Women are making strong progress in the Indian stock market, with more participation seen across many states, according to a report by the National Stock Exchange (NSE). However, the share of young investors under 30 has dropped slightly.
Women’s participation growing across India
As of June 2025, women’s involvement in the equity market has increased in most states. Among the top five states with the highest number of unique investor registrations, Maharashtra is leading the way. The share of women investors there rose from 25.6% in FY23 to 28.4%.
Gujarat, which ranks second, also saw growth—from 26.6% in FY23 to 27.8% by June 2025.
In Uttar Pradesh, despite having the second-largest investor base in the country, women still make up a smaller share compared to the national average. Currently, women investors in UP account for 18.7%, up from 16.9% in FY23, but still below the 24.5% national average.
Smaller states and territories are showing the way
Interestingly, smaller regions are emerging as leaders in gender inclusivity in the stock market. Goa is at the top of this trend, followed by Mizoram. Other regions like Chandigarh (32% women investors), Delhi (30.5%), and Sikkim (30.3%) are also ahead of the national average.
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Overall, more than half of India’s states now have a higher percentage of women investors than the national average, compared to only 44% of states in FY23.
Young investors’ share sees a small drop
While women’s participation is rising, the share of investors under 30 has slightly fallen. It went from 40% in March 2024 to 39.5% in March 2025, and further down to 39% in June 2025. This decline is mainly due to fewer new registrations in this age group.
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