New Delhi, May 9 -- Over the past decade, the Indian stock market has witnessed a significant shift in ownership, driven by a surge in retail participation. As more investors move away from traditional bank deposits to capitalise on India's growth story, domestic institutional investors (DIIs)-primarily powered by mutual funds - have emerged as dominant players.

This transformation is reflected in the sharp rise in demat account openings and the steady inflows into mutual funds. In fact, the inflows have occasionally been so strong that fund managers have had to delay deployments to manage liquidity effectively.

These domestic inflows have also helped cushion the Indian stock market from foreign investor outflows, thereby reducing the o...