Summary of this article
Rural India and Gen Z dominate future investor intent, says Sebi Investor Survey 2025
Affluent rural households drive emerging investment aspirations
Investment intent spreads beyond metros across multiple states
Where will the next wave of investors in India’s securities market come from? The answer may lie less in current participation and more in intent. According to the Sebi Investor Survey 2025, identifying future market participants begins with tracking “intenders”. Intenders, as defined in the survey report, are the people who plan to invest in the securities market over the next 12 months. Viewed through this lens, the profile of India’s potential investors appears to be changing.
One of the clearest signals from the survey is the growing importance of rural India. As per the Sebi Investor Survey, nearly half of all intenders are from rural areas, while the top nine metropolitan cities together account for only about 12 per cent. This marks a departure from the long-standing view that market interest is largely driven by urban centres. As the report itself notes, “intent to invest is not confined to urban centres but is thriving in smaller towns and rural areas.”
Socio-economic data adds another dimension to this trend. Almost three-fourths of all intenders fall under the NCCS A and B categories. As per the report, this indicates that higher socio-economic groups within rural regions are playing a significant role in driving investment intent. The report points out that this combination of rural presence and relatively affluent households “presents a unique opportunity for targeted outreach.”
NCCS, or the New Consumer Classification System, is used by Sebi to categorise households for the survey. The classification is based on the education level of the chief wage earner and ownership of selected consumer durables. It classifies households into groups A to E and is applied uniformly across urban and rural areas, offering a contemporary measure of affluence and consumption, as defined by Sebi.
Age and gender patterns further underline how the next generation of investors may differ from the current one. Close to 70 per cent of intenders are male, highlighting that the gender gap remains pronounced even at the stage of intent. At the same time, the generational skew is evident. As per the Sebi survey report, Gen Z accounts for 56 per cent of all intenders, followed by millennials at 35 per cent, with older age groups making up the balance. The survey notes that this dominance of younger cohorts suggests the future of investing will be shaped by “digital-savvy, aspirational individuals.”
The geographic spread of intenders also reflects a broadening base. Uttar Pradesh leads with 11 per cent of the total intender pool, followed by Maharashtra at 10 per cent and Tamil Nadu at 9 per cent. West Bengal and Bihar contribute 8 per cent each, Andhra Pradesh accounts for 7 per cent, and Madhya Pradesh adds 6 per cent. Rajasthan and Delhi NCR contribute 5 per cent each, while Telangana and Karnataka account for 4 per cent apiece.
As per the report, intent to invest is visible across both northern and southern states. Within these regions, most intenders are expected to come from cities with populations of 10 lakh or more.
As the Sebi Investor Survey 2025 underscores, understanding where investment intent is taking shape, young, rural and spread across regions, will be key to converting this intent into active participation in India’s securities market.
