34.0% of securities credited to demat accounts in the panel between June and August 2026 were mutual fund units. A year earlier the figure was 22.7%.
Direct stocks went the other way. They made up 64.2% of credits in summer 2025 and 48.5% in summer 2026, falling below half for the first time in the data.
ETFs gained too, rising from 11.0% to 13.9% of credits. Between mutual funds and ETFs, pooled products went from a third of all demat credits to almost half.
The smaller asset classes grew fastest. Silver credits made up 1.0% of the total, four times the 0.24% of a year earlier. Gold rose from 1.5% to 2.1%. InvITs nearly doubled their share, from 0.17% to 0.35%, though they remain a small slice.
Every category except direct stocks gained share. The shift is broad rather than concentrated in a single product.
For an AMC, a broker or a wealth platform, the demat account is being used differently from a year ago. Fewer of the units arriving in it are individual stocks, and more are funds, ETFs and commodity-linked products. Investors are building portfolios out of pooled products more often than they did a year ago.