SUNDAY SPECIAL: Gujarat’s Women Professionals Are Breaking Away From Safe Bets Into Equity Markets With Doctors And Lawyers Among Growing Investors. This Shift Has Pushed State’s Female Participation To 27.4%, Above National Average of 24%. Parag Dave Reports
Gujarat’s reputation as a stronghold for equity investments is being reinforced by a new demographic shift: the rising participation of women investors. Their increasing presence is reshaping what has historically been considered a male-dominated sphere. According to the latest National Stock Exchange (NSE) data, Gujarat has maintained an impressive 27.4% female representation among its registered investors, higher than the national average of 24% as of Nov 2024. The state’s total registered investor base has surged from 59.06 lakh at the end of FY 2022 to 94.90 lakh as of Nov 2024, with women investors maintaining their proportional share throughout this growth period. This translates into a remarkable 58.59% increase in women investors since April 2022.
The surge is driven by multiple factors, explains Vaibhav Shah, managing director of Monarch Networth Capital Ltd: “The number of working women is increasing and they get to interact with equity-oriented people at the workplace.”
The workplace influence, independent financial decision-making and diminishing returns on conventional investments have driven Gujarat’s women to seek better returns through equity strategies tailored to their backgrounds and risk appetites.
SMART MONEY: HOW THIS GOVT SCHOOLTEACHER BUILT HER PORTFOLIO
Dishaba Rathod has been navigating equity markets for more than a decade now. Her investment journey began in an unexpected place — a part-time job at a stock broking firm during her college days in 2011-12. “I gained knowledge of the stock market there,” she recalls. “Later,
I started investing small amounts and also used to apply for initial public offerings (IPOs).” Now a govt schoolteacher in Vansda taluka, Rathod’s career path took her through various roles, including a stint as a police sub-inspector (PSI) in 2018-19. Despite a temporary pause in her market activities following marriage, she has sustained her investment momentum, particularly focusing on IPOs and systematic investment plans (SIPs) in mutual funds. “I regularly invest in the stock market mainly through IPOs,” she says. “I believe in the long-term potential of equity investments. I also invest in mutual funds through SIPs,” she adds.
HEALTHCARE TO WEALTHCARE: A MEDICAL OFFICER’S STOCK STRATEGY
A homeopathy medical officer at a hospital in Sidhpur, Dr. Avani Patel represents women investors who make data-driven investment decisions. While her father favoured mutual funds, Dr. Patel ventured into direct equity investing two years ago, influenced by colleagues during her internship. “Investing in IPOs is easy as bank funds are blocked only briefly and the potential returns are significant,” she explains, describing her initial foray into the markets. Her approach has evolved to include comprehensive analysis of key metrics.
“I study price-to-earnings ratios, returns on investment, company profitability and sectoral overviews before investing,” says Patel, who conducts her market research after hospital hours, often utilising social media for additional insights. As a medical professional, she has a particular interest in pharmaceutical stocks but emphasises a balanced approach to risk management through diversification. “I focus on sectors with strong performance indicators and future potential, including renewable energy, information technology and automobile sectors,” she notes. Her investment strategy has matured from early experiences of following tips to developing a structured analytical approach. “I never put my hard-earned money in any one sector,” she explains. While she acknowledges mutual funds as a safer starting point for newcomers, she chose direct equity investments for hands-on learning. “I wanted to gain personal experience, even if it meant taking calculated risks,” she says, explaining her decision to start with small amounts in direct stock investments. Her long-term perspective shapes her investment decisions. “I invest in the stock market with a horizon of more than five years because one rarely gets good returns in a short period. My focus is always on understanding company fundamentals and sector potential before making any investment decision as returns require careful planning,” Patel says, emphasising the importance of thorough research and patience in equity investments.
A DOCTOR’S INVESTMENT EVOLUTION
Dr. Pratixa Desai’s 28-year journey as a govt hospital doctor offers a different perspective on how various stages of life influence investment behaviour. “Due to my hectic schedule, I did not have time to study stocks and therefore did not invest much,” she says about her earlier years. “Now that my children are settled, I have some time to study markets. I have been investing in stocks for the last few years.”
She is now the superintendent at a subdistrict hospital in Surat. Her investment approach is comprehensive: “I put a portion of my income into the stock market regularly and also invest in mutual funds. I prefer quality large-cap stocks. I also take investment advice from my husband.” She even participates in options trading while retaining traditional investments. “Gold serves as a long-term investment while fixed deposits offer secure returns with liquidity.” Drawing from her experience, Desai offers valuable guidance for women investors. “Many young women are investing in markets now. They should invest for the long term in equity,” she advises. “One should stay away from intraday trading as there are more chances of loss.” She stresses the importance of timing in risk-taking: “When women have less responsibilities, they can take risks but they should not focus on short-term gains.” Her approach to wealth creation reflects the same careful consideration she brings to patient care.
