SEBI’s Ruchi Chojer also reiterates that AIFs must play a key role in driving ESG adoption among unlisted investee companies, especially as 40% of AIF capital comes from foreign investors who expect alignment with global disclosure standards.
Alternative Investment Funds (AIFs) must push ESG compliance among their investee companies, says Ruchi Chojer, Executive Director, SEBI. She also says India’s clean energy transition cannot be driven by listed companies alone, and AIFs must play a key role in driving ESG adoption among unlisted investee companies—especially as 40 per cent of AIF capital comes from foreign investors who expect alignment with global disclosure standards.
Speaking at the IVCA Energy Summit 2025, Ruchi Chojer said, “As India undertakes its green transition, the role of capital markets, and particularly Alternative Investment Funds (AIFs), will be critical. Financing long-gestation sectors like grid modernisation, storage, and transmission requires patient and risk-tolerant capital. SEBI has already enabled blended finance structures, allowing philanthropic and multilateral capital to invest through junior units in AIFs. This is a vital step in unlocking capital for the energy transition.”
She also said that over the past three decades, India’s capital markets have evolved significantly, becoming one of the world’s top ten equity markets with a market capitalization exceeding $4 trillion. A total of approximately Rs 93 lakh crore has been raised through both equity and debt instruments, highlighting the crucial role of capital markets in funding India’s economic expansion. On average, Indian companies have mobilized Rs 2.2 lakh crore annually through equity issuances. Notably, in the financial year 2024–25, the market saw a record-breaking equity issuance of Rs 4.3 lakh crore, of which Rs 1.7 lakh crore came through Initial Public Offerings (IPOs). This underscores the strong appetite for equity financing and growing investor participation in primary markets. The growth of products like Alternative Investment Funds (AIFs), which have surpassed $100 billion, also reflects this maturity.
The number of unique investors in the securities market ecosystem has nearly tripled from around 4.3 crore in March 2019 to over 13 crore by April 2025. This unprecedented growth reflects rising financial awareness, increasing trust in the capital markets, and greater digital access for investors across the country.
Further, the official talked about how regulatory leadership has also strengthened, with India now setting global benchmarks rather than following others. “Policy stability has enhanced investor confidence, especially among foreign portfolio investors, who have benefited from recent reforms such as easier access to government securities and green bonds,” she added.
