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.

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.

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