Maharashtra, Uttar Pradesh, Gujarat lead investor base as North India emerges as largest region

India's retail investing landscape is undergoing a geographic shift, with North India overtaking other regions to become the country's largest investor hub even as Maharashtra, Uttar Pradesh and Gujarat continue to dominate at the state level.

According to the National Stock Exchange's (NSE) Market Pulse report for June 2026, North India accounted for 36.7% of the country's 13.1 crore registered investors as of May 2026, ahead of West India at 29.2%, South India at 21.1% and East India at 12.1%.

The data points to a broadening of India's investor base beyond traditional market strongholds and highlights the increasing participation of households across regions.

At the state level, Maharashtra, Uttar Pradesh and Gujarat remained the top three contributors, together accounting for around 36% of the country's registered investors. The top five states—Maharashtra, Uttar Pradesh, Gujarat, West Bengal and Rajasthan—collectively represented 47.5% of the overall investor base.

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However, the report also noted that states outside the top 10 now account for 27% of registered investors, up from about 22% in FY17, indicating that investor participation is gradually becoming more geographically dispersed.

The expansion in investor numbers has accelerated in recent years. NSE's registered investor base reached 13.1 crore in May 2026, with the latest one crore investors added in just seven months. Overall, the investor base grew at a compound annual growth rate (CAGR) of 25.3% during FY21-FY26, significantly higher than the 16.3% CAGR recorded during FY16-FY21.

Another notable trend highlighted by the report is the changing demographic profile of Indian investors.

Young investors

Young investors are increasingly driving market participation. The share of investors below the age of 30 rose sharply from 23.5% in March 2020 to 38.3% in May 2026. Meanwhile, the proportion of investors aged 50 years and above declined from 25.6% to 15.3% over the same period.

The median age of registered investors has also fallen meaningfully, from 38 years in March 2020 to 33 years in May 2026. New investor additions are even younger, with those below 30 accounting for 53-59% of registrations between April 2020 and May 2026. The median age of new investors has remained in the 27-29 year range.

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Women are also gaining a larger presence in the market. Female investors accounted for around 25% of all individual investors as of April 2026. Among major states, Maharashtra led with a female investor share of 29%, followed by Tamil Nadu at 28.7%, while Uttar Pradesh, despite being the second-largest state by investor count, had a female participation rate of 19.1%, below the national average.

The findings suggest that India's investing ecosystem is becoming broader, younger and gradually more diverse, reflecting the deepening penetration of capital markets across the country.

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