North India leads India's expanding stock market investor base

North India has consolidated its position as the largest contributor to India's registered investor base, accounting for 36.8% of all investors as of July, ahead of the West at 29.1%, South at 21.1%, and East at 12.1%. The region recorded the fastest growth, with its investor base expanding 6.3 times between FY19 and FY27, adding 410.9 lakh investors. At the state level, Maharashtra remains the top contributor at 15.5% share, while Uttar Pradesh has overtaken Gujarat to become the second-largest investor state, reflecting deepening retail participation beyond traditional strongholds.