Ahmedabad: Market volatility kept fresh investors away from equities last month. According to a National Stock Exchange report, Gujarat recorded the sharpest month-on-month (MoM) decline nationally in new equity investor registrations in Feb, with additions falling by 50.4% from Jan. Gujarat added 1.48 lakh new investors in Jan. Feb on the other hand recorded just 74,000, putting Gujarat ranked seventh in terms of new investor additions during the month. The state, however, maintained second position in terms of individual investors turnover and participation after Maharashtra.Nationally, 13.3 lakh new investors were added in Feb, a 24.5% decline compared to Jan. Even as new registrations slowed sharply, Gujarat continued to hold the second position in the country in terms of individual investor participation and turnover.“Investor registrations were led by Uttar Pradesh, accounting for 14.8% of the total registrations, followed by Maharashtra (10.6%), Tamil Nadu (7%), West Bengal (6.9%), and Bihar (6.4%). Together, these states accounted for 45.7% of the month’s incremental investor additions, and 66 lakh new investors have been added from these states in FY26 till date. All states experienced a MoM decline in their monthly registration pace. While Uttar Pradesh held the highest share, the additions in the states fell by 22% MoM. The sharpest decline in new registrations was observed in Gujarat (-50.4%),” the report stated.Surat and Ahmedabad were among the worst affected major districts in the country. “In Feb 2026, the top 10 districts accounted for 16.7% of new investor additions, lower than 17.4% in Jan 2026. The top 50 districts together contributed 36% of the new registrations during the month. Delhi-NCR recorded the highest number of new investor registrations at over 70,748, although it also witnessed a 25.7% MoM decline. The MoM decline in registrations was visible across all top 50 districts. Among the leading districts, Surat and Ahmedabad in Gujarat recorded the sharpest MoM declines of 49.8% and 46.5% respectively, reflecting the broader decline in investor registrations observed in Gujarat (-50.4% MoM),” the report added.Gujarat remained among the top states in market activity by individual investors. The turnover of the top 10 states declined for the second straight month, but Maharashtra and Gujarat continued to lead in cash market turnover by individual investors in Feb. Maharashtra recorded Rs 2.9 lakh crore in turnover, up 2% month-on-month, while Gujarat posted Rs 1.7 lakh crore, up 6.8% over Jan. Maharashtra also remained the top state in individual investor participation, contributing 16.7% or 22 lakh active investors, though active investors there declined 4.2% month-on-month in Feb. Gujarat ranked second with around 11% share, or 14 lakh active investors, down 10.7% from Jan. Uttar Pradesh was third with 12.6 lakh active investors, accounting for a 9.6% share and a 4.6% month-on-month decline.Vaibhav Shah, director of Association of National Exchanges Members of India (ANMI) said, “The markets are volatile, and this has affected new entrants. We believe there will be a rise in the investor registrations once there is stability.”
