Demat account additions slow to six-year low in 2025 despite all-time high base

India’s demat account growth slowed sharply in 2025, even as the total number of accounts rose to a all-time high level, data from the Central Depository Services (India) Ltd (CDSL) and National Securities Depository Ltd (NSDL) showed.

The total number of demat accounts stood at 21.59 crore at the end of December 2025, up from 18.53 crore a year earlier. However, year-on-year growth moderated to 16.5%, the slowest pace in six years. In absolute terms, 3.06 crore demat accounts were added in 2025, compared with 4.60 crore additions in 2024, according to Livemint report.

CDSL accounted for the bulk of demat accounts during the year. Its total demat accounts rose by 2.62 crore, or 17.9%, to 17.28 crore by December 2025. NSDL added 0.44 crore accounts, marking a growth of 11.4%, taking its total to 4.32 crore.

The data also shows a steady deceleration in growth after the sharp expansion seen in earlier years.

Total demat accounts increased from 3.94 crore in December 2019 to 4.98 crore in 2020, before surging to 8.06 crore in 2021, when growth stood at 61.7%. Growth moderated to 34.3% in 2022, 28.7% in 2023, and 33% in 2024, before easing further in 2025, the report said.

CDSL’s demat accounts rose from 1.97 crore in December 2019 to 2.89 crore in 2020, and then to 5.56 crore in 2021. The number increased to 7.79 crore in 2022, 10.47 crore in 2023, 14.65 crore in 2024, and 17.28 crore in 2025.

NSDL’s demat accounts grew from 1.96 crore in December 2019 to 2.09 crore in 2020, 2.50 crore in 2021, 3.04 crore in 2022, 3.46 crore in 2023, 3.88 crore in 2024, and 4.32 crore by December 2025.