NSE crosses 24 crore investor accounts as retail participation hits new high

The National Stock Exchange of India crossed a major milestone in November, with total unique investor accounts surpassing 24 crore. The achievement comes barely a year after the exchange touched the 20 crore mark in October 2024, reflecting the rapid growth of retail participation in India?s capital markets. As of 31 October 2025, the number of unique registered investors stood at 12.2 crore, up from 12 crore in late September.

The exchange said investors often hold accounts with multiple brokers, resulting in more than one client code per individual. Maharashtra continued to lead the country with over 4 crore investor accounts, accounting for 17% of the total. It was followed by Uttar Pradesh with 2.7 crore accounts, Gujarat with 2.1 crore, and West Bengal and Rajasthan with 1.4 crore each. The top five states together make up nearly half of the nation?s investor accounts, while the top 10 states represent more than 73%.

The rise in investor participation has strengthened retail ownership in listed companies. As of 30 September 2025, individual investors, both direct and through mutual funds, held 18.75% of NSE-listed companies, the highest in 22 years. Over the past five years, the Nifty 50 and Nifty 500 have delivered strong annualised returns of 15% and 18%, underscoring the vibrant performance of Indian equities.

Rapid digitalisation, innovation, a rising middle class and supportive policy measures have contributed to the expansion.

Sriram Krishnan, chief business development officer at NSE, said retail investors remain optimistic due to reforms such as the standardisation of mobile trading platforms, smoother KYC processes and enhanced awareness initiatives. He said these measures have improved market access across smaller cities and towns and broadened the range of instruments available to investors. He added that the surge past 24 crore accounts reflects the evolution of a more accessible and technology-driven financial ecosystem.

NSE is ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares every year since 1995. It is the world?s largest derivatives exchange by trading volume (contracts) as per the statistics maintained by Futures Industry Association (FIA) for calendar year 2024.

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