Amateur Invest

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inside a cramped photocopying kiosk in Mumbai, Umesh Khamkar was checking his phone every 30 minutes. He is the tiny shop’s proprietor, but Khamkar was focusing on his other more lucrative business as a day trader. These days he earns more money trading stocks on an app than with his photocopying machine. Khamkar, a slight man in his fifties, began investing in Indian stocks after the country’s punishing lockdowns in 2020 sent him down a rabbit hole of YouTube investment seminars. Hooked, he encouraged his friends to start trading. His list of converts now includes the cashier of a nearby restaurant selling pit-stop lunches to commuters. Khamkar is one of millions of Indians who have started investing in the stock market since the pandemic began. More than 50m investors are registered with the National Stock Exchange, up from 31m two years ago. The NSE does not disaggregate between businesses and individuals, but retail brokerages have reported booming client numbers. Enabled by technology and access to some of the world’s cheapest data, retail investors now account for 45 per cent of total trading market share in India, with their rise mirroring the surge of traders in the US and UK that have driven meme stock mania.