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Which State in India has the Highest Number of Stock Market Investors?

12 Jul 2024|
3 min read |
by ICICI Securities Team

India's stock market has witnessed a surge in participation in recent years, with more and more individuals venturing into the exciting world of equities. But which state leads the pack in terms of the sheer number of active investors? Let us look at the state with maximum investors and how other states look on the table.

Stock market investors in India

Stock market investing in India has seen significant growth and evolution over the past few decades. With an increasing number of participants, the Indian stock market has become an attractive destination for both domestic and international investors. Demat accounts surged from 36 million in March 2020 to 160 million in June 2024.

Non-institutional investors now account for more than half of the cash volumes in FY24, marking a notable increase from 38% and 49% in FY14 and FY19, respectively. India's weight in the MSCI Index has also surged to 19% from 7% in FY14 and 9% in FY19.

Statewise list of stock market investors in India

According to data from the Bombay Stock Exchange (BSE), Maharashtra emerges as the champion, boasting the highest number of registered stock market investors in India.

As you can see in the table below, western India has been a stronghold for equity market investments. Maharashtra's neighbor, Gujarat, follows closely behind at third position with over 1.68 crore active investors. Uttar Pradesh, the country's most populous state, comes in at a second position with around 1.97 crore investors.

State

No. of Clients

Percentage

MAHARASHTRA

33599064

18.61%

UTTAR PRADESH

19713821

10.92%

GUJARAT

16787336

9.30%

RAJASTHAN

10843274

6.01%

WEST BENGAL

10175067

5.64%

KARNATAKA

9666896

5.35%

MADHYA PRADESH

9443956

5.23%

TAMIL NADU

8693730

4.81%

DELHI

8147989

4.51%

BIHAR

7235459

4.01%

ANDHRA PRADESH

6870186

3.80%

HARYANA

6070137

3.36%

TELANGANA

5302164

2.94%

PUNJAB

4479116

2.48%

ODISHA

4031560

2.23%

KERALA

3990392

2.21%

ASSAM

3850702

2.13%

JHARKHAND

3087771

1.71%

CHHATTISGARH

2092604

1.16%

UTTARAKHAND

1755288

0.97%

HIMACHAL PRADESH

1050392

0.58%

N D

965027

0.53%

JAMMU AND KASHMIR

892887

0.49%

CHANDIGARH

417163

0.23%

GOA

366689

0.20%

TRIPURA

253884

0.14%

MANIPUR

170013

0.09%

PONDICHERRY

148124

0.08%

MEGHALAYA

94,458

0.05%

DADRA AND NAGAR HAVELI

72,069

0.04%

NAGALAND

68,846

0.04%

ARUNACHAL PRADESH

66,493

0.04%

SIKKIM

50,205

0.03%

DAMAN AND DIU

40,357

0.02%

ANDAMAN AND NICOBAR

36,366

0.02%

MIZORAM

29,093

0.02%

LAKSHADWEEP

2,695

0.00%

LADAKH

1,903

0.00%

ARMY POST OFFICE

238

0.00%

Factors Fueling the Growth

Several factors are contributing to this nationwide rise in stock market participation:

  • Increased Awareness and Education: Financial literacy initiatives and readily available online resources are empowering individuals to understand the stock market and make informed investment decisions.
  • Technological Advancements: Easy-to-use mobile trading platforms and online brokerage accounts have made investing more accessible and convenient than ever before.
  • Demonetization & Digital Push: The Indian government's demonetization initiative and emphasis on digital transactions are likely nudging people towards exploring alternative investment avenues like the stock market.

Before you go

With Maharashtra and Uttar Pradesh leading the charge and a pan-India upsurge in investor participation, the Indian stock market is poised for continued growth. As financial literacy and access to technology improve further, we can expect even more individuals to join the exciting world of equities and shape the future of the Indian investment landscape.

Disclaimer: ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  Investments in securities market are subject to market risks, read all the related documents carefully before investing. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents are solely for informational and educational purpose.

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