pwc -重新构想财务分配：规模、信任和可持续性 Reimagining financial distribution Scale,trust,and sustainability

PWC

Reimaginingfinancial

distribution:Scale,trust,andsustainability

May2026

Foreword

NavneetMunot

MDandCEO–HDFCAMC

Co-Chair,FICCIFinancial

ProductsDistributionSummit

NeerajChoksi

Co-founder–NJGroup

Co-Chair,FICCIFinancial

ProductsDistributionSummit

India’sfinancialdistributionecosystemstandsataninflectionpoint.Ourmarketinfrastructure,regulatoryarchitecture

andproductsrangearehighlysophisticated.Theprioritynowistoexpanddistributionthatisdeepenoughtoreachtheunderserved,trustedenoughtoguidelong-termbehaviour,andsophisticatedenoughtochannelIndia’ssavingsinto

India’sgrowthstory.

TheSIPmovementisperhapsthemostunderratedfinancialrevolutionofourtimes.Monthlyflowscrossing₹30,000croreisnotastatistic,itisastatementofintentbymillionsofordinaryIndianschoosingdisciplineoverspeculation.Andyet,

withbarelysixcroreuniquemutualfundinvestorsinacountryof140crore,wearestillintheearlychaptersofthisstory.Theheadroomisnotincremental—itisgenerational.

Trust,however,remainsthetruecurrencyofthisbusiness.Regulationcanmandatedisclosure,technologycanenable

access,buttrustisbuiltoneconversationatatimebyanadvisorwhocallsbackwhenmarketsturnvolatile,whostaysthecoursewhentheinvestorwantstoflee,whoputstheclient’sretirementbeforethisquarter’starget.Noalgorithmhasyet

replicatedthat.

India’sdigitalinfrastructurehasfundamentallytransformedaccesstofinancialservices.Yet,expandingaccessaloneis

notenough.InamarketasdiverseandnuancedasIndia,meaningfulparticipationwilldependontrust,guidanceand

informeddecision-makingacrossinvestorsegments,inwaysthattechnologyalonecannotreplicate.Thefuturebelongs

tomodelsthatcombinetheefficiencyandscaleoftechnologywiththetrustandempathythathumanengagementbrings.

Thiscallsforacollectivereimaginingofthedistributionecosystem,onethatalignsincentivesacrossstakeholders,

strengthensinvestoroutcomes,andbuildsresiliencethroughtrustandtransparency.Itcallsfordeepercollaborationbetweenregulators,distributorsandtechnologyplatformstocreateanenablingframework.Takentogether,thiswillnotjustbeanindustrytransformationbutwilldeterminehowIndiafundsitsownfutureandstrengthenslong-term

capitalformation.

PlatformssuchastheFICCIFinancialProductsDistributionSummitplayanimportantroleincatalysingthisdialoguebybringingtogetherdiverseperspectivesfromacrosstheecosystem.Asindustryparticipants,thereisashared

responsibilitytoensurethatthenextphaseofgrowthisnotonlybroaderbutalsomoremeaningfulandsustainable.

WearepleasedtopresentthispublicationonIndia’sfinancialdistributionecosystemandtheimperativesshapingits

nextphaseofgrowth.Thepaperunderscoresthecentralityofdistributioninbroadeningmarketaccessanddeepening

participation,whileanalysingthechangingdynamicsofintermediation,includingevolvingchannelsandbusinessmodelsandhighlightstheshifttowardadvice-led,outcome-orientedapproachesalongsidethegrowingroleofplatform-driven

ecosystemsinreshapinginvestorengagement.Thesethemesculminateinaforward-lookingblueprintoutliningkey

structural,marketandregulatoryprioritiesforbuildingamoreresilient,efficientandcredibleecosystem.Wehopeyoufindthispublicationinsightful.

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI4

Foreword

VivekPrasad

ChiefCommercialOfficer

FinancialServicesSectorLeaderPwCIndia

GayathriParthasarathyAdvisor

PwCIndia

India’sfinancialsectorhasseentremendousprogressoverthelastdecade.Millionsofindividualshaveenteredtheformalfinancialsystemforthefirsttime,digitaladoptionhasacceleratedrapidly,andparticipationinfinancialmarketshas

expandedwellbeyondmetropolitancentres.Together,thesedevelopmentshavecreatedastrongfoundationforthenextphaseofgrowth.ThesearenotjustincrementalgainsbutrepresentastructuraltransformationofhowIndianhouseholdsrelatetotheformalfinancialsystem.

