Equity market investors: A new powerful political constituency

India's financial shift includes 13.6 crore investors, about 10% affluent, driven by SEBI and smartphones. Participation extends beyond Maharashtra and Gujarat to states like Uttar Pradesh and Madhya Pradesh. Individual investor opinions shape economic policies. Retail investors hold an 18.5% listed share, contributing ₹25,000 crore via Securities Transaction Tax, despite risky leveraged positions.