Voice Of Capital Market

Dear Members,

It gives me immense pleasure to connect once again as I take over the responsibilities of the National President of ANMI for the financial year 2025–26, for the second time after a successful tenure in 2017–18. I assure you of my unwavering commitment to our shared vision of strengthening the broking community and contributing meaningfully to the capital markets.

As we embark on this new term, our focus will continue to be on advocacy, market reforms, technology adoption, investor awareness, and seamless collaboration with regulators and exchanges.

As a President of this great organisation, I set certain goals for FY 2025-26

1.       Renaming and redesigning our journal

2.       Celebrating every 1^st August as ANMI DAY across the country as a national event

3.       Launching of Mobile App for ANMI

4.       Devoting Board’s time more on members’ issue 

5.       Creating more opportunities for members through new initiatives, programs, or partnerships

6.       Collaborating with exchanges for more meaningful and purposeful outcomes.

Above list is only an illustrative but not exhaustive one. I am sure that with the help of every one of you we can make many good things for ANMI.

Looking Back: FY 2024–25 Overview

FY 2024–25 unfolded in a highly dynamic and complex global environment. Despite geopolitical uncertainties, inflation pressures, and monetary divergences, global and Indian markets showed resilience.

Global Macroeconomic Landscape

US resilience driven by strong consumer spending and labour market; policy uncertainty emerged in Q4. China recovered with targeted policy support, credit flow, and AI-led growth. Japan exited negative interest rates, attracting investor attention. Escalating US tariffs (57 countries) in April 2025 raised concerns of interwar-style protectionism. IMF and WTO downgraded global growth and trade projections for FY26. Gold surged 41% in FY25, becoming the best-performing asset globally, driven by central bank buying and investor demand.

Global Market & Asset Class Performance

Developed markets (MSCI World) rose 5.6%; MSCI EM delivered similar gains (India and China led). Global equities saw sharp sector rotations; US tech led early gains, but tariff concerns hit sentiment later. Global bond markets were volatile; 10-year US yield hit 5% in Oct 2024, then eased as central banks pivoted dovish. Japan ended 17 years of negative interest rates, though monetary policy remained accommodative.

Indian Market & Economy

Nifty 50 gained 5.3% in FY25 despite mid-year correction; strong rebound in March-April 2025. Long-term Nifty 50 returns: 13% CAGR over 20 years, outperforming MSCI World (5.9%) and MSCI EM (3.5%). Bond yields eased: 10-year G-sec yield fell by 47 bps to 6.6%, aided by India’s inclusion in JP Morgan’s GBI-EM index.

• India remained the fastest-growing major economy:
• FY26 GDP growth estimates: RBI – 6.5%, World Bank – 6.3%, OECD – 6.4%
• Inflation averaged 4.6% (lowest in 6 years); March CPI at 3.3%
• CAD at 1.1% of GDP; net services exports at $189 bn in FY 25
• RBI cut rates by 50 bps in 2025 and signaled more easing ahead.

Market Participation & Fund Mobilization

Investor base rose to 11.3 crore, adding 2.1 crore in FY25. DIIs net inflows at ₹6.1 lakh crore (US$71.8 bn). Cash segment turnover up 38%; over 4 crore new demat accounts opened (highest ever in a single year).

• Fund mobilisation up 35% to ₹18.7 lakh crore.
•  Record equity IPOs at ₹1.7 lakh crore.
•  Overall equity mobilisation (including FPOs) at ₹4.3 lakh crore.
• Participation skewed: 90% of investors contributed just 2.2% of cash segment turnover.

 These developments reaffirm the vibrancy and depth of our capital markets, and ANMI remains committed to working closely with all stakeholders to further enhance transparency, efficiency, and investor confidence.

Market Updates and Observations

We are witnessing a unique phase in our markets where retail participation continues to be a strong pillar of support. At the same time, technology-driven broking models and compliance requirements are evolving rapidly. It is crucial for our members to stay agile and informed, especially as the regulatory environment grows more dynamic.

ANMI Journal

We have renamed our journal as “VOICE” which is the tag line of ANMI.

The April edition of our journal “VOICE” carries several insightful articles and updates for the benefit of our members. We invite interesting articles from our members who are all having resourceful people in their establishments.

As we begin this journey for FY 2025–26, let us work together with renewed energy and purpose. I look forward to your continued participation, suggestions, and engagement as we collectively strive for excellence in all our endeavours.

We Always Think for You.

“Leadership is the capacity to translate vision into reality- Warren Bennis”

With warm regards,
CA K. Suresh
National President, ANMI