India's Market Infra Soars to Rs 700 Bn; Jefferies Predicts 304M Demat Accounts by FY28

• India's capital market infrastructure generated over Rs 700 billion in FY25 revenue, led by brokers and stock exchanges.
• Jefferies projects demat accounts to surge from 192 million in FY25 to 304 million by FY28.
• Mutual fund AUM is expected to grow from Rs 67 trillion to Rs 103 trillion by FY28, driven by market appreciation and net inflows.
• Younger investors (under 30) now account for 40% of the investor base, significantly boosting participation.
• Brokers (Groww) and exchanges (BSE) are forecast for the fastest growth, with diversification into adjacent businesses and varying regulatory risks across segments.

Why It Matters: India's capital market infrastructure is booming, driven by retail participation and diversification, with significant growth projected.