Astheecosystemevolves,theconversationalsoshiftsfromaccesstothequalityofparticipationandlong-termfinancialoutcomes.Thoughinvestorstodayhavegreaterchoiceandeasieraccesstofinancialproductsthaneverbefore,theyalsofaceincreasingcomplexityinnavigatingthosechoices.Scalealonedoesnotcompletethegrowthstoryasthechallengehasshiftedfromopeningdoorstoensuringthatpeoplewalkthroughthemmeaningfully.Thismakestheroleoffinancial

distribution,advice,andinvestorengagementmoreimportantthanever.

ThenetworksthatwilldefinethenexteraofIndianfinancialsystemwillbethosethatcombinedigitalscalewithhuman

trust,movefromproductplacementtogoal-basedadvice,andembedsuitabilityandtransparencyintoeverycustomer

interaction.Distributionmustevolvefromasalesengineintoatrustengine;onewhereactivation,retention,andlong-termoutcomesmatterasmuchasacquisition.Theopportunityaheadissubstantial;however,capturingthiswouldrequire

deliberatechoicesbyregulators,industryparticipants,anddistributorsastheyfocusonhowincentivesarestructured,adviceisdelivered,andtrustisbuiltandpreservedatscale.

ThispaperexplorestheevolvinglandscapeoffinancialdistributioninIndia,thechangingeconomicsofthesector,and

theopportunitiesthatareemergingacrosstheecosystem.Wehopethatthereportcontributestoabroaderdiscussiononbuildingamoreinclusive,trusted,andoutcome-orientedfinancialsystemforthefuture.

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI5

Foreword

ChiragVasa

Partner

DealsAdvisory,FinancialServicesPwCIndia

Fromaccesstooutcomes:ThenextchapterforIndia’sfinancialdistribution

India’sfinancialecosystemisundergoingastructuralshiftfromexpandingaccesstodeliveringoutcomes.Thefirstphaseoffinancialinclusionwasdefinedbyscalebybringinghundredsofmillionsofpeopleintotheformalfinancialsystem.Thenextphasewillbedefinedbywhetherthatparticipationistranslatedintosustained,long-termwealthcreationforhouseholds.

Thescalewhichhasbeenachievedsofarisundeniable.Withhundredsofmillionsofaccounts,explosivegrowthindigital

transactions,andrisingretailparticipationreflectsasystemwhichhasexpandedaccessatanunprecedentedspeed.

Participationisnolongerdrivenbyurbanpeople,asmorethanhalfofnewSIPregistrationsnowcomefrombeyondthetop30cities.

1

However,thisgrowthhasexposedadeeperdisconnect.Accesshasoutpacedoutcomesasparticipationremainsuneven,oftenshallowandsporadic.Theinvestorbehaviourcontinuestobepro-cyclical,portfoliosremainfragmented,

andlong-termwealthcreationisstillconcentratedwithinanarrowsegment.Whileawarenesshasimprovedoverthe

years,sustainedengagementanddisciplineddecisionmakingremainuneven.Thisisnotagapthatmoreaccessormoreproductscansolve,itisfundamentallyadistributionchallenge.

Distributionisnolongerapassivechannelbuthasbecomethecontrollayerofthefinancialsystem.Itshapeschoices,

influencesbehaviouracrosscycles,anddeterminespersistence.Whiletheecosystemhasexpandedacrossbanks,

advisers,distributors,FinTechsanddigitalplatforms,itsunderlyingincentives,despiteprogressingontrail-basedmodels,remainsskeweddrivingtowardstransactionsoveroutcomes.Meanwhilethedemandisbecomingmorecomplexwherethewealthatthetopisdeepeninganddiversifying,themassaffluentsegmentisexpandingrapidly,andfirsttimeinvestorsareenteringmarketsearlierwithgreateraccessbutlimitedguidance.Also,productinnovationisacceleratingfasterthanmosthouseholdscannavigateindependently.

