Ahmedabad: The equity turnover of Gujarat’s individual investors swelled nearly sixfold over the past decade, even as the number of active equity investors in the state expanded eightfold.The numbers are highlighted in a National Stock Exchange report tracking retail participation in the stock market. Surat district ranked first in India in terms of growth rate in the number of active investors and their turnover.Ahmedabad district ranked second in terms of active investors and third in turnover.The NSE data showed that Gujarat had 6.1 lakh active individual investors at the end of FY16. That figure rocketed to 46.1 lakh by the end of FY26. An active investor is defined as a registered investor who has traded at least once during the year.The report also found that the equity turnover of individual investors in Gujarat increased from Rs 3.5 lakh crore in FY16 to Rs 18.5 lakh crore in FY26, reflecting a sharp rise in retail trading activity across the state.Among districts, Ahmedabad emerged as one of the country’s largest retail trading centres.It ranked third among the Top 10 districts nationally in terms of turnover, after Mumbai Suburban and Bengaluru. Ahmedabad recorded an equity turnover of Rs 6.1 lakh crore in FY26, up from Rs 1.3 lakh crore in FY16.Surat posted the fastest growth in the country in stock trading activity over the decade. Its equity turnover crossed Rs 3.3 lakh crore in FY26, accounting for a 1.9% share, and registered a 10-year compound annual growth rate of 23.5%, the highest among the top districts tracked in the report.The NSE report highlighted Surat’s strong rise in investor participation. “Additionally, of the Top 10 districts, five recorded a 5x-plus growth in the number of active investors in the past decade, with Surat leading the set with an 11x increase (7.6 lakh investors in FY26),” the report stated.Experts said that the surge reflects a structural shift in household savings and wider access to equity markets through digital platforms.“Over the past decade, Gujarat has seen a remarkable broadening of its retail investor base, with participation moving beyond traditional business families to salaried professionals, small traders and first-time market entrants,” said Vanesh Panchal, the director of a stock broking company in Ahmedabad.Panchal added, “Traditional investment avenues are no longer attractive and the rise in turnover and active investors shows that equity investing has become far more mainstream across cities like Ahmedabad and Surat.”The data underlines Gujarat’s growing importance in India’s retail equity landscape, with both investor participation and trading volumes rising sharply over the decade.
