India’s equity markets have reached a new milestone. The National Stock Exchange (NSE) said on Wednesday that its registered investor base has crossed 12 crore unique accounts, with women now accounting for one in every four investors.
The NSE noted that as of September 23, it had 23.5 crore unique client codes — investor accounts maintained with the exchange — a sharp increase from 23 crore just two months earlier.
A Long Journey, Then Acceleration
The exchange’s growth trajectory has been uneven but striking. It took 14 years after NSE’s inception to register its first 1 crore investors. The next 1 crore took seven years, and subsequent increments accelerated sharply. By March 2021, the exchange had 4 crore registered investors; since then, each additional crore has taken only months.
Market Outperformance
The surge has coincided with robust equity returns. So far in the current fiscal year, the Nifty 50 has returned 7 percent while the broader Nifty 500 has gained 9.3 percent. Over the past five years, annualized returns stand at 17.7 percent for Nifty 50 and 20.5 percent for Nifty 500 — well ahead of most emerging and developed markets.
Market capitalization of companies listed on NSE has risen at an annualized 25.1 percent pace over the same period, reaching ₹460 lakh crore as of September 23.
Retail Investors Claim a Bigger Share
Individual investors — directly and through mutual funds — now hold 18.5 percent of the market as of June 30, according to the exchange.
Women and the Young at the Forefront
Perhaps the most striking development is the demographic shift. One in four investors is a woman, NSE said, reflecting both greater financial literacy and easier digital access. The median investor age is now 33, down from 38 just five years ago, with 40 percent of investors under 30.
Penetrating Every Corner of India
The investor base spans 99.85 percent of India’s postal codes, with Maharashtra leading in absolute numbers at 1.9 crore investors, followed by Uttar Pradesh with 1.4 crore and Gujarat with 1.03 crore, which recently crossed the 1-crore threshold.
Expert Views
Analysts say the growth is more than a statistical marker — it signals a cultural shift.
“The rising participation of women and young investors is not just about numbers, it represents a change in India’s socio-economic fabric. Mobile trading apps, lower transaction costs, and financial awareness campaigns have all played a role,” said Rita Sen, a financial advisor and equity strategist.
Others see it as a stabilizing force for the market.
“A broader investor base makes markets deeper and less vulnerable to shocks. With younger investors looking at equities as a long-term asset, India is building resilience into its financial system,” said Arun Mehta, a market economist.
A Global Comparison
The momentum also positions India as a major retail investor hub globally. The United States is estimated to have about 16 crore retail market participants, while China counts around 20 crore. With more than 12 crore, India is now the third-largest retail investor base in the world, and growing faster than its peers.
India’s stock markets are no longer the exclusive preserve of institutions and wealthy families. A new investor class — younger, digital-first, and increasingly female — is reshaping the country’s financial future.
