As per the National Stock Exchange’s (NSE) year-end report, western and northern states largely dominated India’s investor base at the end of 2025, led by Maharashtra, Uttar Pradesh and Gujarat. Among the southern states, Tamil Nadu had the highest investors, followed by Karnataka.
1 / 11The National Stock Exchange (NSE) in its year-end report stated that the total unique registered investors as of December 30, 2025 stood at 12.5 crore, while total unique accounts were at 24.5 crore. New investor registrations in 2025, till December 30, 2025, were at 1.6 crore. As per its report, western and northern states largely dominated India’s investor base.
2 / 11Maharashtra | As per the National Stock Exchange’s (NSE) report, Maharashtra had the highest investor base of 19.75 crore as on December 30, 2025. This was 10.2% more than last year’s 17.92 crore investors.
3 / 11Uttar Pradesh | Second in line, Uttar Pradesh’s investor base increased 17.6% in 2025, as per the NSE report. The state had an investor base of 14.47 crore as on December 30, compared to 12.31 crore in the previous year.
4 / 11Gujarat | The state had a total investor base of 1.07 crore at the end of December 2025. registering an increase of 11.4% more than last year’s 96.8 lakh. The state features third on the list.
5 / 11West Bengal | West Bengal reported a total investor base of 73.5 lakh at the end of December. 15.5% higher compared to 63.7 lakh in December 2024. 
6 / 11Tamil Nadu | The state had the highest number of investors among the southern ones in 2025. Its investor base increased 18% to 70 lakh from 59.3 lakh last year.
7 / 11Karnataka | Following suit, Karnataka’s total investor base increased 14.7% to 69.1 lakh. Last year, its total investors stood at 60.3 lakh.
8 / 11Madhya Pradesh | The state had 60.2 lakh investors at the end of December 2025. This was 13.9% more than the 52.8 lakh investors last year.
9 / 11Andhra Pradesh | Its investor base increased 19.4% to 59.2 lakh till the end of December 2025 from 49.6 lakh investors last year.
10 / 11Bihar | The state’s investor base increased 18.2% to 57.5 lakh from 48.6 lakh in the year-ago period.
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