Zerodha CEO Nithin Kamath says 'real money is with Gujjus' after Nikhil Kamath's Bengaluru's 'paper rich' remark

Around 80 per cent of India's equity delivery trades are carried out from investors in Mumbai and Ahmedabad, according to Zerodha CEO and co-founder Nithin Kamath.

"Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus," the discount broking firm's chief posted on X.

This comes months after Nithin's brother and Zerodha co-founder Nikhil Kamath said Bengaluru has the largest paper wealth in the country. Speaking to The Print Editor-in-Chief Shekhar Gupta in March 2024, he said those who became rich through paper wealth earned money from cash-strapped tech companies, giving only an appearance of wealth.

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On January 6, Nithin Kamath said Mumbai accounted for 64.28 per cent of the total turnover in November on the National Stock Exchange and 27.02 per cent on the Bombay Stock Exchange.

On the other hand, Ahmedabad saw 17.53 per cent of the total cash trade turnover on the NSE and 27.31 per cent on the BSE.

The two cities had a combined total of around 82 per cent turnover on NSE and 44.5 per cent on the BSE.

Around 107 million investors were registered on the NSE in November 2024. Mumbai and Ahmedabad was followed by Bengaluru at 3.97 per cent on NSE while Kolkata retained the third spot at 2.5 per cent on the BSE.

In September, Kamath said Gujarat's contribution to the initial public offerings (IPO) stood at around 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,” his X post from September read.

Responding to Kamath, CRED founder Kunal Shah came up with a dialogue from Scam 1992 OTT series: "Risk hai to Ishq hai".