In a notable shift in India’s equity ownership structure, domestic institutional investors (DIIs) now control 18.26 % of all listed shares on the National Stock Exchange of India as of September 2025 — the highest level in 13 years. Meanwhile, foreign portfolio investors’ share has fallen to 16.71 %, a 13-year low. The divergence reflects strong retail and mutual-fund flows domestically, as global investors stay cautious amid external risks. The change underscores the increasing role of Indian investors in cushioning market volatility.