New Delhi, May 29 -- Individual direct ownership of NSE-listed companies fell to a five-year low of 9.1% in the fourth quarter of the previous fiscal year (FY26), driven by lower participation amid volatile markets, an equity sell-off for the first time in seven years and growing access through mutual funds, per exchange data and analysts.

Direct ownership refers to individuals who trade directly, not through mutual funds. The ownership, at Rs.37.4 trillion, is based on the total market capitalization of Rs.408.6 trillion of the over 2,700 listed companies.

It is the lowest since FY21, when ownership stood at 9% ( Rs.18.27 trillion) of the total market cap of Rs.203.1 trillion, and 66 basis points below the 9.8% post-covid peak ( Rs.42....