Maharashtra Tops Count Of Stock Market Investors, UP Closes Gap, Shows NSE Report

Maharashtra remained the top state in terms of registered stock market investors as of November 2025, though, the share of national investor pool appeared to be waning in the state, according to a National Stock Exchange of India (NSE) report.

Its share declined to 15.9% from 19.5%, news agency ANI cited the NSE report as saying. Uttar Pradesh, on the other hand, remained the second largest contributor and also increased its share of national investor pool from 7.7% in 2020 to 11.6% by November 2025.

The report revealed that Maharashtra had a registered investor base of two crore as of November 2025, and therefore retained its position as the state with the most number of investors.

"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", the report stated.

Maharashtra's investor base expanded at an average monthly run-rate of 0.8% over the first eleven months of calendar year 2025, from January to November. The growth rate slowed down significantly from the 1.6% recorded in the same period last year.

The state's share of the national investor pool has also declined on account of this sustained moderation in growth.

With a total base of 1.4 crore as of November 2025, Uttar Pradesh stayed in its place as the second-largest state in terms of registered investors.

The report also pointed out that UP's share in the national investor pool has steadily increased over the years, indicating that Uttar Pradesh is tightening its grip around the market handles and growing in prominence with a stronger growth momentum compared to Maharashtra.

Over the last 11 months the state's investor base grew by 15.8%, significantly exceeding Maharashtra's growth of 9.2% during the same period, as per the report.

Gujarat followed Maharashtra and Uttar Pradesh, to rank third with a registered investor base of around 1.1 crore.

After that, West Bengal occupied the fourth place with 72.6 lakh investors, while Rajasthan stood fifth with 70.4 lakh registered investors.

These five states collectively accounted for 47.7% of India's total registered investor base as of November 2025, underlining the continued regional concentration of stock market participation even as new growth centres emerge, ANI cited the NSE report as saying.