Mumbai

The Indian stock markets have registered double-digit sequential growth in new investor registrations during the current financial year so far, excluding April, according to a report released by the National Stock Exchange (NSE).

The report highlighted that investor growth momentum has remained positive, with three consecutive months of double-digit sequential growth in new registrations. However, the pace of growth has been slower than the same period last year.

It stated "In FY26 so far, excluding April, investor growth momentum has remained positive, with three consecutive months of double-digit sequential growth in new registrations".

Between April and July 2025 (FY26TD), the average monthly additions of new investors stood at 12.4 lakh. This figure is significantly lower compared with the FY25TD average of 19.8 lakh additions per month.

The moderation in growth has been attributed to global headwinds, including rising geopolitical tensions and retaliatory tariffs.

Despite these challenges, the report highlighted that the renewed uptick in registrations in recent months reflects the deepening trust in India's capital markets.

It also showed the resilience of investor sentiment at a time of external uncertainties.

Over the years, the pace of expansion of the investor base has accelerated considerably. It initially took 14 years to add the first crore of registered investors. However, subsequent additions occurred much faster, with the most recent crore of investors being added in just over seven months.

In terms of regional distribution, North India continued to lead the country with 4.3 crore registered investors as of July 2025. West India followed with 3.5 crore, while South India accounted for 2.4 crore and East India 1.4 crore investors.

On a year-on-year basis, North and South India posted more than 20 per cent growth in investor numbers. East India and West India also registered healthy growth, at 19.5 per cent and 15.2 per cent respectively.

The report also pointed out that female investor participation has been rising steadily across states. The proportion of women investors within NSE's individual investor base expanded further in July 2025.

Maharashtra led among the top five states in terms of unique registered investors, with women comprising 28.5 per cent of the total investor base, up from 25.6 per cent in FY23. Gujarat followed with 26.6 per cent, compared with 27.9 per cent in FY23.

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Despite having the second-largest investor base in the country, Uttar Pradesh continued to lag behind in gender representation. Women account for only 18.8 per cent of investors in the state, well below the national average of 24.6 per cent.