- Through June 2025, women's presence in equity markets has increased continuously in all Indian states
- The highest five states by investor registrations include Maharashtra, with 28.4% of its investor base comprised of women
- The proportion of investors aged under 30 years reduced from 40% in March 2024 to 39.5% in March 2025, and further down to 39% in June 2025
Women's participation in India's equity markets has been growing steadily across most states till June 2025, according to a National Stock Exchange (NSE) report. Among the top five states by unique investor registrations, Maharashtra holds the first position with 28.4 percent of women contributing to its investors' base, up from 25.6 percent in FY23. Gujarat ranks second, and the percentage contribution of women rose from 26.6 percent in FY23 to 27.8 percent in June 2025.
Uttar Pradesh, the country's second-largest investor base, still trails behind when it comes to women's representation. Women currently comprise only 18.7 percent of investors in the state—a far cry from the national averages of 24.5 percent though a notable rise over 16.9 percent in FY23.
The report points to the fact that more than half of India's states now show female investor ratios over the national average, up from 44 percent in FY23. Smaller states are also becoming the forerunners of gender diversity, with Goa leading the pack, followed by Mizoram. Chandigarh (32 percent), Delhi (30.5 percent), and Sikkim (30.3 percent) all appear well above the national average.
But the data also reflects a downturn in young investors. The proportion of participants aged below 30 declined from 40 percent in March 2024 to 39 percent in June 2025, primarily due to a deceleration in the addition of new investors in this age category.
All in all, though gender diversity in the Indian stock market is on the rise, participation of young investors is declining.
