New Delhi, May 26 -- The debate around India's booming SIP culture, foreign investor exits and the weakening rupee has sparked strong reactions across Dalal Street, with many questioning whether rising domestic equity inflows are indirectly enabling foreign institutional investors (FIIs) to cash out of Indian markets.

Amid this growing discussion, market veteran Deepak Shenoy pushed back sharply against the criticism of SIPs and domestic retail participation, arguing that deeper local ownership of Indian equities is ultimately positive for the economy.

"I disagree with the notion that SIPs and domestic equity investors are what creates a negative in that foreign investors will leave. If all they were looking for is liquidity, then it's ...