UP Has 1.57 Crore NSE Investors as Market Reach Widens

Uttar Pradesh had approximately 1.574 crore investors registered with NSE as of June 30, 2026, placing it behind Maharashtra in the state figures presented in the exchange's IPO prospectus. The disclosure forms part of a broader expansion in the geographic distribution of registered investors.

NSE's September 10, 2026 red herring prospectus also shows that investors outside the ten largest states accounted for approximately 27.10% of registrations by June 2026, up from 22.90% in March 2020. These figures describe the reach of market registration, rather than the number of people trading actively on a particular day.

Which states have the most NSE-registered investors?

The RHP's industry discussion, citing NSE Market Pulse, identifies Maharashtra as the largest state by registered investors. Uttar Pradesh followed, with Gujarat third among the figures presented.

Maharashtra accounted for approximately 15.50% of the registered base, Uttar Pradesh 11.90% and Gujarat 8.50%, according to the filing. Together, the six listed states represented approximately 53.10%.

The ranking uses absolute registered-investor counts. It does not rank states by participation per resident, investment wealth or trading revenue, because those measures require additional data.

How large was NSE's total registered-investor base?

NSE reported 13.237 crore unique registered investors at June 30, 2026, compared with 12.909 crore at March 31, 2026. Its definition identifies unique registered investors by Permanent Account Number, or PAN.

The PAN-based measure helps distinguish unique registrations from the number of accounts. The RHP separately reports 26.136 crore registered investor accounts at June 30, 2026.

Those two figures should not be added together. They describe different views of participation within the exchange's infrastructure, and an account count is not a substitute for the unique registered-investor count.

What does growth outside the ten largest states show?

The share of registrations outside the ten largest states increased from approximately 22.90% at March 31, 2020 to 27.10% at June 30, 2026. The increase was 4.20 percentage points.

This indicates that a larger proportion of the disclosed investor base came from beyond those leading states. The RHP places the trend within a discussion of equity market participation expanding beyond major metropolitan centres.

The figures still show concentration alongside expansion. Six states accounted for more than half of registrations, even as the share outside the leading ten increased. Both patterns can exist together in a growing national market.

The state figures alone do not establish what caused an individual to register or how much money that person invested. Attributing the change to one income group, application or local event would go beyond the disclosed data.

Does NSE's postal-code reach mean universal participation?

NSE says its investors spanned more than 99% of Indian postal codes as of June 30, 2026. This describes geographic coverage of registrations.

It does not mean that 99% of Indian households or residents invest through NSE. A postal code with registered investors can still contain many people who do not participate in securities markets.

The distinction makes the coverage figure useful without overstating it. The RHP supports a conclusion that NSE registrations have a wide geographic footprint, while leaving household participation rates outside the measure.

Do registrations translate directly into exchange revenue?

Registrations identify a potential participant base, while NSE's transaction charges depend on actual market activity and the applicable charges. The RHP reports those operating and financial measures separately.

A rise in registered investors therefore does not establish an equivalent rise in active traders, turnover or exchange revenue. Those outcomes need their own evidence and matching reporting periods.

The geographic data nevertheless documents a significant geographic trend in market registration: Uttar Pradesh had a substantial registered base, and participation by registration extended across more of the country. Its meaning is strongest when the figures retain their PAN, date and geographic definitions rather than being converted into claims about activity or wealth.