Zerodha CEO Nithin Kamath has drawn attention to the significant dominance of Mumbai and Ahmedabad in India’s equity delivery trades. In a recent analysis shared on social media, Nithin Kamath revealed that these two cities collectively account for a staggering 80% of all equity delivery trades in the country. According to data from November 2024, Mumbai alone contributed 64.28% of equity trade deliveries, while Ahmedabad accounted for 17.53%.
Taking to Twitter, Nithin Kamath wrote, “Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus. Btw, Gujarat accounts for just 8% of the total registered investors, and the share has been falling.” This remark sparked widespread discussion, particularly about the Gujarati community’s role in shaping India’s financial landscape.
Known for their entrepreneurial spirit, Gujaratis have historically been at the forefront of business and trading activities. Nithin Kamath’s lighthearted comment underscored this legacy, with a special mention of Ahmedabad’s contribution. In September 2024, Nithin Kamath had also praised Gujarat for leading initial public offering (IPO) participation, accounting for approximately 40% of the total involvement—the highest by any state in India.
Nithin Kamath further shared insights on the city-wise distribution of turnover in the cash segments of the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Ahmedabad emerged as the leader in this metric as well, followed closely by Bengaluru, Vadodara, Bhubaneswar, Chennai, Ernakulam, Coimbatore, New Delhi, Guwahati, and Hyderabad.
Despite these achievements, Nithin Kamath highlighted an intriguing contradiction. Gujarat, a state with a strong stock market presence, accounts for only 8% of the total registered investors in India—a figure that has been steadily declining. On the other hand, Maharashtra has maintained its position as the top state in terms of registered investors, with 1.48 crore investors as of the current fiscal year.
Interestingly, Uttar Pradesh has overtaken Gujarat as the second-largest state by the number of registered investors, with 89.47 lakh investors compared to Gujarat’s 76.68 lakh. These statistics reveal a shift in investor demographics across the country and raise questions about the factors influencing regional participation in equity markets.
Nithin Kamath’s post attracted significant engagement, with notable figures like Kunal Shah, founder of CRED, chiming in. Shah referenced the popular phrase “Risk hai to Ishq hai” from the OTT series Scam 1992, emphasizing the bold and risk-taking reputation of Gujarati investors. Other social media users echoed similar sentiments, praising Gujaratis for their strategic approach to investing and their resilience in navigating complex market dynamics.
One user commented, “Ahmedabad and Mumbai are running the stock market while the rest of us just watch Sensex like a cricket score.” Another added a nuanced perspective, attributing Gujarat’s relatively low number of registered investors to the prevalence of informal trading practices, such as dabba trading.
Nithin Kamath’s analysis offers a compelling view of India’s stock market landscape, highlighting the concentration of financial activity in Mumbai and Ahmedabad. While these cities dominate equity delivery trades, the data also sheds light on shifting trends and regional disparities in investor participation. As discussions around these dynamics continue, Nithin Kamath’s observations have sparked fresh debates about the evolving nature of India’s financial ecosystem.
