The Indian equity market has witnessed a remarkable rise in individual investor participation over the past decade, with 2024 marking an all-time high in turnover across all regions. While the Western region has traditionally led the National Stock Exchange’s (NSE) cash market (CM) segment, the Northern region has emerged as the fastest-growing participant, significantly narrowing the gap.
Since 2014, individual investor turnover in the NSE’s CM segment has surged across all regions. However, the Northern region has recorded the most substantial growth, expanding by 9.7 times over the decade and 3.5 times since 2019. In comparison, the Western region—while still leading in absolute numbers—grew by 7.6 times since 2014 and 3 times since 2019.
In 2024, the regional turnover stood at:
- West: INR 72.3 lakh crore (35.5% share)
- North: INR 65.12 lakh crore (32% share)
- South: INR 43.9 lakh crore (21.6% share)
- East: INR 18.3 lakh crore (9% share)
The Northern region’s share has climbed significantly from 24.4% in 2014 to 32% in 2024, while the Southern region has experienced a relative decline. The Eastern region, meanwhile, has remained steady over the decade.
The surge in turnover has been accompanied by an impressive rise in the number of individual investors trading at least once a year. Here too, the Northern region has outpaced others in growth, with a 13-fold increase since 2014 and a 6.2-fold jump since 2019. The Western region remains the leader, but its dominance is being challenged.
As of 2024, the number of active individual investors in each region stood at:
- West: 1.37 crore (34.8% share)
- North: 1.36 crore (34.7% share)
- South: 72.7 lakh (18.5% share)
- East: 40.5 lakh (10.3% share)
Notably, the investor base in the West and North has almost converged, standing at 34.7%-34.8%, signaling a major shift in market participation trends. The Southern region’s share has declined from 23.7% in 2014, while the East has shown a modest uptick.
The rising dominance of the Northern region clearly indicates a deeper penetration of stock market participation beyond traditional hubs. With increasing digital access, awareness, and financial literacy, North India is becoming a formidable force in the retail trading landscape.
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