Investor onboarding loses pace: Fresh equity registrations fall 11% in November; total base stands at 12.3 crore

India’s equity markets saw a slowdown in investor additions in November, with 13.2 lakh new traders entering the market, marking an 11.6% decline compared to October.The slowdown came as equity participation was dragged down by global uncertainty, even as the overall investor base continued to expand, according to data released by the National Stock Exchange (NSE).This took the total number of registered equity investors to 12.3 crore by the end of November 2025. November’s slowdown followed two months of rising registrations, pointing to a break in momentum rather than a sustained recovery. As noted in the report, “The pace of additions moderated during the month, declining 11.6% MoM after two consecutive months of sequential increases.” The NSE data shows that calendar year 2025 has largely been marked by subdued investor onboarding, barring limited periods of improvement between May and July, and again during September and October.

Ongoing global headwinds and market volatility have continued to influence sentiment, resulting in greater caution among potential first-time investors. A comparison with earlier periods highlights how sharply the pace has eased. After the investor base crossed 9 crore in February 2024, it moved rapidly to 10 crore by August 2024 and then to 11 crore by January 2025, with each additional crore being added within five to six months.

In contrast, the journey from 11 crore to 12 crore took nine months, reflecting slower participation amid volatile global conditions. Between January and November 2025, the exchange added an average of 12.8 lakh investors per month, leading to a cumulative increase of 1.4 crore investors during the period. This represented a marked deceleration from the same months last year, when average monthly additions stood at 19.3 lakh and total incremental additions reached 2.1 crore. ROn regional front, north India remained the largest contributor to the investor base, with 4.5 crore registered investors as of November 2025. West India followed with 3.6 crore investors, while South India and East India accounted for 2.6 crore and 1.5 crore investors, respectively. Despite the monthly slowdown, year-on-year growth remained positive across most regions. All regions recorded more than 15% growth in November, except West India, where investor growth was relatively slower at 11.6%. The NSE report highlighted that while India’s equity markets continue to attract new participants, the speed of investor additions has moderated through 2025, shaped by global uncertainty and a more cautious investment environment.