As of March 2025, Domestic Institutional Investors (DIIs) in India held ~17.62 % of equity market capitalization, surpassing Foreign Institutional Investors (FIIs) for the first time in 22 years, according to new data. This marks a structural change in ownership dynamics of Indian stocks, signalling increasing reliance on domestic flows. The shift may limit vulnerability to global outflows but also raises questions around valuation and home-bias risk in portfolios.