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Domestic investors overtake FPIs in Indian equities for first time in years
Indian DIIs now hold a record share of equities while FPIs hit a 13-year low, showing retailisation of the market.
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.