North India leads India’s expanding stock market investor base
North India, which overtook the West to become the largest contributor to the country’s registered investor base in FY23, has consolidated its position further.
The North region now accounts for 36.8% of all investors, compared with 29.1% for the West, according to data from NSE’s Market Pulse report for July. South and East India account for 21.1% and 12.1%, respectively.
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The shift has accelerated in the years following the Covid-19 pandemic, when widespread internet access and the rapid adoption of mobile trading platforms brought millions of first-time investors into equity and derivatives trading, leading to record additions in demat accounts.
Agenciesbeyond hubs Retail interest spreads; North widens investor base lead over West
“North India recorded the fastest growth, with the registered investor base expanding 6.3 times between FY19 and FY27 (to date), adding 410.9 lakh investors. This was followed by East India (5.9 times), South India (4.2 times), and West India (4 times),” said the report.The changing regional profile is also reflected at the state level. While Maharashtra remains the country’s largest state in terms of investor base, with Mumbai leading the charge, its share of the overall investor base has declined over the years.
As of June, Maharashtra represented 15.5% of the overall investor base, followed by Uttar Pradesh and Gujarat. Maharashtra has retained its top position throughout the past decade, but Uttar Pradesh has overtaken Gujarat to emerge as the second-largest investor state, underscoring how investor participation has spread to smaller towns and cities beyond the traditional strongholds.
