Ahmedabad: Gujarat recorded the fastest monthly growth in individual investor participation among major states in July, according to NSE data. The state’s active individual investor base rose 19.5% month on month to 19.5 lakh, taking its share of active investors in India to 15.2%.Maharashtra remained the largest market with 20.9 lakh active investors, posting negligible 1% growth from June and holding a 16.3% share. Uttar Pradesh ranked third with 11.4 lakh active investors, up 1.5% during the month. Among the top 10 states, Rajasthan also recorded strong growth, with its active investor base rising 14% in July.Gujarat also strengthened its position in equity cash turnover by individual investors. The state recorded turnover of Rs 1.9 lakh crore in July, up 2.9% from June. Maharashtra led with Rs 3.4 lakh crore, though its turnover fell 2% during the month.Growth was visible across Gujarat’s major districts. Ahmedabad ranked second nationally with 4.5 lakh active investors, up 22.9% month on month, giving it a 3.5% share. Mumbai Suburban topped the district rankings with 4.8 lakh active investors, up 1.3%, accounting for 3.8% of active investors.Rajkot entered the top 10 districts, replacing Kolkata, after its active investor base surged 46.2% to 1.9 lakh. Surat recorded 3.2 lakh active investors after a 23.1% monthly increase. All but one of the top 10 districts recorded sequential growth; Bengaluru Urban was the only exception, with a 0.9% decline.“Gujarat’s month-on-month jump in July stands out, with growth visible across multiple districts. Retail investors are again active in the markets, with several IPOs also driving participation,” said Vanesh Panchal, a city-based stockbroker and merchant banker. “The renewed activity can be partly attributed to markets recovering from the heavy sell-off in March linked to the Middle East conflict.”The data also showed participation spreading beyond the largest urban centres, with districts outside the top 50 accounting for about 51% of active investors in July.Across the top 10 states, the monthly run rate of individual investors during the first four months of FY27 stood at about 90 lakh, compared with 91.1 lakh in the corresponding period, a decline of 1.3%. The top five states together accounted for about 53% of individual investors participating in the cash market in July, while states outside the top 10 made up 24.1% of active investors.
