New investor sign-ups in India drop 36% in 2025
What's the story
India has witnessed a sharp decline in new investor sign-ups in 2025, according to data from the National Stock Exchange (NSE). The number of new accounts opened this year stands at 1.51 crore, marking the slowest growth since 2022. This is a 36% decline from the previous year's figure of 2.36 crore and even lower than the 1.6 crore recorded in 2023. As of December 19, 2025, there were around 12.4 crore total registered investors on the NSE.
Market fluctuations
Market volatility and regional impact on new account openings
The slowdown in new account openings has been attributed to the volatile market conditions prevailing this year. The Sensex and Nifty have gained around 9% each so far in 2025, but broader markets have shown mixed performance. The BSE MidCap index has risen by 0.5%, while the BSE SmallCap index has fallen by 9%. This volatility has affected investor sentiment across states and regions, leading to a decline in new registrations.
Regional contributions
Maharashtra leads in new investor registrations
Six biggest contributor states—Uttar Pradesh, Maharashtra, Gujarat, Tamil Nadu, West Bengal, and Rajasthan—accounted for 53.34% of new accounts so far this year. Maharashtra topped the list with the highest number of new investors registered so far this year. Uttar Pradesh followed, while Gujarat also added a significant number of new accounts during this period.