BS
About 16 million new investors entered the equity market in 2023 with Uttar Pradesh emerging at the top with 2.3 million new investor additions, according to data released by the National Stock Exchange. Uttar Pradesh, which saw a 34 per cent jump in investor count, left behind Maharashtra, which has traditionally been the biggest source of investors. The western state added 2.2 million new investors and remains the largest investor base with 14.9 million unique investors. Uttar Pradesh and Gujarat come in next with total investor count of 8.9 million and 7.7 million, respectively.
Investors’ interest in the equity market went up in 2023, driven by the rally in small and midcaps, as well as the strong performance of initial public offerings (IPOs), which drew new investors into the equity market. In August, the demat account additions surged to a 19-month high of 3.1 million.
