The total number of demat accounts crossed 100 million in August 2022, up from around 40 million accounts in March 2020. This breakneck growth indicates changes in the attitude to financial assets within the average Indian household. The 100-million tally amounts to 60-70 million unique investors since many hold multiple accounts. While the bulk of household financial assets continue to be held in fixed deposits and insurance-related assets (much of which is also invested in the stock market), more savings are flowing into equity, either through direct investments, or via mutual funds. The pandemic led to what Americans are calling