FDs better than equities even over a long tenure

Please follow the link:

http://articles.economictimes.indiatimes.com/2012-04-02/news/31275335_1_sensex-returns-long-term-investors-nivesh-securities

I have been meaning to do this analysis for a long time. This might imply:
1. Indians are risk seekers and our equities were/are over-priced
2. Share markets are highly manipulated and long term investor is left holding the bag

It might mean that the long time adage of equities outperforming debt over a long period is a myth.