Beyond Access and Numbers: Anooshka Soham Bathwal on Building Trust, Governance and Discipline in Investing

Women’s participation in India’s capital markets is steadily increasing. From a policy perspective, what structural changes are most important to ensure safer and more informed participation by new investors?

Women’s participation in India’s capital markets is rising meaningfully, with women now accounting for over 30% of individual mutual fund AUM and a steadily growing share of SIP contributors. From a policy standpoint, the focus must now shift from merely expanding access to ensuring safe, informed and sustainable participation. Structural priorities should include gender-disaggregated investor data to better understand behaviour and risks, simplified and standardised product disclosures in plain language, and suitability-led onboarding that aligns investments with life-stage goals rather than short-term returns. Regulators and industry leaders have increasingly acknowledged that first-time women investors are more vulnerable to mis-selling, product complexity and overpromising. Funded, large-scale financial education delivered through workplaces, digital platforms and community channels is also critical. At Dhanvesttor, we have consistently advocated advisory-first engagement, goal-based frameworks and simplified reporting, as we believe these structural guardrails are essential to convert rising participation into long-term financial security and confidence.

With the expansion of PMS offerings across India, where do you believe governance and suitability frameworks need the most strengthening to protect investor interests?

As PMS assets cross ₹30 lakh crore and investor participation continues to rise, governance and suitability frameworks must be strengthened most at the onboarding and portfolio construction stages. SEBI and industry experts have repeatedly highlighted mis-selling risks arising from inadequate risk profiling, return-chasing behaviour and unrealistic performance expectations. Mandatory suitability assessments need sharper enforcement, including documented client objectives, investment horizons and drawdown tolerance. Periodic re-validation of client goals is equally important, as investor circumstances and market conditions evolve over time. Transparency around benchmarks, portfolio concentration, downside risks and performance attribution must also improve to help investors make informed comparisons. We have long emphasised advisory-led PMS models with clear fiduciary responsibility, easy-to-understand reporting and well-defined suitability frameworks. Responsible growth in PMS will depend not on scale alone, but on governance standards that place investor interests firmly at the centre.

SEBI has been consistently emphasising transparency and risk disclosures. How can wealth platforms simplify investing without diluting regulatory rigour?

SEBI’s sustained emphasis on transparency reflects the rapid expansion of retail participation, with mutual fund folios now exceeding 15 crore. Simplification, however, should not mean fewer rules, it should mean better design. Regulators and industry leaders increasingly emphasised that complexity can be reduced through standardised risk labels, plain-language summaries, intuitive disclosures and suitability-led onboarding, without compromising regulatory intent. SEBI has repeatedly underlined that technology must strengthen compliance and investor understanding, not bypass safeguards. Wealth platforms can play a vital role by presenting information in a clear, structured manner, using goal-based frameworks and consistent reporting formats that reduce cognitive overload. We support simplified reporting, advisory oversight and goal-oriented investing. Our experience shows that when platforms align design with regulatory principles, investors are better informed, more confident and more likely to stay invested through market cycles.

Financial inclusion is often measured by access. In your view, how important is advisory quality and behavioural discipline in ensuring long-term investor success?

While financial inclusion has expanded rapidly, long-term investor success depends far more on advisory quality and behavioural discipline than access alone. India now has over 12 crore unique market participants, yet AMFI data shows that many investors discontinue SIPs prematurely, often during periods of volatility. Globally, studies point to a persistent behaviour gap of 3-5% annually, driven by emotional decisions, poor timing and lack of discipline. Regulators and experts increasingly recognise that advice plays a critical role in improving outcomes by anchoring investors to goals rather than market noise. High-quality advisory helps investors maintain asset allocation discipline, manage expectations and navigate volatility with confidence. At Dhanvesttor, we have consistently advocated goal-based advisory, structured asset allocation and continuous hand-holding. We believe true inclusion is achieved not when investors enter markets, but when they stay invested long enough to build durable wealth.

How do you see policy, regulation and market education coming together to encourage long-term investing over short-term speculation?

Encouraging long-term investing requires policy, regulation and market education to reinforce one another consistently. While India has over 15 crore mutual fund folios and monthly SIP inflows exceeding ₹29,000 crore, regulators and industry experts note that short-term behaviour still dominates during market volatility. SEBI has focused on stronger risk labelling, suitability norms, transparency and tighter leverage controls to curb speculative excesses. At the same time, AMFI and industry bodies continue to emphasise sustained investor education to build understanding of compounding, asset allocation and long-term goals. Increasingly, regulators recognise that advice not access alone plays a decisive role in shaping behaviour. At Dhanvesttor, we have consistently advocated advisory-led engagement, disciplined asset allocation and goal-based investing. Regulation sets essential guardrails, but education and high-quality advice ultimately shape investor behaviour and encourage patience over speculation.