The latest data from the National Stock Exchange (NSE) indicates a steady rise in retail participation from Odisha, with the state’s unique registered investor base (unique PANs) officially reaching 33,52,488. While the state remains a modest player on the national stage, it has maintained a consistent growth trajectory throughout the 2024–2025 period.
The latest NSE reports highlight a shifting landscape where traditional financial hubs are seeing a gradual decline in their national share. In this environment, Odisha has emerged as the second-largest contributor in Eastern India, positioned behind West Bengal.
Nationally, Odisha’s numbers place it in a middle-tier bracket, comparable to states like Kerala and Assam. While states like Uttar Pradesh and Gujarat have seen a more rapid ascent, Odisha’s growth remains incremental. Notably, the data shows that the 33.5 lakh unique individuals in the state currently hold a combined total of 55,29,687 Unique Client Codes (UCCs), suggesting that active investors in the region frequently utilize multiple brokerage platforms to manage their portfolios.
State-Wise Breakdown (December 2025)
| State | Unique Registered Investors (PANs) | Total Unique Client Codes (UCCs) | Regional Position |
| Maharashtra | 2.0 Crore | 4.16 Crore | #1 Nationally (Share Declining) |
| Uttar Pradesh | 1.4 Crore | 2.70 Crore | #2 Nationally (Gaining Ground) |
| Gujarat | 1.1 Crore | 2.12 Crore | #3 Nationally |
| West Bengal | 72.6 Lakh | 1.40 Crore | #1 in East India |
| Odisha | 33.5 Lakh | 55.2 Lakh | #2 in East India |