Consequently,thecentreofvaluecreationismigrating.Thevaluewhichoncewasembeddedinexecutionandproductionisnowerodingasbothhavebecomecommoditised.Thelocusofadvantageisshiftingtowardsthosewhocaninfluence

behaviour,deliveradvice,andbuildtrustatscaleasdistributionisnolongerjustagrowthengine;itistheindustry’s

strategiccontrolpoint.Theprofitpoolswithinfinancialservicesarebeingredefined,withdisproportionatevaluemigratingtowardcapitalmarkets,wealthmanagement,andFinTechleddistributionmodels.Privateequityandstrategicinvestorsareconcentratingcapitalinthesesegments,wherescalability,operatingleverage,andproximitytotheendinvestordrivesa

superiorreturn.Incontrast,themodelsanchoredpurelyinproductmanufacturingortransactionleddistributionarefacinggrowingpressureonmarginsanddifferentiation.Thisraisesafundamentalquestion:canthesystemmovefromenablingaccesstoensuringoutcomes?Canitbalancescalewithsuitability,andtechnologywithtrust?

Theanswerwillshapenotjustindustrystructure,butthequalityoffinancialparticipationinIndia.

Thispaperexamineshowfinancialdistributionisevolving,howitseconomicsarechanging,wherethevaluewillaccrue,andwhatitwilltaketoalignincentiveswithlongterminvestoroutcomes.Itoffersaperspectiveonwherethesystemisheadedandwhydistributionwillbethedecisivelever.Totakeadvantageofthisopportunity,thesectorwillneedtorethinkhow

distributionissetupandmanaged.Thismeansre-examiningincentives,howadviceisstructuredanditsaccountability,movingawayfromfocusingonbroadaccessandscaletowardsencouragingmeaningful,outcome-focusedparticipation.

1Publicsources

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI6

Executivesummary

DistributionhasemergedasthecontrollayeroftheIndia’sfinancialsystembyshapinghowinvestorsthink,whatchoicestheymakeandultimatelywhatoutcomestheywalkawaywith.Asaccessandexecutionhasnowbecomeincreasingly

standardised,outcomesarenolongerconstrainedbytheavailabilityoftheproductbutbythequalityofdistribution.

Thepersistentgapbetweenparticipationandoutcomesisnotpeople’slackofaccesstotherightproductsorplatformsthatexistbutratheranintermediationproblem.Whileaccesshasbeenscaled,engagementhasremainedepisodic,

portfolioshavefragmented,andinvestorbehaviourhasbeeninconsistentacrossmarketcycleswhichareconsequencesofhowfinancialdecisionsarebeingguidedovertimeandnotwhethertheproductsexist.

Thisgaphasbeenreinforcedbytheunderlyingeconomicsofdistribution.Incentivestructures,costtoservedynamics,

andlifetimevalueconsiderationshaveshapedhowtheinvestorsareengaged,howadviceisbeingdelivered,andwhetherresponsibilityforoutcomesisownedordiffused.Whereincentivestructures,despiteprogressthroughtrail-basedmodels,continuetorewardonboardingandtransactionvolumesoverinvestorpersistence,participationcanscalewithouta

correspondingimprovementinoutcomes.

Asaresult,thoughdecisionmakingisincreasinglyconcentratedattheinvestorside,responsibilityisscatteredacrosstoomanyhandsforanyonetotrulyownit.Withoutanalignmentbetweenbehaviour,economics,andaccountability,thesystemwillcontinuetoproduceunevenoutcomesdespitetheriseinparticipation.

ThenextchapterofIndia’sfinancialgrowthwillbedefinedbydistributionmodelsthatbringsaccess,guidance,and

accountabilitytogetherunderoneroof.Theabilitytogetthatcombinationright,whileprotectingtheinvestoralongtheway,iswhatdetermineswhetherthisnewparticipationtranslatesintosustainedwealthcreation.

Thispaperexamineshowintegrationhasalreadycommencedasindicatedbythedevelopmentsthatarevisibleacrosstheecosystemandwhattheseshiftsmeantoinstitutions,intermediaries,andpolicymakersoverthenextdecade.

Keytakeawaysofthepaperare:

Distributioniswhere

financialoutcomesare

ultimatelyshaped—notproducts,notplatforms.

Thegapbetweenwho’sparticipatingandwho’sbenefitingisaguidanceproblem,notanaccessproblem.

Themomentofdecision

sitswiththedistributor

butresponsibilityforwhathappensnextbelongstonooneinparticular.

Thedistributionmodelsthatwouldhaveanadvantage

inthenextdecadewillbe

theonesthattreataccess,

guidance,andaccountabilityasasinglejob.

