While India’s securities markets have witnessed a dramatic expansion over the past decade, retail participation still remains far below its potential, according to Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey.Addressing an investor awareness programme in Bhubaneswar on Monday, Pandey said India now has around 145 million unique investors compared with just 38 million in FY19, reflecting the rapid deepening of capital markets participation. He noted that the country’s market capitalisation has surged from around Rs 95 lakh crore in FY16 to nearly Rs 463 lakh crore by April 2026, while the corporate bond market has expanded almost three-fold to Rs 59 lakh crore.Pandey highlighted Odisha’s growing role in the financial ecosystem, noting that the number of investors from the state has increased more than tenfold over the last decade to 28.5 lakh in FY26 from about 2.5 lakh in FY15. Around 15 lakh unique mutual fund investors from Odisha now hold nearly 59 lakh folios with assets worth Rs 71,000 crore.Despite the strong growth, the Sebi chief pointed out that actual market participation remains low relative to awareness levels. Citing its Investor Survey 2025, Pandey said while 63% of households are aware of securities market products, only 9.5% actively invest. Urban participation stands at around 15%, while rural participation is just 6%, underscoring the challenge of achieving inclusive financial growth.Pandey also underlined the rising importance of mutual funds in household investing. Assets under management in the mutual fund industry have climbed from Rs 12 lakh crore in FY16 to nearly Rs 82 lakh crore as of April 2026, while monthly SIP inflows have crossed Rs 31,000 crore compared with Rs 3,000 crore a decade ago.At the same time, he cautioned investors against online scams, fake trading apps and misleading investment advice circulating on social media platforms. Pandey said SEBI has strengthened investor protection measures through validated UPI mechanisms, the Sebi Check verification tool, SCORES 2.0 grievance redressal platform and tighter scrutiny of finfluencer-led content.The market regulator has also launched Project ‘Jagrook’, a nationwide multilingual investor awareness initiative aimed at improving financial literacy and protecting retail investors from emerging digital frauds.Pandey urged investors to focus on disciplined long-term investing, avoid unverified tips and use regulated investment channels, saying the transition “from saver to investor” is key to achieving financial empowerment.(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)