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

India’s equity markets saw investors joining at a slower pace in November, just 13.2 lakh investors were added during the month during the month. This was a 11.6% dip from October, as the growth was dragged down by uncertainty in global markets continued to temper risk appetite, data released by the National Stock Exchange (NSE) showed.With these additions, the total number of registered investors reached 12.3 crore by the end of November 2025. The slowdown came after two months of steady improvement in registrations, signalling a pause in the recent rebound. The NSE noted, “The pace of additions moderated during the month, declining 11.6 per cent MoM after two consecutive months of sequential increases.” The report pointed out that investor sign-ups have remained uneven throughout calendar year 2025. While short phases of stronger growth were seen between May and July and again in September and October, the broader trend has been one of moderation. Global headwinds and persistent volatility have weighed on confidence, making many potential entrants wary of entering equity markets. Data from the exchange also showed that the rapid expansion seen in the previous year has lost momentum. Last year in February, the investor base crossed 9 crore. By August 2024, the number moved to 10 crore and touched 11 crore in January 2025, with each milestone achieved within five to six months. On the other hand, the next crore took significantly longer, with nine months required to move from 11 crore to 12 crore. Between January and November 2025, the NSE added an average of 12.8 lakh investors every month, taking total additions during the period to 1.4 crore, drastically lower than the same period in 2024, when average monthly additions were 19.3 lakh, translating into 2.1 crore new investors.On the regional front, north India continued to dominate with an investor participation of 4.5 crore investors as of November 2025. West India stood at the second position with 3.6 crore investors. South India and east India ALSO recorded 2.6 crore and 1.5 crore investors, respectively. Year-on-year growth remained positive across most regions. All parts of the country reported growth of over 15% in November, except West India, where investor growth lagged at 11.6%. Overall, the NSE data indicated that although India’s equity investor base is still expanding, the rate of new investor additions has slowed during 2025 as global uncertainty continues to influence participation.