NSE adds one crore unique investors in 7 months, base crosses 13 crore mark

The unique registered investor base on the National Stock Exchange crossed the 13-crore milestone on Monday, just seven months after surpassing 12 crore in September 2025. Meanwhile, the total number of client codes (accounts) stood at 25.7 crore as of April 25, 2026, after breaching the 25-crore mark earlier in February, reflecting continued expansion in retail participation.

It took 14 years for the exchange to reach its first crore of registered investors after commencing operations, and another 11 years to add the next three crore. Since then, growth has accelerated sharply, with an additional crore investors being added every 6–8 months on average. Over the past five years (FY21–FY26), the investor base has expanded at a CAGR of 26.4%, significantly outpacing the 15.2% CAGR recorded in the preceding five-year period (FY16–FY21).

The investor base has expanded at a markedly faster pace in recent years, signalling deeper retail participation in capital markets. This growth has been driven by wider digital access, improving financial awareness, and sustained efforts by regulators, market infrastructure institutions (MIIs), and the government to enhance inclusivity.

Over the five-year period ended April 24, 2026, the benchmark Nifty 50 and Nifty 500 delivered annualised returns of 10.8% and 13.3%, respectively, according to an NSE release. During the same period, the market capitalisation of NSE-listed companies grew at a CAGR of 18% to Rs 460.6 lakh crore.

Individual investors owned 18.6% of the market (NSE listed companies) as of December 31, 2025 directly and indirectly via mutual funds.

The expansion of the investor base has also been geographically broad-based, now extending across 99.85% of pin codes in the country. As of March 31, 2026, three states had more than one crore unique registered investors each, with Maharashtra leading the pack with 2 crore, followed by Uttar
Pradesh at 1.5 crore and Gujarat at 1.1 crore investors.

Investor participation is increasingly spreading beyond traditional hubs, with states outside the top 10 now accounting for 27% of the base. Smaller and northeastern states have seen multi-fold growth since FY21, highlighting deeper penetration into Tier 2–4 cities.

Indirect participation has also surged, with 7.2 crore new SIP accounts added in FY26 and monthly inflows rising eight-fold over the past decade, reflecting strong retail discipline. This broad-based expansion, driven by digital platforms and a younger investor base, has increased the need for financial education, with NSE ramping up awareness programs and strengthening investor protection measures.

NSE’s Chief Business Development Officer Sriram Krishnan said crossing the 13-crore investor mark underscores the strong and resilient participation in Indian capital markets, with one crore investors added in just seven months despite global uncertainties. He attributed this growth to rising mobile-based trading, simplified KYC processes and sustained investor awareness efforts.

He added that participation is expanding beyond metro cities into Tier 2–4 regions, with investors increasingly diversifying across instruments such as equities, ETFs, REITs, InvITs and bonds, reflecting a more inclusive and broad-based market ecosystem.

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