Data to 21 October 2026
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Where are new trading accounts coming from?

NSE reported 27.41 crore registered client accounts on 20 Oct 2026. In Sept 2026 it reported 63.1 lakh registrations. Maharashtra, Gujarat, Uttar Pradesh contributed the most among named states and territories. One person can register with several brokers, so these are accounts rather than unique investors.

Written for readers following how participation in India's stock market is spreading across states. Accounts to 20 Oct 2026.

Where registrations came from

Maharashtra (9.8 lakh), Gujarat (8.1 lakh), Uttar Pradesh (7.9 lakh) led registrations in Sept 2026. Absolute counts show where most accounts were registered; they also reflect the size of each state's population and existing market.

New NSE client registrations in Sept 2026

The 15 states and territories with the most registrations. Counts are client codes, so the same person may appear with more than one broker.

How to read it. This ranks registrations during the month. It does not measure how many people traded or how much they invested.

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Source: NSE registered client accounts (UCCs), by state and territory
Method JSON

Existing accounts and new registrations

The five states with the largest account bases held 48.5% of all accounts on 20 Oct 2026. Those same states contributed 53.0% of registrations in Sept 2026. Comparing each state's two shares shows where recent registrations have a larger or smaller footprint than the accumulated account base.

Each state's share of accounts and registrations

The 15 largest account bases. All accounts: 20 Oct 2026. Registrations: Sept 2026. Both denominators include every NSE source category.

How to read it. A higher registration share than account share means the state contributes disproportionately to this month's registrations. These two snapshots do not establish a long-term change in its share.

All accounts, 20 Oct 2026 Registrations, Sept 2026

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Source: NSE registered client accounts (UCCs), by state and territory
Method JSON

The recent pace

Across India, registrations in Sept 2026 were 1.75× the average month of 2025. Among states and territories with at least 1 lakh accounts, Gujarat, Dadra and Nagar Haveli and Daman and Diu, Rajasthan had the highest multiples. The comparison uses a whole-year average, so it includes seasonal differences.

Sept 2026 registrations against the average month of 2025

Registrations in Sept 2026 divided by one twelfth of registrations in 2025. Named states and territories with at least 1 lakh accounts; positive prior-year registrations required.

How to read it. One means the same pace as the previous year's monthly average. This is not year-on-year growth, an activation rate or a measure of investment returns.

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Source: NSE registered client accounts (UCCs), by state and territory
Method JSON

Every state and source category

The full table retains the source's non-geographic categories. Army personnel, Others and the generic Union Territory category are included in national totals and shares, and left out of the named-state charts.

Source: NSE registered client accounts. Accounts: 20 Oct 2026; monthly registrations: Sept 2026. Previous quarter: JUL-SEPT 2026. Prior year: 2025. The labels refer to different periods; registration flows cannot be subtracted from today's accounts to reconstruct historical balances.

