NSE’s unique investor base at 113 million; these states lead with the highest count

The unique equity investors of the NSE increase by more than 20 million in financial year 2024-25. This came despite the volatility in the domestic stock markets due to heavy outflows from foreign institutional investors, a slowdown in earnings, and US trade war woes. Data shared by the exchange showed the NSE had 113 million unique investors as of March 28, 2025, against 91.6 million on March 31, 2024. The benchmark NSE Nifty index gained 5.34% in the past 12 months.

Data highlighted that only two states—Maharashtra and Uttar Pradesh—have more than 10 million unique investors each. Maharashtra leads with 18.4 million registered investors as of March 28, registering a 16.6% year-on-year (YoY) growth. On the other hand, Uttar Pradesh posted a 29.4% YoY growth to 12.8 million unique registered investors.  

These top two states are followed by Gujarat (9.9 million registered investors), West Bengal (6.6 million) and Rajasthan (6.5 million) which complete the top five positions.

Overall, there are 20 states that have more than 1 million registered investors. Tamil Nadu, Karnataka, Madhya Pradesh, Andhra Pradesh, Bihar, Delhi, Haryana, Punjab, Kerala, Telangana, Assam, Odisha, Jharkhand, Chhattisgarh and Uttarakhand each have over 10 lakh registered investors, as per NSE data.

Region-wise, East India, North India and South India witnessed 26%, 26% and 23% growth, respectively, in the number of registered investors. West India saw a 19% YoY increase at 34.1 million.

As many as 37.7 million individual investors traded at least once in the cash market segment during the FY25, up 22.8% YoY. On the other hand, 10.6 million (up 10.4%) traded at least once in the equity derivatives segment.

The bottom five in terms of the number of unique registered investors include Ladakh, Lakshadweep, Daman & Diu, Mizoram and Andaman & Nicobar Islands.