Indian equities are soaring right now. The country’s benchmark Nifty 50 index has doubled in just five years, beating out the pace of Japan, China and even the US. And it’s all being driven by millions of domestic investors who are piling into the market for the first time. But this boom has regulators sounding the alarm. The FT’s Mumbai correspondent Chris Kay explains why a bubble might be forming and what could happen to these first-time investors if it bursts.

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For further reading:

The young investors gambling on Indian stocks

Investors bet an election win by Narendra Modi will extend India’s stock market boom

India closes in on China as largest emerging market

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On X, follow Chris Kay (@christopherkay) and Saffeya Ahmed (@saffeya_ahmed).

Read a transcript of this episode on FT.com

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Is there a bubble waiting to burst in India?

The Story of Money