Gujarat has retained its place among India’s top equity market participants. National Stock Exchange data for FY26 shows the state ranked second in both active investor count and trading turnover.
A total of 46 lakh investors from Gujarat traded at least once during 2025-26. This figure represented 12.5% of all active individual investors across the country. Together, these investors generated a cash market turnover of Rs 18.5 lakh crore, accounting for 10.6% of NSE’s total equity cash segment turnover for the year.
Of the 1.10 crore registered investors in Gujarat, roughly 42% were active at least once during the financial year.
Maharashtra held the top position, with Rs 33 lakh crore in cash market turnover and a 19% turnover share. Gujarat followed in second place. The NSE report noted that the top five states (Maharashtra, Gujarat, Uttar Pradesh, Karnataka and Delhi) together accounted for more than half of all NSE cash market turnover in FY26.
Maharashtra also led in investor participation with a 16.6% share of active investors nationally, against Gujarat’s 12.5%.
Market participants pointed to Gujarat’s trading culture as a key factor. They believe said investors from the state stayed active despite market volatility because equity investing was deeply embedded in Gujarat’s financial culture. He added that many retail investors in the state treat market corrections as buying opportunities rather than reasons to exit.
At the district level, Ahmedabad ranked second in the country. The city recorded 10.4 lakh active investors in FY26, representing 2.8% of all active investors nationally. Mumbai Suburban led the district rankings with 12 lakh investors and a 3.3% share.
The NSE report also noted a concentration of activity at the top. The ten most active districts together had 71.4 lakh active investors, 19.4% of all investors who traded at least once during FY26.
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