Zerodha Co-founder and CEO Nithin Kamath recently shared eye-opening stock market data, revealing that Mumbai and Ahmedabad together account for a staggering 80% of equity delivery trades in India. This statistic highlights the powerful role these two cities play in shaping the Indian stock market.

Kamath's analysis, shared on social media platform X on January 6, underlines how these cities are central to India's equity delivery trade. 

"Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus," Kamath said in his post.

His reference to the Gujarati community’s strong presence in business and trading is a nod to the long-standing entrepreneurial spirit of the region, with both Mumbai and Ahmedabad playing key roles in India’s financial landscape.

Kamath's data shows that Mumbai led 64.28% of equity delivery trades in November 2024, followed by Ahmedabad with a share of 17.53%. These two cities attract maximum trades in the market and have the decisive impact of local communities in building India's financial market.

Earlier in September, Kamath also appreciated the outstanding participation of Gujarat in the stock market, particularly in the IPOs.

"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 shared in a post, pointing out the state's major contribution to IPOs.

However, Kamath also presented an interesting paradox. Gujarat's participation in the stock market has been considerable, but its registered investor base has been going down over the years. 

"Gujarat accounts for just 8% of the total registered investors, and the share has been falling," Kamath noted.

According to the latest data, Gujarat, which had a larger share of the investor base earlier, now constitutes only 9% of the total registered investors by the end of the financial year 2024-25. This has declined from 12% in the financial year 2019-20 and 13% in the financial year 2009-10. 

Interestingly, even Maharashtra, the state that has the highest percentage of registered investors, has dropped its share down to 17% for the current fiscal year as compared to the previous fiscal year of 19% in 2019-20.

Kamath's post garnered much engagement from social media users, who were quick to praise the Gujarati community's risk-taking attitude and investment expertise. Kunal Shah, the founder of fintech platforms Cred and Freecharge, responded by quoting a famous line from the web series Scam 1992, saying, "Risk hai to Ishq hai," reflecting the community's boldness in the market.

Shveta, the founder of TrustScore, also joined the conversation, emphasizing the qualities of patience and resourcefulness required in investments. 

“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,” she said.

While the number of registered investors is declining, the trading presence in cities like Mumbai and Ahmedabad is strong, and India's financial future remains vibrant, with the Gujarati community leading the charge.