Online brokerage platform Zerodha’s Co-founder and Chief Executive Officer (CEO) Nithin Kamath shared some stock market data highlighting the majority of equity delivery trades are from Mumbai and Ahmedabad in a social media post on platform X on Monday, January 6.
In the social media post, Nithin Kamath also said that the regions of Mumbai and Ahmedabad contribute a little over 80 per cent to the equity delivery trades.
“Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus,” said Kamath in the post.
Kamath’s table data shows that Mumbai contributed 64.28 per cent to the equity trade deliveries as of November 2024, and the city of Ahmedabad made up 17.53 per cent of equity delivery trades, as of the same time period.
Mint reported earlier that the Zerodha Chief mentioned Gujarat’s contribution to the stock market in September 2024 when he lauded the state for having the highest participation in initial public offerings (IPOs), nearly 40 per cent.
Gujaratis have been long-standing participants in the Indian stock market from an early time.
“Gujarat accounts for about 9% of the total investor customer base, but they account for 40% of IPO participation in both retail and HNI categories,” he said in a September post on platform X.
Registered Investor market share
Kamath also shared the year-wise investor registration data through a bar chart over a five-financial-year interval. The data showed that the number of registered investors is seen to be falling over the years.
Currently, as of the financial year 2024-25, the total number of registered investors is at 17 per cent in Maharashtra, compared to its previous levels of 19 per cent in the financial year 2019-20, 20 per cent in the financial year 2014-15 and 2009-10 in the state, according to Zerodha data.
Gujarat was the second-largest contributor to the total registered investor data map. But even in this state, the data showed a fall in the registered investor customer base, at 9 per cent in Ahmedabad in the financial year 2024-25, compared to its 12 per cent level in the financial year 2019-20, 11 per cent in the financial year 2014-15, and 13 per cent in the financial year 2009-10.
“Gujarat accounts for just 8% of the total registered investors, and the share has been falling,” said Kamath in his post.
Netizens React
People on social media supported Kamath’s narrative and the spirit of Gujarati’s in taking market risk. Kunal Shah, the founder of the fintech platform Cred and Freecharge, said, “Risk hai to Ishq hai”, citing a nationwide famous dialogue from the web series – Scam 1992.
Others like Shveta, the founder of TrustScore, said, “Investments require a blend of patience and substantial resources, and when it comes to these qualities, the Gujarati community shines brighter than most in India. Their strategic approach has allowed them to navigate the complexities of investing with skill and perseverance.”
