India’s capital markets have entered a new phase, in which the burden of risk lies squarely on investors, rather than banks or financial institutions, according to ICICI Prudential Asset Management Company’s Chief Investment Officer, Sankaran Naren. Speaking at the Morningstar Investment Conference India 2025 in Mumbai, Naren cautioned that the current market environment demands far greater discipline from retail investors, who today form a significant portion of market inflows. Advertisement

Naren explained that in earlier decades, capital formation in India was largely supported by development financial institutions such as IDBI, IFCI and ICICI. These entities provided long-term industrial financing and absorbed the inherent risks of funding new projects. This was followed by a phase w

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