Widespread economic reforms in 1991 were expected to bring about significant transformations in the structure, operations, investments and competitiveness of the businesses in India. In the pre-1991 period, the private sector in India was predominantly controlled by “business groups” in spite of all the restrictions and regulations that existed. A new wave of entrepreneurial ventures, in traditional as well as new sunshine industries emerged post-1991. Norms were also relaxed for foreign multinational companies to set up businesses in India. There were widespread apprehensions about the capabilities of Indian private sector (predominantly family controlled businesses) to withstand the pressure of the newly created “freedom”. In this study we systematically map the evolution, growth and transformation of businesses listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India over a period of 26 years (1990-2015). Using data for 4,809 listed listed firms from Prowess, we study family businesses, heterogeneity within them, while also comparing and contrasting them with other ownership categories