08

20

34

40

44

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Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI7

Contents

01AturningpointinIndia’sfinancialproductsdistributionlandscape

02Capitalmarketsandwealthdistribution:Theshifttoadvisory-leddistribution

03Uniteconomicsoffinancialdistribution

04Platform-leddistribution:Theriseoffinancialmarketplaces

05Thetrustimperative:InvestorprotectioninIndia’scapitalmarketsdistribution

06AproposedblueprintforthenextdecadeoffinancialdistributioninIndia

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI8

AturningpointinIndia’sfinancialproductsdistributionlandscape

Fromaccesstooutcomes:Whydistributionhasbecomethecontrollayeroffinancialsystem

India’sfinancialservicessectorhasundergonerapidtransformationoverthepasttwodecades,drivenbyconsciouspolicyinitiativesbytheGovernmentofIndia,proactiveregulatoryreforms,andbreakthroughsinthetechnologylandscape.

LandmarkinterventionsfromJanDhanYojana(579+millionnewaccountsasofMarch2026,

1

UnifiedPaymentsInterface(UPI)(22.64billiontransactionsworth₹29.53trillioninMarch2026)

2

aloneandAadhaar-enablede-KnowYourCustomer(e-KYC)stackhavesignificantlyreducedbarrierstoentryandexpandedparticipationacrossTier2+regions.Mutual

fundfolioshavecrossed250million,

3

demataccountsnearlyquadrupledbetween2021and2026,

4

andcomplexfinancialproductssuchasportfoliomanagementservices(PMS)alternativeinvestmentfunds(AIF),andspecialisedinvestment

funds(SIFs)haveaccelerated.Regulatoryinitiativessuchasliberalisedlicensing,digital-firstframeworks,andexpansionofthepermissibleproductuniversehaveshiftedtheecosystemfrompredominantlybranch-led,paper-intensivebankingtoanomnichannel,data-drivenfinancialmarketplace.

India’sfinancialsystemappearsbymostmetricstohaveaddressedtheaccessdimensionofinclusionproblem.Accountsarewidespread,onboardingisfaster,andfinancialproductsaremoreaccessiblethanever.However,thenextphase

offinancialdeepeningwilldependonaddressingamorecomplexissue:adoptionandactiveusage.Alargeshareof

accountsremainsinactive,participationisoftenepisodicforasignificantshareofinvestors,andlong-termwealthcreationremainsuneven.Householdshaveincreasingawarenessandaccesstothefinancialsystem;however,thisdoesn’t

necessarilyconvertintoactiveparticipation.Mutualfundsandequitiesstillaccountforonly~15%ofhouseholdassets.

5

Mostdemataccountsremaininactive,andonlyasmallshareofassetsisheldbeyondfiveyears,despitewidespread

awarenessandaccess.

AlthoughIndiahasbuilttheaccessrouteforfinancialserviceshowever,thechallengeliesinachievingsustained,

outcome-orientedparticipation.Theconversionfromaccesstoparticipationwillnotbedeterminedbyproductsand

infrastructurealone,butbydistribution,whichwillbringinvestors,shareholders,andadvisorstogether.Thefocusofthe

industryshouldalsobeonbuildingconsumertrust,whichisthebedrockforanyfinancialtransaction.Inthisenvironment,distributionisnolongeramereroutetomarket;itisthefinancialcontrollayer.

1

PressInformationBureau-Pressrelease

2

PressInformationBureau-Pressrelease

3Publicsources

4

SEBI-ProgressReportofNSDLandCDSLasonendofmonth

5

RBIhandbookhouseholdsavingdata2025

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI9

Figure1:Financialpenetrationasa%ofGDPinIndia

68%

73%

52%

58%

7%

20%

4%

4%

1%

4%

FY2014FY2025

Bankdeposit

Bankcredit

Mutualfunds

Insurance

Pensionassets

Source:RBI,IRDAIAnnualreport,SEBI,NPSreport,PwCanalysis

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI10

1.1Theinclusionparadox:Accesswithoutoutcomes

Atapreliminaryglance,India’saccountpenetrationappearshealthy.Adultaccountownershipisnearuniversal,helpedbyJanDhanandformalisation.UPIhandlesbillionsoftransactionsmonthly.Dematpenetrationhasmovedfromabout4%

to13%ofadultsinthelastfiveyears.6TheReserveBankofIndia’s(RBI’s)FinancialInclusionIndexroseto67%in2025,a24%jumpsince2021.7TheWorldBank’sGlobalFindex2025revealedthat89%ofadultsinIndiaownedanaccountatafinancialinstitutionoramobilemoneyprovider,upfrom35%in2011.Thismarkedasignificantmilestoneinfinancial

inclusion,withnearlynineof10adultsowninganaccount.8Theinvestmentecosystemhasbroadened,andinsurance

andformalcredithavebenefittedfromdigitisationandplatform-leddistribution.Together,theseshiftspointtoastrongerfoundationforfinancialinclusionandwidercapitalparticipation.

