed a secular shift from savings to investment. Additionally, within investments, there is a shift from fixed income to equities. This deepening of the investor base has moved the Indian capital market to a higher orbit igniting a structural shift in the economy. 
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