July 30, 2025 — The National Stock Exchange of India (NSE) has achieved a remarkable milestone, surpassing 23 crore (230 million) unique client accounts in July 2025. This milestone comes merely three months after NSE crossed the 22-crore mark in April 2025, underscoring the accelerating pace of retail participation in India’s equity markets.

According to NSE data, the number of unique registered investors now stands at 11.8 crore as of July 28. While investors may hold multiple accounts across brokers, the surge in total accounts is a strong indicator of the rising popularity of equity investing across the country.

Regional Growth Led by Maharashtra, Uttar Pradesh, Gujarat

Investor participation is seeing a pan-India boom, with Maharashtra leading at nearly 4 crore accounts—accounting for 17% of the total. Uttar Pradesh follows with 2.5 crore accounts (11%), while Gujarat contributes over 2 crore (9%). West Bengal and Rajasthan also report over 1.3 crore accounts each, representing 6% each. Collectively, these five states make up nearly half of the total investor accounts, while the top ten states contribute close to 75%.

This broad-based participation is not limited to metros. A significant chunk of the growth has come from tier-2 and tier-3 cities, helped by mobile trading apps, seamless digital onboarding, and affordable access to the markets.

Youth and First-Time Investors Drive Growth

One of the most notable aspects of this investor surge is the growing involvement of young and first-time investors. Fuelled by access to fintech platforms, awareness programs, and favorable market conditions, these investors are shaping the future of India’s capital markets.

To support this emerging class of market participants, NSE and the Securities and Exchange Board of India (SEBI) have ramped up education and awareness initiatives. Investor Awareness Programs (IAPs) conducted by NSE have grown nearly fourfold—from 3,504 in FY20 to 14,679 in FY25—reaching over 8 lakh individuals across all states and union territories.

Further strengthening investor protection, the NSE’s Investor Protection Fund (IPF) has grown over 22% year-on-year to Rs 2,573 crore as of June 30, 2025. These funds are essential for safeguarding the interests of retail investors and fostering confidence in the capital markets.

Stellar Market Performance Encourages Participation

India’s equity markets have provided a fertile ground for investor growth, delivering solid returns in recent years. The Nifty 50 and Nifty 500 have posted impressive annualised returns of over 17% and 20%, respectively, over the past five years. This wealth creation, coupled with a rising middle class and supportive government policies under the leadership of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, has made equity investing more attractive than ever.

Policy, Technology, and Trust — The Triple Engine of Growth

Commenting on the development, Shri Sriram Krishnan, Chief Business Development Officer, NSE, said, “The Exchange has crossed another major threshold, adding a crore investor accounts in just about three months after crossing the 22-crore mark. This momentum reflects the deepening trust in India’s capital markets and the resilience of investor sentiment amid global economic uncertainty.”

He further noted that the expansion has been driven by the rapid digitalization of financial services, mobile-based trading, and streamlined onboarding processes. “Targeted policy and institutional efforts—ranging from financial literacy drives to regulatory ease—have created a more inclusive and diversified investment ecosystem,” he added.

With more people now investing in equities, ETFs, REITs, InvITs, and debt instruments, NSE’s latest milestone is more than a numerical achievement—it is a testament to the growing financial empowerment of Indian households.

As India charts its path toward becoming a \$5-trillion economy, the rise in investor participation is set to play a crucial role in deepening domestic capital formation, enhancing market resilience, and making wealth creation more inclusive.