Abstract <p>The article is devoted to the issues of mutual influence of financial inclusion and financial stability. The problem of finding the optimal combination of financial inclusion and financial stability policies is very relevant for Russia, given the significant influx of private investors into the securities market, which the regulator is trying to limit with high entry barriers for these investors. Based on the conclusion about the duality of the mutual influence of inclusion and stability existing in the literature, the authors developed a theoretical model of the influence of the level of inclusion on the risks affecting stability, showing that there is such a share of private investors in the volume of trading in the securities market, at which the risks of illiquidity and a decrease in profitability are minimal in their combination. Based on this model, recommendations for improving the regulation of the Russian securities market have been formulated.</p>