New Delhi, Jan. 15 -- The share of direct retail participation in India's largest stock exchange's cash turnover has fallen to its lowest in a decade, dragged down by risk aversion amid underperforming equity benchmarks, the rise of mutual funds and reallocation towards initial public offerings.

Direct retail contribution as a percentage of gross turnover-buy plus sell volumes-fell to 33.6% in 2025, according to the data from the National Stock Exchange (NSE). This category of investors directly buys stocks rather than investing through mutual funds.

Individual investors accounted for nearly 43% of the overall contraction in cash market turnover during the year, while the share of proprietary traders rose to a 21-year high of 29.7%.

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