The rise of retail investors in India has significantly boosted the number of Demat accounts across the country. As of 2024, there are over 175 million Demat accounts, with the top 10 states contributing a substantial share to this figure. Below is a breakdown of the leading states, expressed in lakhs.

1. Maharashtra – Maharashtra leads with approximately 370 lakh Demat accounts, accounting for 21% of the national total. Mumbai, being the financial capital of India, plays a significant role in this dominance.
2. Gujarat – Gujarat follows with 86 lakh Demat accounts, reflecting the state’s strong culture of entrepreneurship and trading.
3. Uttar Pradesh – Uttar Pradesh ranks third with 53 lakh accounts, driven by efforts to enhance financial literacy and inclusion in the state.
4. Tamil Nadu – With 43 lakh accounts, Tamil Nadu holds a prominent place, with active investors participating in both stock markets and IPOs.
5. Karnataka – Karnataka contributes 38 lakh accounts, largely due to Bengaluru’s growing financial ecosystem and the state’s thriving tech sector.
6. West Bengal – West Bengal has 35 lakh Demat accounts, with Kolkata leading the charge due to its historical connection to financial markets.
7. Delhi NCR – The National Capital Region holds 31 lakh accounts, reflecting its concentration of wealth and professional investors.
8. Rajasthan – Rajasthan, with 27 lakh accounts, has seen increasing participation from both urban and semi-urban regions.
9. Madhya Pradesh – Madhya Pradesh contributes 24 lakh accounts, showing significant growth as financial awareness spreads.
10. Andhra Pradesh – Finally, Andhra Pradesh rounds out the top 10 with 21 lakh Demat accounts, driven by both urban and rural investors seeking equity opportunities.

Together, these states make up a considerable portion of India’s retail investment base, showcasing regional diversity in stock market participation.

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