After experiencing a phase of relatively modest growth, Gujarat has made a strong comeback in July, witnessing a 74% month-on-month (MoM) spike in new equity investor registrations.
According to a report released by the National Stock Exchange (NSE), the state added 1.2 lakh new investors in July, a steep rise from 68,000 in June. This marked the highest percentage increase among all Indian states.
Notably, Ahmedabad, Surat, and Rajkot emerged among the top 10 districts nationwide with the highest number of active investors.
“Uttar Pradesh led in absolute numbers, adding 2.0 lakh new investors in July—a 13.5% MoM increase. Gujarat, however, demonstrated the sharpest MoM growth, with new investor registrations climbing to 1.2 lakh,” the report said.
It also highlighted that Rajasthan, Madhya Pradesh, and Andhra Pradesh posted notable sequential growth of over 25%, joining Gujarat in the top 10 states by investor growth.
On the broader participation front, Maharashtra continued to dominate with a 17% share of active individual investors—22.6 lakh in total, growing 3% from June. Gujarat followed with significant momentum, registering a 29.2% MoM jump to reach 19.5 lakh active investors, comprising 14.7% of the national total. Uttar Pradesh came next with 12 lakh investors, a marginal 0.1% increase.
Combined, these three states made up over 40% of the total active individual investor base in July 2025. The top 10 states together accounted for more than 76% of the total.
Gunjan Choksi, a director at a local stock broking company, was quoted by a national daily attributing the surge in participation to a relatively improved market climate in July. “There has been substantial market volatility over the past six months, but July brought some stability. Increased activity in the primary market also played a key role in drawing fresh investors,” he was quoted.
The NSE report also examined district-level data, revealing that the number of individuals who traded at least once in July across the top 10 districts grew by 8.4% MoM, reaching 40.8 lakh. Mumbai remained in the lead with 10.1 lakh active investors, up 4.5%, followed by Delhi NCR at 9.6 lakh, with a 1.7% rise.
Ahmedabad ranked third, seeing a robust 27.1% MoM growth, with Surat not far behind at 23%. Bengaluru posted a modest 2% increase, while Rajkot, outside the top five, recorded the highest monthly growth at an impressive 42.4%.
Despite the surge in new investors, overall turnover by individual investors in these top 10 districts fell 6.7% MoM in July, dropping to Rs 6.4 lakh crore, the report concluded.
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