‘Real money is with Gujjus,’ Zerodha’s Nithin Kamath reveals THESE 2 cities account for 80% of equity delivery trades

Online brokerage platform Zerodha's Co-founder and Chief Executive Officer (CEO) Nithin Kamath recently shared stock market data revealing that Mumbai and Ahmedabad dominate the equity delivery trade.

According to Kamath’s analysis, these two cities account for an impressive 80% of equity delivery trades in the Indian stock market, highlighting their significant influence.

“Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus,” said Kamath in a post on social media platform X on January 6.

Kamath’s remark is a playful reference to the significant role that the Gujarati community plays in India's financial markets. The Gujarati community has a long-standing reputation for being actively involved in business and trading activities, particularly in cities like Ahmedabad and Mumbai.

What data reveals?

Kamath shared data that shows that Mumbai contributed 64.28 per cent to the equity trade deliveries in November 2024, and the city of Ahmedabad made up 17.53 per cent of equity delivery trades in the same time period.

In a post earlier in September, Zerodha Chief mentioned Gujarat's contribution to the stock market when he lauded the state for having the highest participation in initial public offerings (IPOs) at nearly 40 per cent.

“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

However, Kamath's post goes on to highlight a paradox. “Gujarat accounts for just 8% of the total registered investors, and the share has been falling,” said Kamath in his post.

While Gujarat has the third-highest total registered investors, after Maharashtra and Uttar Pradesh, the data showed a fall in the registered investor customer base. 

Gujarat's registered investor base has declined to 9 per cent in the financial year 2024-25, compared to 12 per cent 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.

Even Maharashtra, which has the highest percentage of registered investors has seen a decline. The total number of registered investors is at 17 per cent in Maharashtra in the ongoing fiscal, 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.

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.” 

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.