Demat Account Trends in India: State-by-State Analysis (2025)

India’s financial environment has experienced a significant transformation, with the stock market emerging as a fundamental element of wealth generation for countless individuals.

As of FY25, the nation has 192.4 million demat accounts—equivalent to 19.24 crore—demonstrating the increasing investor interest fueled by financial education, digital accessibility, and economic advancement.

This article explores the distribution of demat accounts by state across India’s 28 states and 8 union territories, emphasizing important facts and fascinating trends that illustrate the country’s changing investment culture.

Demat accounts in every Indian State

Rank	State/Union Territory	Demat Accounts (in lakhs)
1	Maharashtra	272.0
2	Uttar Pradesh	187.0
3	Gujarat	170.0
4	Karnataka	153.0
5	Delhi	136.0
6	Tamil Nadu	119.0
7	West Bengal	109.0
8	Telangana	102.0
9	Haryana	95.0
10	Rajasthan	88.0
11	Andhra Pradesh	85.0
12	Madhya Pradesh	78.0
13	Bihar	74.0
14	Kerala	68.0
15	Punjab	61.0
16	Odisha	41.0
17	Jharkhand	31.0
18	Assam	27.0
19	Chhattisgarh	24.0
20	Uttarakhand	20.0
21	Himachal Pradesh	14.0
22	Jammu & Kashmir	10.0
23	Goa	10.0
24	Chandigarh	6.8
25	Puducherry	5.1
26	Manipur	3.4
27	Tripura	3.0
28	Dadra & Nagar Haveli and Daman & Diu	2.7
29	Meghalaya	2.7
30	Mizoram	2.0
31	Arunachal Pradesh	1.7
32	Nagaland	1.7
33	Sikkim	1.4
34	Andaman & Nicobar Islands	0.7
35	Ladakh	0.3
36	Lakshadweep	0.2

Percentage share of every Indian State in Total number of Demat Accounts

Key Insights from the Demat Account Landscape

According to projected data for 2025, the distribution of demat accounts highlights significant regional differences, influenced by factors such as population, economic activity, and financial infrastructure:

Maharashtra at the Forefront: With 272 lakh (27.2 million) demat accounts, Maharashtra represents approximately 14% of India’s total. The financial capital, Mumbai, propels this leadership, hosting major stock exchanges like NSE and BSE, along with a strong network of brokers and financial institutions.

Uttar Pradesh’s Unexpected Rise: Securing the second position with 187 lakh (18.7 million) accounts, Uttar Pradesh exemplifies the impact of its large population and increasing digital engagement. Urban areas such as Noida and Lucknow are becoming prominent investment centers.

Gujarat’s Financial Strength: Ranking third with 170 lakh (17 million) accounts, Gujarat reflects its entrepreneurial spirit and vibrant trading culture, especially in cities like Ahmedabad and Surat.

Southern Economic Hubs: Karnataka (153 lakh) and Tamil Nadu (119 lakh) highlight the financial adoption driven by technology in South India, with Bengaluru and Chennai at the forefront.

Delhi’s Urban Advantage: The capital city, with 136 lakh accounts, benefits from high levels of financial literacy and a concentration of wealth within the National Capital Region.

Conversely, smaller states and union territories such as Lakshadweep (0.2 lakh), Ladakh (0.3 lakh), and the Andaman & Nicobar Islands (0.7 lakh) exhibit minimal account numbers, limited by low population and restricted market access.

Nevertheless, their involvement, albeit small, indicates the expanding reach of India’s financial markets.

Interesting Insights

Urban-Rural Disparity and Digital Advancement

The leading five states—Maharashtra, Uttar Pradesh, Gujarat, Karnataka, and Delhi—constitute nearly 50% of all demat accounts, underscoring the urban bias in stock market engagement.

These states are home to India’s primary financial and technological centers, where digital platforms such as Zerodha, Upstox, and Groww have facilitated investment accessibility.

Nevertheless, states like Bihar (74 lakh) and Jharkhand (31 lakh) demonstrate that even less urbanized areas are participating in the investment trend, likely driven by mobile applications and government initiatives such as Digital India.

The Emergence of Retail Investors

The national total of 192.4 million demat accounts, with approximately 120 million unique investors, indicates that many individuals possess multiple accounts, a phenomenon particularly evident in states like Maharashtra and Gujarat.

This illustrates the sophistication of investors who are diversifying their portfolios across various brokers.

The addition of 41.1 million new accounts in FY25 alone highlights the retail investor surge, propelled by increased financial awareness post-pandemic and growing disposable incomes.

Smaller States, Significant Aspirations

Although smaller states like Sikkim (1.4 lakh), Manipur (3.4 lakh), and Tripura (3 lakh) exhibit modest figures, their involvement is noteworthy considering their size.

These states, frequently overlooked in financial discussions, reflect a rising desire for wealth accumulation, potentially stimulated by awareness initiatives and fintech expansion.

Diverse Performance of Union Territories

Among union territories, Delhi is prominent with 136 lakh accounts, competing with major states due to its economic strength.

Chandigarh (6.8 lakh) and Puducherry (5.1 lakh) also demonstrate robust per-capita participation, while remote territories such as Lakshadweep and Ladakh fall behind, highlighting geographic and infrastructural obstacles.

The Broader Perspective

The distribution of demat accounts illustrates a financially evolving India. States with robust economic frameworks and urban hubs lead the way, yet the expansion of accounts into less-developed areas indicates a move towards inclusivity.

The total of 192.4 million accounts in FY25, an increase from 151.3 million the prior year, signifies a 27% rise, fueled by fintech advancements, heightened financial awareness, and a youthful population keen to invest.

Nevertheless, obstacles persist—addressing the urban-rural divide and ensuring that smaller states and union territories gain improved access to financial education and infrastructure will be crucial for maintaining this progress.

As India’s stock market continues to expand, the state-wise patterns in demat accounts reveal both the successes and the prospects that lie ahead.

Whether one is in the vibrant city of Mumbai or a serene town in Tripura, the stock market is evolving into a collective aspiration for millions, influencing India’s economic trajectory.

Source

• India Demat Story – SBI Securities
• NSDL Statistics – NDSL.co.in