The surge in Indian capital markets, notably post Covid-19, has been quite rapid. While demat accounts in India rose at a 11.1 per cent CAGR during FY14-20, the pace was much faster during FY20-24 at 38.8 per cent CAGR. This along with a rising monthly average SIP contribution, increasing AUM of mutual funds, insurance companies and investments by alternate investment funds (AIF), showcases the widening participation of retail investors.