Not all of India's retail investors experience FOMO. According to Zerodha's Nikhil Kamath, their selections reflect a strategy that favors companies with significant brand recognition and customer appeal.

In a post on X, Kamath stated that significant corporations such as Reliance Industries, HDFC Bank, Larsen & Toubro, TCS, and Infosys were among the top holdings by Indian retail investors.

"Contrary to the general belief that retail investors are incompetent at investing, their top holdings tell a different story," Kamath said in a statement. According to the post, retail investors possess equities worth ₹30 lakh crore, accounting for 7.7% of the entire value of listed companies in India.

According to NSE data, more than 120 million investors registered between 2019 and 2023. In January 2024 alone, about 5.4 million investors were added.

As per the BSE, as of February 9, 2024, there were almost 161 million registered investors.

Furthermore, Association of Mutual Funds in India (AMFI) has said that, as of January 31, 2024, up to 79.2 million SIP accounts were active, allowing individuals to participate in various mutual fund schemes across India.

The month saw record SIP contributions of Rs 18,838 crore from these accounts, according to AMFI data.

This contribution was 36% more than the one recorded from SIPs in January 2023.