North India has overtaken the West to lead the country in the number of registered stock market investors. The change has been driven by greater internet access since the pandemic.
The North region has seen its investor base grow six times since FY19. This expansion has positioned it ahead of other parts of the country.
Maharashtra continues to hold the top spot among individual states by total investors. Its overall share has fallen in recent years.
Uttar Pradesh has moved ahead of Gujarat to become the second-largest state by investor numbers. The national trend reflects broader growth in retail participation across equity markets.