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The pace of new investors entering the Indian stock market has slowed sharply, with February witnessing the lowest monthly additions in nearly 11 months, even as the overall investor base continued to expand, according to data from the National Stock Exchange of India.
The NSE's registered investor base stood at 12.8 crore as of February 2026, with 13.3 lakh new investors added during the month. This marked a 24.5 per cent month-on-month decline and the steepest fall in investor registrations in FY26 so far. NSE stated "investor base stood at 12.8 crore as of February 2026, with 13.3 lakh new investors added during the month, representing a 24.5 per cent MoM decrease. This marks the steepest fall in investor registrations in FY26 till date". Despite the slowdown in fresh additions, the broader trend of retail participation remains strong. The total number of unique client codes crossed 25 crore (250 million) on February 12, reflecting continued structural expansion in India's equity markets. On a year-on-year basis, growth in the registered investor base remained stable at 14.4 per cent over the past three months, indicating sustained long-term participation even as short-term momentum moderated. Data showed that between April 2025 and February 2026, the average monthly addition of investors stood at 13.6 lakh, compared to 18.2 lakh during the same period in the previous year, highlighting a gradual cooling in the pace of new registrations. The report also noted that regionally, Maharashtra became the first state to cross the 2 crore mark in registered investors, maintaining its top position with a 15.7 per cent share of the total base. However, its share has declined from 19.5 per cent in FY21, indicating faster growth in investor participation across other states. The data also pointed to a broader geographical spread of retail investors. The top five states, including West Bengal and Rajasthan, accounted for 48 per cent of the total investor base. Meanwhile, the share of the top 10 states declined from around 78 per cent in FY15 to 73.1 per cent in FY26 till date, reflecting increasing participation from emerging regions. (ANI)
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