India’s equity market is far more diversified than Taiwan’s, even though the Taiwanese market has overtaken Dalal Street in terms of market capitalisation by a few billion dollars, Sebi Chairman Tuhin Kanta Pandey said on Tuesday.
Pandey noted that nearly 42% of Taiwan’s market capitalisation is concentrated in a single stock.
“We are a very, very diversified market. In Taiwan, there are concentrated stocks. There are very few. There are specific companies. The chip giant TSMC (Taiwan Semiconductor Manufacturing Company) and others, which are critical to the electronic supply chain, are getting a lot more fund flows, leading to higher valuations,” Pandey said.
TSMC, the world’s largest chipmaker, had a market capitalisation of $1.92 trillion as of Monday, making it the world’s sixth-largest company by market value. This helped take Taiwan’s total market capitalisation to $4.95 trillion, slightly ahead of India’s $4.92 trillion equity market. Taiwan’s GDP stands at less than $1 trillion, at around $977 billion.
TSMC shares have rallied 49% this year, benefiting from the global artificial intelligence boom, where its semiconductors play a dominant role.
Domestic equities, meanwhile, have declined this year amid record foreign outflows of over $53 billion in the past 18 months, driven by elevated valuations and a weakening rupee. The Sensex has fallen nearly 10,000 points from its peak of 85,762 on January 2, 2026, to a low of 76,908 on Tuesday.
Addressing a corporate debt market event organised by CARE Ratings in Mumbai, Pandey said India’s debt market has achieved significant scale, with outstanding bonds growing from Rs 17.5 trillion in FY15 to over Rs 59 trillion now, reflecting a CAGR of 12%.
Average annual debt mobilisation stood at around Rs 8 lakh crore during FY21-25, but rose to Rs 9.1 lakh crore in FY26 — nearly double the amount raised through equity markets, he said.
