The share of FIIs declined further to a 13-year low of 16.71 per cent as on September 30, 2025 (down from 17.05 per cent on June 30, 2025), while MF holdings rose to an all-time high of 10.93 per cent
Domestic mutual funds (MFs) are rapidly catching up with foreign institutional investors (FIIs) in Indian capital markets, with the gap in their shareholding in NSE-listed companies narrowing sharply. According to primeinfobase.com, an initiative of the PRIME Database Group, the gap fell 71 basis points in the quarter ending September 30, 2025, to just 5.78 per cent.
This marks a near-halving of the difference over the past two years, down from 10.32 per cent as on June 30, 2023. At its peak, the gap had stood at 17.15 per cent on March 31, 2015, when FIIs held 20.71 per cent and MFs just 3.56 per cent.
MFs on an upward trajectory
The share of FIIs declined further to a 13-year low of 16.71 per cent as on September 30, 2025 (down from 17.05 per cent on June 30, 2025), while MF holdings rose to an all-time high of 10.93 per cent (up from 10.56 per cent), marking the ninth consecutive quarter of gains.
“Indian markets are continuing their steadfast march towards even more atmanirbharta (self-reliance), with the day not too far when the share of MFs alone will be greater than that of FIIs,” said Pranav Haldea, managing director, PRIME Database Group. “This trend started with demonetisation and accelerated during COVID. MFs, flush with retail money coming through SIPs, invested ₹1.64 lakh crore during the quarter on a net basis, while FII outflows totaled ₹76,619 crore (outflow of ₹98,216 crore in the secondary market and inflow of ₹21,597 crore in the primary market).”
Domestic institutional investors lead market shift
On the back of rising MF participation, domestic institutional investors (DIIs) also reached an all-time high of 18.26 per cent as on September 30, 2025, up from 17.82 per cent on June 30, 2025, with net investments of ₹2.21 lakh crore during the quarter. According to Haldea, while MFs of course played a key role, insurance companies, AIFs, and PMS also contributed, with net buy* values of ₹5,498 crore, ₹3,661 crore, and ₹3,324 crore respectively during the quarter.
Retail investors (holding up to ₹2 lakh per company), according to primeinfobase.com, saw their share dip marginally to 7.43 per cent from 7.53 per cent, while high-net-worth individuals (HNI) holding over ₹2 lakh saw their share rise to 2.09 per cent from 2.05 per cent. Consequently, the combined share of retail and HNIs fell slightly to 9.52 per cent from 9.58 per cent, with net sales of ₹9,562 crore during the quarter.
A counterbalance to FIIs
For years, FIIs, Haldea said, have been the largest non-promoter shareholder category in the Indian market, with their investment decisions having a huge bearing on the overall direction of the market. “This is no longer the case. DIIs, along with retail & HNIs, have now been playing a strong countervailing role, with their combined share reaching an all-time high of 27.78 per cent as on September 30, 2025. While FIIs continue to remain an important constituent, their stranglehold on the Indian capital market has come down.”
Sector-wise, DIIs increased allocation most to Consumer Discretionary (16.31 per cent from 15.16 per cent) while reducing exposure to Information Technology (8.07 per cent from 8.74 per cent). FIIs also increased exposure to Consumer Discretionary (17.36 per cent from 16.15 per cent) but trimmed Financial Services (30.92 per cent from 31.38 per cent).
Promoter holdings
After three quarters of decline, private promoter share inched up to 40.70 per cent as on September 30, 2025, from 40.58 per cent, despite net sales of ₹24,055 crore. Over the past four years, however, promoter holdings have fallen 446 basis points, from 45.16 per cent on December 31, 2021. Indian private promoter share dropped from 36.89 per cent to 32.39 per cent, while foreign promoters’ share edged up slightly to 8.31 per cent from 8.28 per cent.
Companies seeing broad-based stake increases
In the quarter, 16 companies saw simultaneous increases in stakes by promoters, FIIs, and DIIs. In descending order of market capitalisation, these include: Healthcare Global Enterprises, Ethos, Cupid, Thangamayil Jewellery, Ashapura Minechem, Marine Electricals, Eveready Industries, Spandana Sphoorty, Rashi Peripherals, India Pesticides, Ador Welding, Tembo Global Industries, International Conveyors, Mold-Tek Technologies, Asahi Songwon Colors, and Usha Martin Education & Solutions.
Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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