Sector Snapshot · Capital Markets

India's Capital Markets Are Compounding Fast

A fast-read primer on India's capital markets sector — the backdrop against which we benchmark every company's cost structure in this category.

Rs 213.35 lakh cr

Projected AUM opportunity by FY29

Rs 82,02,956 cr

Mutual fund AUM, Feb 2025 (record)

Rs 1.95 lakh cr

IPO fundraising across 365 IPOs, 2025

30.74%

Gross savings as % of GDP, 2024

13,600

India's UHNWI population

Assets and Capital Raising Are Both Accelerating

AUM is set to more than double this decade, and 2025 was already a record year for new listings.

Total AUM Opportunity (US$ trillion)

FY24 → FY29 forecast

$1.1tn

FY24

$2.3tn

FY29F

IPO Fundraising (Rs lakh crore)

2025 actual vs. 2026 pipeline

Rs1.76L cr

2025

Rs4L+ cr

2026 Pipeline

What's Pushing the Sector Forward

Rising wealth, expanding AUM, and record capital raising are all compounding.

Wealth Growth

India's UHNWI population set to rise 58.4% by 2028
Gross savings near 30.74% of GDP

AUM Expansion

Total AUM opportunity projected to nearly double by FY29
Mutual fund AUM at a record Rs 82 lakh crore

Capital Raising

A record 2025 IPO year, Rs1.95 lakh crore raised across 365 IPOs
2026 pipeline already exceeds Rs4 lakh crore

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ India's financial services sector, led by NBFCs, drove a record IPO year in 2025 across 365 listings.
→ Mutual fund AUM hit a record Rs 82,02,956 crore (US$932.6bn) as of February 2025.
→ Total AUM opportunity is projected to grow from ~US$1.1 trillion (FY24) to ~US$2.3 trillion (FY29).
→ About 18% of mutual fund assets now originate from B30 (beyond top-30) cities.
→ Investment corpus in India's insurance sector is projected to reach US$1 trillion by 2025.
→ Knight Frank projects India's UHNWI population will rise 58.4% by 2028.

Companies We Benchmark in This Sector

Listed Indian Capital Markets companies in tDoBe's cost-benchmarking coverage.

ICICI Prudential AMC

BSE

Billionbrains (Groww)

SBI Funds Management

HDFC AMC

Nippon Life India AMC

Multi Commodity Exchange of India

Motilal Oswal Financial Services

360 ONE WAM

Nuvama Wealth Management

Anand Rathi Wealth

Aditya Birla Sun Life AMC

Angel One

CDSL

Computer Age Management Services (CAMS)

KFin Technologies

NSDL

Prudent Corporate Advisory Services

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Capital Markets Report

Compiled from public government and industry sources, February 2026 update · Figures rounded · tDoBe sector snapshot, for informational purposes