Mumbai

The pace of new investors entering India’s stock market has slowed significantly, with February recording the lowest monthly additions in nearly 11 months, according to data from the National Stock Exchange of India.

The NSE’s registered investor base reached 12.8 crore as of February 2026, with 13.3 lakh new investors added during the month. This represents a sharp 24.5 per cent month-on-month decline and the steepest drop in investor registrations in FY26 so far.

Despite the slowdown, overall participation in equity markets remains strong. The total number of unique client codes crossed 25 crore on February 12, reflecting continued structural expansion in the market.

On a year-on-year basis, the investor base has grown steadily by 14.4 per cent over the past three months, indicating sustained long-term interest even as short-term momentum has moderated.

Between April 2025 and February 2026, the average monthly addition of investors stood at 13.6 lakh, compared to 18.2 lakh during the same period last year, suggesting a gradual cooling in new registrations.

Regionally, Maharashtra became the first state to cross the 2 crore mark in registered investors, accounting for 15.7 per cent of the total base. However, its share has declined from 19.5 per cent in FY21, pointing to faster growth in participation from other states.

The data also highlights a broader geographical spread of investors. The top five states, including West Bengal and Rajasthan, account for 48 per cent of the total investor base.

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Meanwhile, the share of the top 10 states has declined from around 78 per cent in FY15 to 73.1 per cent in FY26 so far, signalling increasing participation from emerging regions across the country.