Figure2:Growingaccessreflectedacrossassetclasses

CAGRFY21−25

55million193million

(3.5x,FY21_FY25)

Drivenbydigitaladoption,investoreducation,increaseinyounginvestor

2,117million2,693million(1.3x,FY21_FY25)

DrivenbyPMJDY,regulatorypushforfinancialinclusion

203million504million

(2.5x,Jan’21_Jan’25)

users

Drivenbyrapidadoptionofsmartphones,low-costtransactions,governmentpushfordigitalpayment

26%

37%

Demat

accounts

Bank

accounts

6%

UPI

Source:SEBI-ProgressReportofNSDLandCDSLasonendofMonth,RBI-DatabaseonIndianEconomy,UPI-TheGlobalBenchmarkforDigitalPaymentsreportandPwCanalysis

Yetmarket-linkedproductscontinuetopenetratearelativelysmallshareofhouseholds,andlong-terminvestingremainsconcentratedamongaminorityofinvestors.Behaviouraldepthvarieswidelyacrosscohorts,withonly~16%ofmutual

fundindustry’sassetsundermanagement(AUM)beingheldformorethanfiveyears.9Amoreaccuratepictureofthepresentsystemcanbeillustratedthroughfollowingcharacteristics:

High

access

Strongproductaccessandaccountgrowthwithsufficientinfrastructureandpaymentrails.

Moderate

participation

Limitedpenetrationintomarketlinkedproducts.

Uneven

outcomes

Shortholdingperiodsandpatchywealthcreation.

6

SEBI-ProgressReportofNSDLandCDSLasonendofMonth

7PressInformationBureau-PressreleaseandPwCanalysis

8

InclusiveFinanceIndiaReport2025

9PublicsourcesandPwCanalysis

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI11

Accessdoesnotguaranteeadoption

Alargebaseofaccounts,users,andfolioscanoftenhidetheunderlyingchallengeofcustomeractivationasillustratedinFigure3:

Figure3:Customeradoptionandfinancialproducts’adoption

16%

67%

63%

9.5%

~25%

ofbankaccountshavebeeninactiveformorethanyearasof2024.

Inactivebankaccountsarewellabovetheglobalaverageof6%.Thisisakeychallengeasnewaccountshaveexpandedaccessbutnotnecessarilyregularfinancialengagement.

of220milliondemataccountsremaininactive(asofJanuary2026).

Increasedretailparticipationinequitymarkets,foliogrowth,andSIPregistrationarestrongindicatorsofintent;however,persistenceisthetruemeasureofadoption.

ofhouseholdsareawareofatleastonesecuritiesproduct(representing213millionIndianhouseholds)(asofMarch2025)

AspertheSecuritiesExchangeBoardofIndia’s(SEBI’s)InvestorSurveyReport2025,MF/ETF(53%)andequities(49%)havethehighestawareness.Urbanhouseholds

reported74%awareness,whereasruralhouseholdsreported56%.

ofhouseholdsareinvestedinsecuritiesmarketsvs.63%householdsreflectingawareness.(asofMarch2025)

AsperSEBI’sInvestorsurveyreport2025,urbanhouseholdsshow15%

penetration—morethandoubleofruralhouseholds’(6%).Penetrationvariessignificantlyacrossstates.

ofIndianpopulationformactiveUPIbase.(asofFY25)

UPItransactionconcentrationremainshighintermsofbothusercohortsandusecases.Activeusagevariesbygeography,customersegment,incomestability,anddigitalcomfort.

Source:GlobalFindexReport,2025,SEBIInvestorsurvey,2025,InclusiveFinanceIndiareport,SEBI,NPCI,PwCanalysis

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI12

Thisgapisstructural,notincidental.Householdscaneasilyaccessthefinancialsystem;however,distributionchannelsdonotyetreliablyenablethemto:

•Makeinformeddecisions

•Buildcoherentportfoliosacrossproductsandlifestages

•Stayinvestedthroughmarketcycles

•Achievelong-termfinancialgoals.

SEBI’sInvestorSurvey2025,covering91,950households,underlinesthisgap.Outof337.2millionhouseholds,only9.5%areinvestors(~32.1million).

