Maharashtra tops stock market investors, but share declines as Uttar Pradesh gains ground: NSE

Mumbai (Maharashtra) [India], December 22 : Maharashtra continued to lead the country in terms of registered stock market investors as of November 2025, but it saw a gradual decline in share of the national investor pool, which fell from 19.5 per cent in calendar year 2020 to 15.9 per cent as of November 2025, highlighted a report by National Stock Exchange of India (NSE).
Whereas, Uttar Pradesh retained its position as the second-largest contributor with strong growth momentum, the state's share in the national investor pool has gone up over the years, from 7.7 per cent in 2020 to 11.6 per cent by November 2025.
According to the report, Maharashtra remained the top state with a registered investor base of 2.0 crore as of November 2025.
It stated "As of Nov'25, Maharashtra continued to occupy the top position among all the states, with a registered investor base of 2.0 crore registered investors".
During the eleven months of calendar year 2025, from January to November, Maharashtra's investor base expanded at an average monthly run-rate of 0.8 per cent on a month-on-month basis. This growth rate is nearly half of the 1.6 per cent MoM pace recorded during the same period last year.
The sustained moderation in growth has also led to a gradual decline in Maharashtra's share of the national investor pool, which fell from 19.5 per cent in calendar year 2020 to 15.9 per cent as of November 2025.
Uttar Pradesh continued to retain its position as the second-largest state in terms of registered investors, with a total base of 1.4 crore as of November 2025.
The report highlighted that the state's share in the national investor pool has steadily increased over the years, rising from 7.7 per cent in calendar year 2020 to 11.6 per cent by November 2025. This trend points to Uttar Pradesh's growing prominence and stronger growth momentum compared to Maharashtra.
Between January and November 2025, Uttar Pradesh's investor base grew by 15.8 per cent, significantly outpacing Maharashtra's growth of 9.2 per cent during the same period, the report noted.
Following Maharashtra and Uttar Pradesh, Gujarat ranked third with a registered investor base of around 1.1 crore. West Bengal followed with 72.6 lakh investors, while Rajasthan stood fifth with 70.4 lakh registered investors.
Collectively, these five states accounted for 47.7 per cent of India's total registered investor base as of November 2025, highlighting the continued regional concentration of stock market participation even as new growth centres emerge, the NSE report said.