Name: Arvind R. Gajakosh , Kumpati Shantha Vardhan
Country: India

Year: 2026
Volume: Volume No: 13, Issue No: 1, Year: 2026
Page Number: 445-454
DOI: https://doi.org/10.5281/zenodo.20726948

This study analyses the transformation of retail investor behaviour in India from 2001 to
2025, emphasizing the progression from initial market entry to current participation patterns. The research integrates secondary data from SEBI, NSE, CDSL, and AMFI with primary survey findings to examine the behavioural, psychological, and technological factors influencing investor decisions. India has seen a huge increase in retail participation over the last 25 years. The number of De-mat accounts grew from about 40 lakh in 2001 to more than 21 crore by 2025. However, a large number of investors are still stuck in speculative trading patterns. A key insight is that people are becoming more willing to take risks but aren't getting any older. A lot more people are trading derivatives (F&O) in stores, but more than 90% of them lose money, and many keep trading even after they lose money over and over. This shows that experience alone doesn't always lead to learning, and psychological biases often stick around. Total of 103 valid respondents were considered as sample size. Statistical tools such as Pearson Chi-Square, Wilcoxon Signed-Rank, Kruskal-Wallis, were used for analysing the data. The study concludes that access without education results in adverse outcomes and underscores the necessity for enhanced investor education, behavioural interventions, and regulatory protections. It adds to the body of knowledge on behavioural finance by showing how investor behavior changes over time, not just at one point in time.