This study focused on developing a scale for measuring Investment Importance Perception in Equity shares (IIPe) of individual investors. Item generation (from equity share investors) and content validity was performed (with expert panel) to gather the initial pool of items for the scale. Exploratory Factor Analysis (EFA) was used for item reduction and for establishing the dimensions of IIPe. Further, Confirmatory Factor Analysis (CFA) was used test the measurement validity. Parameters were estimated with maximum likelihood (ML) through the use of AMOS (version 16). The assumptions for multivariate normality were checked by looking into the skewness and kurtosis value of the individual items of the scale. The chi-square goodness-of-fit test guided evaluation of model fit along with established fit indices such as goodness of fit index (GFI), comparative fit index (CFI), incremental fit index (IFI), standardized root mean square residual (SRMR), root-mean-square error of approximation (RMSEA) and Akaike Information Criterion (AIC).