Gujarat emerges as India’s second-largest investor base on NSE

Ahmedabad: Gujarat continues to hold a strong position in India's equity markets. National Stock Exchange data for FY26 shows the state ranked second in both active investors and trading turnover. Despite market volatility, participation levels remained high. According to an NSE report, 46 lakh investors from Gujarat traded at least once during the financial year 2025-26. This accounted for 12.5% of all active individual investors in the country. These investors generated a total cash market turnover of Rs 18.5 lakh crore. Of the total 1.10 crore registered investors in the state, about 42% traded at least once in FY26, the report states. "As of FY26, Maharashtra and Gujarat continued to remain the top-ranked states in terms of individual investor turnover in NSE's equity cash segment. Maharashtra recorded Rs 33 lakh crore in cash market turnover (19% turnover share) and Gujarat recorded Rs 18.5 lakh crore in cash market turnover (10.6% turnover share) in FY26. Additionally, the top five states (UP, Karnataka and Delhi being the other three) accounted for over half of NSE CM turnover during FY26," the NSE report said. Gujarat's 46.1 lakh active investors made it the second-largest contributor to investor participation in the NSE's equity cash segment. Maharashtra accounted for a 16.6% share of active investors, while Gujarat's share stood at 12.5%. Market participants attributed Gujarat's strong showing to its deep-rooted trading culture and high retail participation. Stock broker Nirav Chandi from Ahmedabad said, "Investors from Gujarat remained very active in the stock market despite volatility because equity investing is deeply embedded in the state's financial culture. Many retail investors here view corrections as buying opportunities rather than reasons to exit. " At the district level, Ahmedabad ranked second in the country after Mumbai Suburban. The city had 10.4 lakh investors who traded at least once during FY26, accounting for 2.8% of all active investors nationally, stated the NSE report. The NSE report also highlighted the concentration of investor activity. The top 10 districts together had 71.4 lakh active investors in FY26, making up 19.4% of total investors who traded at least once. Mumbai Suburban led with 12 lakh investors (3.3% share), followed by Ahmedabad.

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