The benchmark Sensex has risen 159 per cent since May 15, 2014, a day before the election results were announced, till May 24, 2023. Only the Nasdaq composite, which rose 207 per cent, has bettered Sensex’s performance among major equity benchmarks.

Improvement in financial savings channelised massive inflows into the equities market through the mutual fund route. In terms of regulation, the Securities Laws Amendment Act 2014 endowed Sebi with enhanced powers, including search and seizure, attachment and recovery, authority to call for information, and powers of disgorgement.