10

Another53.5%areawareofsecuritiesproducts;butdonotinvest.Another37%areunaware.Income,education,andurbanresidencehaveemergedaskeydeterminantsofsecuritiesmarketparticipation.

11

Figure4:Starkdifferencebetweensecuritiesmarketproducts’householdawarenessandpenetrationinIndia

State-wisehousehold

awarenessofsecuritiesmarket

State-wisehousehold

penetrationofsecuritiesmarket

Chandigarh

Delhi

WestBengal

MaharashtraTamilNaduKarnataka

MadhyaPradesh

Kerala

Rajasthan

Gujarat

UttarPradesh

Punjab

AndhraPradesh BiharJharkhand

100%

88%

78%

77%

76%

72%

70%

69%

61%

61%

56%

54%

50%

45%

41%

Chandigarh

Delhi

WestBengal

MaharashtraTamilNaduKarnataka

MadhyaPradesh

Kerala

Rajasthan

Gujarat

UttarPradesh

Punjab

AndhraPradesh BiharJharkhand

7%

8%

6%

8%

5%

10%

15%

10%

8%

12%

10%

17%

10%

13%

21%

Source:SEBIInvestorSurvey2025,%arebasedonsurveyundertakenof91,950householdsacrossalltheStatesandUnionTerritories,excludingLakshadweepandManipur.

ThoughIndiahasachievedfinancialinclusionatthelevelofaccess,ithasn’tyetachievedinclusionatthelevelofoutcomes.

10

SEBIInvestorSurvey2025,%arebasedonsurveyundertakenof91,950householdsacrossalltheStatesandUnionTerritories,excluding

LakshadweepandManipur

11

Ibid

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI13

Thisgapinfinancialdistributionmanifestsacrossthreedimensions:

a)Activationgap:Accesswithoutconversion

Thefirstconstraintinfinancialdeepeningisactivationormovingahouseholdfromawarenesstomeaningfulutility.SEBI’ssurveyrevealedthat~63%ofhouseholdsareawareofatleastonesecuritiesmarketproduct;however,lessthan10%haveinvested.Alargecohortof‘intenders’hasemergedwhoknowaboutsecuritiesproducts,expressclearintenttoinvest

withinthenext12months,butdonottakeaction.Demataccountsgrewnearly4xinfiveyears,

12

however,mostremainedinactiveornotedverylowusage.Productadoptionbeyondbasicdepositsandsmallsavingsremainslimitedforalarge

shareofhouseholds.

Thisconstraintisnotinfrastructure-based,itreflectstheabsenceoftrustedandsimpleactivationpathways,asillustratedinFigure5.

Figure5:Keybottlenecksinuseractivation

10%

28%

don’tunderstand

products

27%

don’tknowhowtostart

Source:SEBIInvestorSurvey2025,%arebasedonsurveyundertakenof91,950householdsacrossallthestatesandunionterritories,excludingLakshadweepandManipur

73%

fearloss/risk-returnconfusion

Afterclearingbottlenecks

Highvolumeofaccountaccess

SIPs/SIFs

Bankaccounts

Demataccounts

PMS/AIF

UPIusers

74%

lackclarityon

investmentoptions

Weakinitialguidance

and

handholding

Lackof

decision

frameworks

51%

citetrustand

transparencyissues

Firstinvestmentandactive

participation

Lessthan

householdsareactiveinvestors

Perceivedcomplexityandrisk

12

SEBI-ProgressReportofNSDLandCDSLasonendofMonthandPwCanalysis

Reimaginingfinancialdistribution:Scale,trust,andsustainabilityPwC|FICCI14

b)Behaviourgap:Participationwithoutoutcomes

Activationalonewillnotsolvetheproblemoffinancialdeepening.Sustainableproductadoptionreliesonactive

investorbehaviour.Evenamongactiveparticipants,outcomesremaininconsistentbecausebehavioursareoftenreactiveratherthandisciplined,shorttermratherthangoaloriented,andfragmentedratherthanstructured.Thisshowsupin

shorteffectiveholdingperiodsacrosssegmentswhereinvestorsfrequentlyswitchorexitbasedonrecentperformance;cyclicalityofinflowsandoutflows,withprocyclicalbuyingatpeaksandsellingincorrections;andhighconcentrationand

tradingintensityinselectsegments,especiallyamongyoungercohortsindirectequityandderivatives.

Incontrast,morestructuredpathways(forexample,systematicinvesting)show