mumbai, Oct. 27 -- India's retail investment landscape may be on the cusp of change, with a surge of first-timers ready to enter the equity markets. A fresh class of "intenders," as identified by the Securities and Exchange Board of India (Sebi) in a new study, is preparing to make the leap into equities in the next one year. The number of intenders could be as high as 39.7 million, according to calculations by Mint based on data from the survey. The study found that 22% of non-investors who are aware of securities market products have expressed interest in investing in the future. This, it said, represents significant opportunities to expand the country's investor base. The Investor Survey 2025 was carried out by Kantar in association with the Securities and Exchange Board of India, Association of Mutual Funds in India, National Stock Exchange of India, BSE, National Securities Depository Ltd and Central Depository Services Ltd and released in September. It covered 90,000 households nationally across 400 cities and 1,000 villages. The sample size was extrapolated to a household population of 337.2 million. According to the survey, intenders represent aspiring investors, eager to participate but often held back by barriers such as complexity, onboarding difficulties, or gaps in financial education. Among the total households, only 32.1 million-or 9.5%-had invested in at least one securities market product. About 180.4 million-or 53.5%-were aware of securities market products but had not invested, and the intenders belong to this group. The remaining 37% were unaware of investment products. Intenders accounted for 22% of the 180.4 million cohort, or 39.7 million, Mint calculated. Among the intenders, broadly 73% want easy options for investments. Of them, 41% are looking for simpler onboarding, an equal number want intuitive digital interfaces, and 38% cited the need for easier access to financial education (respondents could choose multiple preferences). The message was clear: interest is high, but participation is still daunting for many. "Brokers, AMCs (asset management companies), and fintechs are partly ready on scale but not simplicity," said Paramdeep Singh, an early investor in fintech startups and founder of investment vehicle Long Tail Ventures. "With 73% of intenders citing complexity as a barrier, the next breakthrough will come not from new products but from design thinking-making investing as intuitive as UPI." While the market's digitization has set the stage, with low-ticket systematic investment plans (SIPs), vernacular apps, and goal-based tools now standard, simplicity hasn't fully caught up with access. Making small-value investing viable will require a sharper focus on cost structures. "To make low-value investments viable, the cost of KYC, settlement and distribution must fall sharply," said Ajay Kejriwal, executive director at Choice Equity Broking. He added that intenders are looking for one-tap eKYC, UPI-based funding, Rs.100 SIPs, and even fractional equity-features that require rethinking operational costs. The trend signals a democratization of India's capital markets. The lure of the equity market remains strong, with particular popularity for derivatives trading and investing in initial public offers. Yet, rising enthusiasm is shadowed by steep trading losses. In FY25, 9.6 million traders who participated in the equity derivatives segment lost Rs.1.05 lakh crore, according to a survey conducted by Sebi in July 2025....