The National Stock Exchange (NSE) of India has crossed a significant milestone by surpassing 26 crore investor accounts, driven by increased retail participation and technological advancements. Over 4.3 crore accounts, nearly 17% of the total, were added in the past year alone, reflecting sustained retail interest despite geopolitical uncertainty and market volatility.
The growth in investor accounts is attributed to rapid digitisation and increased penetration beyond metropolitan areas. Mobile trading platforms now account for more than a fifth of cash market turnover, while a simplified KYC framework has lowered entry barriers. Maharashtra leads with 4.4 crore accounts, followed by Uttar Pradesh with approximately 3 crore, Gujarat with 2.2 crore, and West Bengal and Rajasthan with 1.5 crore each. The top five states account for 49% of accounts, with northeastern states like Mizoram, Sikkim, and Meghalaya showing significant growth in 2025.
NSE has significantly expanded its investor education initiatives, with the number of Investor Awareness Programs rising five-fold from 3,504 in FY20 to 17,902 in FY26, covering more than 9.4 lakh participants in FY26 alone. The exchange's Investor Protection Fund stood at Rs 2,890 crore as of April 30, 2026.
“Crossing the 26-crore investor accounts mark is a significant achievement for the exchange and reflects the continued deepening of investor participation in Indian capital markets.”
Shri Sriram Krishnan, Chief Business Development Officer, NSE
Indirect participation via mutual funds is also surging, with 7.2 crore new SIP accounts opened between April 2025 and March 2026. Average monthly SIP inflows grew eight-fold from Rs 3,660 crore in FY17 to Rs 29,132 crore in FY26. Individual investors now own 18.7% of NSE-listed companies directly and via mutual funds as of March 31, 2026.
The recent introduction of Electronic Gold Receipts has further broadened market access, allowing investors to engage with a wider range of exchange-traded instruments, including equities, ETFs, REITs, InvITs, government bonds, and corporate bonds.
“This growth has been supported by greater adoption of mobile-based trading, a simplified KYC framework and sustained efforts to promote disciplined investing through stakeholder-led investor awareness initiatives.”
Shri Sriram Krishnan, Chief Business Development Officer, NSE
Background
The NSE has been at the forefront of India's capital market expansion, leveraging technology and education to enhance investor participation. The exchange's efforts to simplify processes and promote financial literacy have played a crucial role in attracting a diverse range of investors across the country.
Looking ahead, the NSE aims to continue expanding its reach into Tier 2, Tier 3, and Tier 4 cities, enhancing investor participation across the country. The sustained growth in investor accounts and market participation underscores the resilience and potential of the Indian capital markets.
