Women Take the Lead: NSE Report Shows Rising Female Participation in Indian Stock Markets Despite Youth Slowdown
The National Stock Exchange (NSE) has released its latest data for June 2025, showing a steady rise in female participation in the Indian equity markets across most states, even as the proportion of younger investors has witnessed a mild decline.
Maharashtra Leads in Women Investors
Among the top five states by total unique investor registrations, Maharashtra remains the leader, with women making up 28.4% of its investor base as of June 2025. This marks a significant increase from 25.6% in FY23.
Gujarat, Uttar Pradesh Show Notable Changes
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Gujarat ranks second with female participation rising from 26.6% in FY23 to 27.8% in June 2025.
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Uttar Pradesh, despite having the second-largest investor base in the country, still lags behind in gender representation. Women account for only 18.7% of investors in the state — well below the national average of 24.5%. However, this is an improvement from 16.9% in FY23.
More States Above the National Average
As of June 2025, over half of India’s states now have female investor shares above the national average, compared to just 44% in FY23.
Smaller regions have emerged as frontrunners in gender inclusion:
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Goa leads the list.
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Mizoram follows closely.
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Chandigarh has 32% female investors.
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Delhi records 30.5%.
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Sikkim stands at 30.3%.
All these are well above the national average.
Decline in Young Investor Share
While female participation is rising, the NSE report notes a decline in the share of investors under 30 years of age:
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March 2024: 40%
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March 2025: 39.5%
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June 2025: 39%
This drop is attributed to a reduced proportion of new investors from this age group.
June 2025 Sees 15% Growth Month-on-Month
New investor registrations at the NSE rose 15% month-on-month in June 2025, reaching 12.7 lakh, up from 11 lakh in May 2025. However, this is significantly lower than June 2024, when 21.6 lakh new investors entered the market.
Regional Growth Patterns
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West India: 20.5% MoM growth (highest)
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South India: 15.2%
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North India: 13.4%
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East India: 10.4%
State-wise Contribution
Top contributors in June 2025:
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Uttar Pradesh: 14% share (1.8 lakh additions, 13.1% MoM growth)
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Maharashtra: 12% share
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Tamil Nadu: 7% share
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West Bengal: 7% share
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Karnataka: 6% share
Together, these states accounted for 46% of total new registrations.
Quarterly Trends Show Slowdown
For Q1 of FY 2025–26:
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Average monthly registrations: 11.3 lakh
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Down 35% from FY 2024–25’s monthly average of 17.4 lakh
Uttar Pradesh remained the largest contributor for Jan–June 2025, with its share increasing from 13.9% to 14.1% compared to H2 2024.
Highest Growth Among Top 10 States
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Rajasthan: 22.1% MoM growth in June 2025
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Maharashtra: 21.3% MoM growth
Sharp Declines in 2025–26 vs 2024–25
Despite the monthly gains in June, all states reported slower registration growth compared to last fiscal year:
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Gujarat: –60%
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Rajasthan: –46%
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Maharashtra: –39%
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Uttar Pradesh: –36%
Conclusion
The NSE data underscores a clear trend — female investor participation is on the rise across states, with many smaller regions outperforming larger markets in gender inclusion. However, the decline in young investors and the overall slower pace of new registrations in FY 2025–26 compared to the previous year indicate shifting market dynamics.
Going forward, targeted financial literacy initiatives for both women and young investors could help sustain growth in participation and diversify India’s investor base.
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