India’s equity markets are undergoing a transformation few could have imagined a decade ago. New data from the National Stock Exchange (NSE) shows over 120 million unique investor accounts are now active across 99.85% of the country’s pin codes. This forms part of a broader 235 million investor accounts, with women making up one in every four. Maharashtra leads with 19 million investors, but the surprise is Uttar Pradesh in second with 14 million, followed by Gujarat at 10.3 million. Veterans say this reflects a decisive shift in household savings and the mainstreaming of equity as an asset class. Advertisement

At the India Today Conclave 2025, market leaders Madhu Kela, Nilesh Shah, and Pramod Gubbi unpacked the forces behind the shift, the risks ahead, and opportunities for a young inv

See Full Page