A fast-read primer on India's capital markets sector — the backdrop against which we benchmark every company's cost structure in this category.
AUM is set to more than double this decade, and 2025 was already a record year for new listings.
FY24 → FY29 forecast
2025 actual vs. 2026 pipeline
Rising wealth, expanding AUM, and record capital raising are all compounding.
A sample of the industry-wide and policy moves shaping the sector through early 2026.
Listed Indian Capital Markets companies in tDoBe's cost-benchmarking coverage.
The market facts above are public background. What follows is tDoBe's own work: every "Other Expenses" line from these companies' own financial records, read by hand and sorted into one clear set of categories — not a keyword search, not each company's own way of reporting it.
Each mark is one company's total Other Expenses as % of net revenue. No company is named here.
Ranked from biggest to smallest.
Miscellaneous & Others is the largest bucket at 8.6% of revenue, followed by Advertising & Sales Promotion (2.6%) and IT/Software (1.9%) — a cost profile shaped by client acquisition and technology, not physical overhead.
Exchanges, depositories, wealth managers and asset managers all sit inside this one sector, and their cost structures differ a lot — a stock exchange's overhead looks nothing like a wealth manager's. That accounts for most of the 4.9x gap between the highest and lowest company.
We use each company's own standalone financial records — not group numbers, not each company's own labels. Every cost line is read by hand and placed into one common set of categories, so every company is compared the same way.
This is the free, sector-wide view. It tells you where Capital Markets stands as a whole — not where your own company stands against it, category by category, in rupees.
A below-average number is a reason to call too — the benchmark keeps improving as we go.