Ahmedabad: Gujarat led the country in new investor registrations in Aug, adding 2.3 lakh investors, NSE data showed. The state also had five districts among the national top 10 and 10 among the top 20, likely for the first time.The surge extended beyond Ahmedabad and other major urban centres. Ahmedabad, Surat, Bhavnagar, Rajkot and Junagadh featured among the top 10 districts nationally. Mehsana, Vadodara, Banaskantha, Surendranagar and Jamnagar ranked among the top 20.“Gujarat’s prominence at the district level mirrors its exceptional state-level performance,” the NSE report said, highlighting the state’s broad-based investor participation. The distribution shows that Gujarat’s increase in registrations was not concentrated in its largest urban centre. New registrations rose across several districts.“This is likely the first time a single state has dominated new investor registrations so decisively, with 10 districts featuring among the top 20 nationwide,” said Vaibhav Shah, director, Association of National Exchanges Members of India (ANMI). “The numbers indicate Gujarat’s established equity participation and showed that the ongoing IPO wave was attracting first-time investors from smaller districts.”Delhi-NCR remained the largest contributor at the district level, with 75,800 new registrations. Mumbai followed with 53,300 and Ahmedabad with 35,400. Surat ranked fourth with 30,200, followed by Bhavnagar with 26,800.Bengaluru added 19,500 new registrations, while Rajkot added 18,800 and Jaipur 18,700. The top five districts together accounted for about 11.5% of total registrations in August. Gujarat had earlier placed four districts among the national top 10 in September 2024. Ahmedabad, Surat, Rajkot and Bhavnagar featured in the list then.NSE data also showed a sharp expansion in Gujarat’s registered investor base. The state had 14.98 lakh registered investors at the end of FY2010. The figure rose to 20.55 lakh in FY15 and 37.97 lakh in FY20. Gujarat’s registered investor base reached 99.39 lakh by FY27. It stood at 1.15 crore till Aug 2026.At the state level, Gujarat overtook Uttar Pradesh to become the largest source of new investor registrations in Aug 2026. Gujarat added 2.3 lakh investors, accounting for 14.6% of monthly additions nationally.Uttar Pradesh followed with 2.0 lakh investors, or 12.9%. Maharashtra added 1.6 lakh, accounting for 10.2%. Rajasthan added 1.1 lakh, or 7.1%, while Tamil Nadu added 0.9 lakh, or 5.7%. The top five states together accounted for 50.5% of new registrations in August.Gujarat’s performance was the standout feature of the month. New registrations rose 94.8% month-on-month and 134.9% year-on-year. Rajasthan recorded the next-highest month-on-month growth at 36.7%. Haryana followed at 23.3%. Maharashtra and Uttar Pradesh recorded sequential growth of 11.2% and 7.2%, respectively.The shift in leadership from Uttar Pradesh to Gujarat is particularly noteworthy, according to the NSE report . Uttar Pradesh continues to have the second-largest registered investor base nationally. Gujarat, despite this, recorded the highest number of new registrations in Aug.The report said the divergence reflected changing patterns in investor acquisition. States with large existing investor pools are increasingly being joined by markets registering rapid growth in new participation.
