Summary of this article
The number of investors is rising fast. Among these new investors, women are one of the fastest-growing groups.
But the voices that publicly explain markets haven't changed as quickly.
For women building careers in finance, the opportunity lies in participating more actively in the public conversation around markets
If you watch a financial news debate, look at the speakers at big investment conferences, or read daily market commentary, you’ll notice a pattern. Women are still rarely included in public discussions about markets.
“This lack of representation is at odds with changes in India’s financial system. Women are playing a bigger role in family financial decisions, especially in urban, dual-income households where choices about savings, insurance, and investments are often made together,” says Sonam Srivastava, Founder and Fund Manager at Wright Research PMS.
The number of investors is rising fast, with demat accounts now over 150 million and more people joining mutual funds, stocks, and systematic investment plans. Among these new investors, women are one of the fastest-growing groups.
“But the voices that publicly explain markets haven't changed as quickly. Panels on portfolio strategy, asset allocation, or the macro-outlook still only attract people from a small professional network. This has less to do with the availability of experts and more to do with how financial media ecosystems work. Television producers, editors, and conference organisers often rely on a small group of commentators they know will respond, are trained for the media, and are comfortable speaking in public. This builds up a concentration of visibility over time that keeps getting stronger,” says Srivastava.
Visibility in markets is similar to liquidity in trading. The more often someone’s voice is heard, the more credible and familiar they become to both producers and audiences. Those who aren’t already part of this group find it hard to break in, no matter how strong their analysis is. As a result, reputation in market commentary often depends on exposure.
Venture capital seems to have a similar concentration dynamic. Women-led startups in India still get only a small amount of venture funding, even though data from many global studies show that diverse founding teams often lead to better capital efficiency and more stable long-term results. Typically, small groups of partners make decisions about venture funding, and pattern recognition has a big impact on conviction. When the circles of decision-makers are all the same, the group of founders and investors they feel comfortable backing tends to get smaller.
“The effects go beyond just representation. Markets work best when they incorporate diverse views on risk, behaviour, and chance. People who invest often interpret economic signals differently because they have different jobs, life experiences, and financial responsibilities. These differences make investment thinking better. Diversity of perspective is good for portfolio construction because market outcomes rarely reward a single dominant viewpoint for long,” says Srivastava.
Improving representation also makes market discussions better. Financial media can help by bringing in a wider range of analysts. Asset management firms can make sure women analysts move into visible decision-making roles in portfolio management and research. Venture capital firms can include more diverse partners in funding decisions.
“For women building careers in finance, the opportunity lies in participating more actively in the public conversation around markets. Publishing investment views, writing research commentary, and contributing to debates around asset allocation or macro trends adds intellectual diversity to the ecosystem and strengthens professional visibility,” says Srivastava.
The financial sector prides itself on its commitment to data and evidence. Applying that, the financial sector values data and evidence. Using the same approach for representation means measuring and being transparent. Keeping track of who appears on panels, who writes market commentary, and who makes funding decisions would give a clearer view of how the industry is changing. The absence of women in market conversations reflects a similar form of under-recognised value waiting to be unlocked.
