Individual Equity Ownership Hits Record 19.5%; Direct and Mutual Fund Holdings Reach ₹90.4 Trillion

Key Takeaways

• Combined individual ownership of NSE-listed companies reached a record 19.5% at the end of September 2026.
• The value of individuals' direct and indirect equity exposure through mutual funds stood at ₹90.4 trillion.
• FPI ownership fell to a 21-year low of 14.7%, remaining below combined individual ownership for the eighth consecutive quarter.

Household participation in Indian equities continued to expand during the September 2026 quarter, with combined individual ownership of NSE-listed companies reaching a record 19.5%.

The figure includes equities held directly by individual investors as well as indirect exposure through domestic mutual funds. The combined value of those holdings reached ₹90.4 trillion at the end of Q2FY27, according to the NSE's India Ownership Tracker.

The overall ownership share increased by 26 basis points quarter-on-quarter.

Direct individual ownership alone rose by 10 basis points to 9.6% of the market, with direct equity holdings valued at ₹44.6 trillion. That placed the direct share close to the post-pandemic peak of 9.8% recorded in December 2024.

The data also indicate sustained activity by retail investors in the secondary market. Individual investors made net equity purchases of ₹42,700 crore during Q1FY27, the highest in six quarters, followed by another ₹4,900 crore of net purchases during Q2FY27.

Foreign portfolio investor ownership moved in the opposite direction. FPI holdings fell 38 basis points quarter-on-quarter to 14.7% in September, the lowest level in 21 years and the first reading below 15% in around 17.5 years. Combined individual ownership has now remained above FPI ownership for eight consecutive quarters.

Promoters continued to account for roughly half of the listed-market ownership base. Total promoter holdings increased to a seven-quarter high of 50.4% in Q2FY27.

The data underline the expanding role of domestic households in the equity market, both through direct share ownership and through mutual funds. It also illustrates how mutual fund participation has become an important part of the broader shift in India's listed-company ownership structure.