In Sept 2026 retail investors were 26% of NSE's F&O turnover, counting options at premium, and 36% of cash turnover. Orders sent by machines, from servers in NSE's data centre or by algorithm, made up 59% of cash turnover in Aug 2026; mobile apps 22%. There were 23.8 crore demat accounts, 8.0 crore of them active.
Written for anyone asking who is behind India's trading volumes: retail traders, foreign funds, brokers' own desks or machines. Data to Sept 2026.
of NSE F&O turnover, options at premium, Sept 2026
The series starts in 2023, too recently to say what is usual for it. Down from 27% a year ago.
What it is. Individuals' share of the money traded in NSE futures and options, counting options by premium, buy and sell sides together. NSE's retail category also includes HUFs, NRIs and small firms.
How to read it. A share of money traded, not of profits or losses. NSE has published it in this form only since 2023, so its history is short.
Since Feb 2023 NSE has published F&O turnover by client category, with options at premium. Retail took 26% in Sept 2026, foreign portfolio investors 25%, and "others", which includes brokers trading on their own account, 38%. By contracts rather than money, proprietary traders were 55% of the market and clients 38%.
Who trades F&O, by money
Share of NSE F&O turnover (futures at traded value, options at premium), buy and sell sides together, monthly from Feb 2023 to Sept 2026. October 2023 is left out: four of its twenty files carry only the older table.
How to read it. Each month adds to 100%. Retail is NSE's definition: individuals, HUFs, NRIs and small firms.
RetailForeign portfolio investorsFunds, insurers and banksOthers, incl. brokers' own trading
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Share of contracts traded on NSE (long plus short), by NSE's four participant types, monthly from January 2012. Contracts, not value: a cheap option counts the same as a large future.
How to read it. The longest view of who trades. Proprietary traders' share of contracts has grown since 2019 and FIIs' has shrunk.
ClientsProprietaryFIIsDIIs
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
The older table: F&O notional turnover by category
NSE's earlier category table, Apr 2011 to Dec 2023, at notional value (options at strike × quantity). It leaves out FIIs, so their share is the remainder. Mutual funds, a fraction of a per cent, are in the table view. Not comparable with the premium-based chart above.
How to read it. A different measure from the first chart: notional value weights options by the size of their underlying, so it describes exposure traded, not money spent.
ProprietaryFIIs (what the table leaves out)Other clients
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Since Feb 2023 NSE has published cash turnover by client category. From 2025 it folds foreign investors' trades into "others" and reports them separately from NSDL's data, so foreign investors and others are shown together here for a series that does not break.
Who trades shares, by money
Share of NSE cash turnover, buy and sell sides together, monthly from Feb 2023 to Sept 2026.
How to read it. Each month adds to 100%. Banks are a sliver; funds and insurers are the domestic institutions.
RetailFunds and insurersBanksFPIs and others, incl. brokers' own trading
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
The older table: cash turnover by category, since 2005
NSE's earlier category table, May 2005 to Mar 2023. It leaves out FIIs, mutual funds and insurers, so their combined share is the remainder. Files up to March 2011 leave out securities in no-delivery periods, which also lands in the remainder. Banks and DFIs, under one per cent, are in the table view.
How to read it. The longest view of who trades shares: brokers' own trading, other clients, and the institutions together.
ProprietaryOther clientsFIIs, mutual funds and insurers (left out)
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
NSE reports each month which kind of terminal sent the orders behind its turnover, from Dec 2019. Colocation means a broker's server sits in NSE's data centre. Algo, direct market access and smart order routing are other programs. The rest is people: a dealer at a terminal, the internet or a mobile app. In Aug 2026 colocation alone carried 42% of cash turnover.
Cash market: how the orders arrived
Share of NSE cash turnover by terminal type, monthly from Dec 2019. NSE serves no report for January–June 2020, October 2021 or August 2024, and its August 2025 file is damaged.
How to read it. The bottom two bands are machines; the top three are people.
ColocationAlgo, DMA and smart routingDealer terminalsInternetMobile
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Share of NSE F&O turnover (options at premium) by terminal type, monthly. Gaps as for cash, plus July 2026, whose file has a blank table.
How to read it. Machines carry more of F&O than of cash.
ColocationAlgo, DMA and smart routingDealer terminalsInternetMobile
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Demat accounts at the two depositories went from 2.2 crore in Jul 2014 to 23.8 crore in Aug 2026. An account is not a person: one investor can hold several. Since March 2025 the depositories also report active accounts.
Demat accounts, NSDL and CDSL
Investor accounts at month end, from Jul 2014 (SEBI Bulletin).
How to read it. Most of the rise since 2020 has been at CDSL.
CDSLNSDL
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank
Active accounts as reported by NSDL and CDSL, over all accounts, monthly from March 2025.
How to read it. 34% of accounts were active in Aug 2026; the rest are dormant or rarely used.
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Source: NSE business growth (every segment), BSE derivatives and cash statistics, SEBI Bulletin (open interest, BSE and MSEI cash, depository accounts), NSE delivery and bhavcopy, NSE category-wise turnover and mode of trading; all via the Data bank