Source: NSE registered client accounts. Accounts: 20 Oct 2026; monthly registrations: Sept 2026. Previous quarter: JUL-SEPT 2026. Prior year: 2025. The labels refer to different periods; registration flows cannot be subtracted from today's accounts to reconstruct historical balances.
State or source categoryAccounts, 20 Oct 2026Registrations, Sept 2026Share of registrationsShare of accountsRegistration share minus account sharePace / 2025 monthly averageRegistrations, JUL-SEPT 2026Registrations, 2025Registrations, 2021-2025More
Maharashtra4.55 crore9.79 lakh15.52%16.60%−1.09 pts1.92×20.35 lakh61.33 lakh2.97 crore
Uttar Pradesh3.17 crore7.94 lakh12.57%11.58%+0.99 pts1.69×18.15 lakh56.29 lakh2.37 crore
Gujarat2.36 crore8.13 lakh12.88%8.62%+4.26 pts2.84×16.70 lakh34.39 lakh1.44 crore
West Bengal1.61 crore3.24 lakh5.14%5.88%−0.74 pts1.43×8.15 lakh27.18 lakh1.07 crore
Rajasthan1.61 crore4.36 lakh6.91%5.86%+1.06 pts2.07×9.51 lakh25.31 lakh1.19 crore
Karnataka1.47 crore3.11 lakh4.93%5.37%−0.44 pts1.57×7.51 lakh23.73 lakh95.05 lakh
Tamil Nadu1.42 crore3.04 lakh4.82%5.20%−0.38 pts1.52×7.66 lakh24.03 lakh84.57 lakh
Madhya Pradesh1.39 crore3.25 lakh5.14%5.08%+0.06 pts1.86×7.28 lakh20.99 lakh1.06 crore
Andhra Pradesh1.29 crore2.69 lakh4.26%4.71%−0.45 pts1.33×6.90 lakh24.27 lakh81.36 lakh
Bihar1.21 crore3.24 lakh5.13%4.41%+0.72 pts1.72×7.46 lakh22.65 lakh92.53 lakh
Delhi1.16 crore2.08 lakh3.30%4.23%−0.93 pts1.55×4.91 lakh16.16 lakh71.66 lakh
Haryana88.96 lakh2.02 lakh3.20%3.25%−0.04 pts1.77×4.58 lakh13.67 lakh62.90 lakh
Punjab67.84 lakh1.50 lakh2.38%2.48%−0.10 pts1.57×3.43 lakh11.47 lakh48.74 lakh
Kerala63.97 lakh1.12 lakh1.78%2.33%−0.55 pts1.23×2.95 lakh10.95 lakh38.29 lakh
Telangana63.86 lakh1.41 lakh2.24%2.33%−0.09 pts1.65×3.18 lakh10.25 lakh41.56 lakh
Odisha62.17 lakh1.21 lakh1.91%2.27%−0.36 pts1.40×2.92 lakh10.35 lakh46.69 lakh
Assam54.66 lakh92,9391.47%1.99%−0.52 pts1.57×2.21 lakh7.08 lakh45.73 lakh
Jharkhand48.58 lakh1.15 lakh1.82%1.77%+0.05 pts1.63×2.71 lakh8.48 lakh34.92 lakh
Others43.34 lakh14,9770.24%1.58%−1.34 pts0.69×49,1032.61 lakh7.03 lakh
Chhattisgarh32.56 lakh77,3031.22%1.19%+0.04 pts1.68×1.72 lakh5.52 lakh24.55 lakh
Uttarakhand27.50 lakh67,4491.07%1.00%+0.07 pts1.64×1.58 lakh4.94 lakh20.30 lakh
Himachal Pradesh16.30 lakh40,9850.65%0.59%+0.05 pts1.67×93,8512.95 lakh12.39 lakh
Jammu & Kashmir15.08 lakh30,1190.48%0.55%−0.07 pts1.29×77,8002.79 lakh11.37 lakh
Chandigarh5.43 lakh5,6580.09%0.20%−0.11 pts0.92×18,01174,2053.18 lakh
Goa5.25 lakh8,1380.13%0.19%−0.06 pts1.22×21,70680,1653.35 lakh
Tripura4.50 lakh11,0080.17%0.16%+0.01 pts1.44×28,25291,7193.39 lakh
Manipur2.87 lakh6,1220.10%0.10%−0.01 pts1.40×16,05852,5292.08 lakh
Puducherry2.58 lakh5,6910.09%0.09%0.00 pts1.51×14,28845,3681.56 lakh
Meghalaya1.73 lakh4,0980.06%0.06%0.00 pts1.34×10,53036,6121.25 lakh
Dadra and Nagar Haveli and Daman and Diu1.69 lakh6,0510.10%0.06%+0.03 pts2.74×10,96326,5031.20 lakh
Nagaland1.41 lakh3,2900.05%0.05%0.00 pts1.32×8,58029,8101.06 lakh
Arunachal Pradesh1.29 lakh3,1810.05%0.05%0.00 pts1.35×8,63528,19197,335
Army personnel1.05 lakh40.00%0.04%−0.04 pts2.53×14191.01 lakh
Sikkim88,1011,7630.03%0.03%0.00 pts1.15×5,23118,45861,592
Andaman & Nicobar Islands67,4011,4260.02%0.02%0.00 pts1.40×3,44512,22150,782
Mizoram62,9881,4690.02%0.02%0.00 pts1.19×4,37214,78845,772
Ladakh12,8594380.01%0.00%0.00 pts0.88×1,3005,9649,347
Union Territory12,46200.00%0.00%0.00 pts–0049
Lakshadweep5,8651320.00%0.00%0.00 pts1.06×3761,4954,357

Read the NSE source, download the full data and source metadata (JSON) or the dated table (CSV). The chart menus also download their underlying data.

This source provides a current account snapshot and selected registration windows. It does not provide a complete monthly state history. Registered client accounts, PAN-based unique investors, active traders and demat accounts measure different things.

The workings

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