As of February 2023, about 12.5 crores registered investors on BSE. The population of India is around 140 crores. So, about 8.93% of the Indian population directly invests in the stock market. It may be possible some Indians invest in the Indian stock market through other indirect channels and some may be investing in the foreign stock exchange too. But as per data, considering all possible scenarios less than 10% of the Indian population invests in any stock market. The number is even less when we consider how many are actually actively participating in investing. A whopping amount of new individual investors joined the stock markets during the pandemic period.
As per BSE data February 2022, Maharashtra has the highest market share in % of total registered investors in India. Top 5 India states account for half of the BSE registered investors.