Gujarat’s long-standing reputation as one of India’s most equity-savvy states remained intact in 2025, even as the momentum of new investor sign-ups eased considerably, market data released by the National Stock Exchange (NSE) shows.
During the calendar year, just over 11 lakh residents of the state opened equity accounts, a sharp pullback from the nearly 19 lakh additions recorded a year earlier.
According to media reports, among India’s larger states, Gujarat experienced one of the steepest year-on-year declines in fresh registrations, with new investor growth dropping by more than 40%, according to the NSE report.
Yet, the slowdown in new entries has done little to dent Gujarat’s overall presence in the stock market. By the end of 2025, the state had built a base of approximately 1.08 crore unique registered equity investors, placing it third nationally, behind only Maharashtra and Uttar Pradesh. Ahmedabad continued to anchor this participation, emerging as one of the country’s top five districts for investor additions, with close to two lakh new registrations during the year.
Media reports quoted market analysts saying that the figures reflect saturation rather than disinterest. Gujarat has historically been a trading-driven market, where equity participation runs through business families, traders and small entrepreneurs alike. For decades, investing in shares has been seen not as a niche financial activity but as a routine extension of commerce, particularly in cities like Ahmedabad, Surat, Rajkot and Vadodara.
This deep-rooted culture has meant that a large section of the population is already active in the market, leaving limited room for explosive first-time growth. As a result, even when new registrations taper off, the state continues to punch above its weight in trading volumes and market activity.
The NSE report noted that Uttar Pradesh topped the country in new investor additions for the third consecutive year in 2025, adding over 21 lakh accounts, followed by Maharashtra with more than 18 lakh. Within the top ten states, Gujarat and Rajasthan reported the sharpest contraction in year-on-year growth.
Prashant Shah, co-founder and chief executive officer of a leading brokerage firm, was quoted saying that Gujaratis remain among the country’s most active market participants. “The state ranks second nationally in terms of trading value, which highlights the depth of equity participation here,” he was quoted.
He attributed the slower pace of new sign-ups in 2025 partly to heightened market volatility. “Last year was unpredictable for equities, which made some first-time investors cautious. At the same time, decision-making has matured — investors now rely more on analytics, digital platforms and structured strategies rather than instinct,” Shah said, adding that smaller towns are steadily contributing to the investor pool.
While the headline numbers point to a cooling phase, industry watchers believe Gujarat’s equity story is far from slowing down. With a large, experienced investor base and growing participation from non-metro regions, the state continues to remain a critical pillar of India’s retail equity landscape.
Also Read: Gujarat’s Investor Registrations Slide 50%, Raising Eyebrows Across Markets https://www.vibesofindia.com/gujarats-investor-registrations-slide-50-raising-eyebrows-across-markets/
