The report said that the registered investor base stood at 12.3 crore as of end-November 2025, reflecting the addition of 13.2 lakh buyers in November.
After two consecutive months of sequential will increase, the moderation in November signalled a cooling in investor onboarding momentum.
The NSE report said, “The tempo of additives moderated in the course of the month, declining 11.6 per cent MoM after two consecutive months of sequential will increase.”
In line with the NSE, new investor registrations have proven a downward pattern for a lot of CY2025, besides in the course of the Might-July and September-October durations. International headwinds and market uncertainty have weighed on sentiment, resulting in a extra cautious method from potential first-time buyers.
The report highlighted the altering tempo of investor base enlargement over the previous two years. After crossing the 9-crore mark in February 2024, the overall variety of registered buyers elevated to 10 crore by August 2024 and additional to 11 crore by January 2025, with every further crore being added inside a span of 5 to 6 months.
Nonetheless, this momentum slowed considerably in 2025. The investor base took 9 months to develop from 11 crore to 12 crore, reflecting the affect of unstable world situations on market participation.Between January and November 2025, the NSE added a mean of 12.8 lakh new buyers per thirty days, leading to an incremental addition of 1.4 crore buyers in the course of the interval.
This marked a pointy slowdown in comparison with the identical interval final yr, when the common month-to-month addition stood at 19.3 lakh buyers, translating into a complete incremental addition of two.1 crore.
The report additionally offered a regional breakdown of investor participation. North India continued to guide, with 4.5 crore registered buyers as of November 2025. This was adopted by West India with 3.6 crore buyers, South India with 2.6 crore, and East India with 1.5 crore.
On a year-on-year foundation, investor participation elevated throughout most areas. All areas recorded over 15 per cent development in November, besides West India, which noticed a comparatively slower enlargement of 11.6 per cent year-on-year.
Total, the NSE report indicated that whereas India’s fairness investor base continues to broaden, the tempo of recent additions has moderated in 2025 amid world uncertainties.