LEGAL EAGLE PREFERS TIME-TESTED COMPANIES
Alpa Patel brings a legal professional’s perspective to equity investing. The Real Estate Regulatory Authority (RERA) lawyer from Ahmedabad began her market journey in 2017, driven by curiosity about the investment discussions happening around her. “I wanted to understand equity investing because it was a frequent topic of discussion in my circle,” says Patel, who has crafted an approach that accommodates her time constraints. She focuses on established companies with proven track records, particularly in FMCG, petroleum and real estate materials sectors. “Equity offers better returns than traditional options like gold and fixed deposits because the market trends upward in the long term, despite bearish phases,” explains Patel, who manages her portfolio on her smartphone. Her strategy includes participating in IPOs with a long-term holding perspective. Unlike many new investors, Patel bypasses mutual funds and SIPs, preferring direct market participation that gives her complete control over her investment decisions. Her approach reflects a growing confidence among women investors who are comfortable making independent investment choices in the equity markets.
MARKET MAVEN WITH ENGINEERING SKILLS
With an engineering degree and a diploma in finance, Rupa Gandhi might seem an unlikely candidate to be a full-time stock market investor. Yet, for the past two decades, this homemaker has deftly handled the complex world of equities and derivatives, challenging the stereotype that stock market investing is a man’s domain. “The stock market today stands as an equal investment avenue, alongside traditional options like gold, fixed deposits or land,” Gandhi asserts. Her journey began in 2001, and since then, she has developed a comprehensive investment approach that combines fundamental analysis with sector-specific research. “I conduct thorough analyses of stocks, examining their revenue patterns, price-to-earnings ratio and price-to-book values,” she explains. Her engineering background lends itself well to this approach, while her financial training helps her understand market dynamics. What sets Gandhi apart is her willingness to engage in both investment and trading. While many retail investors shy away from derivatives, she regularly trades in the futures and options (F&O) segment. She believes proper stock selection and investment strategy can yield better returns. For newcomers, however, she recommends starting with mutual funds in these volatile times.
FIRST LADY OF INDIAN STOCK MARKETS
Gujarat’s legacy of women in equity markets can be traced back four decades to a pioneering figure who broke the gender barrier in India’s stockbroking industry. In 1982, Hina Vora rewrote history by becoming the country’s first woman stockbroker, creating a lasting legacy that would empower women investors for generations. Born in 1956 into a family of stockbrokers, Vora chose to forge her own identity rather than inherit her father’s membership. Her journey to establish Goldmine Stocks faced significant resistance from the then male-dominated industry.
“She was denied the membership of Ahmedabad Stock Exchange (ASE) simply because she was a woman,” recalls Samir Gandhi, the current managing director of Goldmine Stocks. Undeterred, Vora petitioned authorities from the stock exchange to the finance ministry. Her persistence paid off after a year-long struggle, leading to a landmark change in exchange regulations.
She not only secured her ASE membership but also expanded her operations to more than 18 regional exchanges for inter-market trades before her untimely demise in 2004.
“She participated in market activities despite it being an overwhelmingly male-dominated space,” says Gandhi. The company she co-founded with Kirit Vassa in 1994 serves over 60,000 investors and has a 70% female workforce in its broking division. Vora’s trailblazing efforts opened the doors for women in India’s stock markets, paving the way for Gujarat’s current wave of female investors.
DIGITAL EDGE: CLICK, LEARN, GROW
Technology has played a crucial role in driving women’s participation in equity markets, according to market experts. The digital transformation has eliminated many traditional barriers to entry. “Stock market investing has become more accessible,” explains a market expert. “Gone are the days when investors had to physically visit brokers’ offices or fill out bank slips. Today’s digital ecosystem, from paperless demat account opening to mobile trading apps and online payments, has simplified the entire investment process. This has emerged as a key factor behind the rapid rise in female participation in equity markets.”
Gujarat’s reputation as a stronghold for equity investments is being reinforced by a new demographic shift: the rising participation of women investors. Their increasing presence is reshaping what has historically been considered a male-dominated sphere. According to the latest National Stock Exchange (NSE) data, Gujarat has maintained an impressive 27.4% female representation among its registered investors, higher than the national average of 24% as of Nov 2024. The state’s total registered investor base has surged from 59.06 lakh at the end of FY 2022 to 94.90 lakh as of Nov 2024, with women investors maintaining their proportional share throughout this growth period. This translates into a remarkable 58.59% increase in women investors since April 2022.
The surge is driven by multiple factors, explains Vaibhav Shah, managing director of Monarch Networth Capital Ltd: “The number of working women is increasing and they get to interact with equity-oriented people at the workplace.”
The workplace influence, independent financial decision-making and diminishing returns on conventional investments have driven Gujarat’s women to seek better returns through equity strategies tailored to their backgrounds and risk appetites.
SMART MONEY: HOW THIS GOVT SCHOOLTEACHER BUILT HER PORTFOLIO
Dishaba Rathod has been navigating equity markets for more than a decade now. Her investment journey began in an unexpected place — a part-time job at a stock broking firm during her college days in 2011-12. “I gained knowledge of the stock market there,” she recalls. “Later,
I started investing small amounts and also used to apply for initial public offerings (IPOs).” Now a govt schoolteacher in Vansda taluka, Rathod’s career path took her through various roles, including a stint as a police sub-inspector (PSI) in 2018-19. Despite a temporary pause in her market activities following marriage, she has sustained her investment momentum, particularly focusing on IPOs and systematic investment plans (SIPs) in mutual funds. “I regularly invest in the stock market mainly through IPOs,” she says. “I believe in the long-term potential of equity investments. I also invest in mutual funds through SIPs,” she adds.
HEALTHCARE TO WEALTHCARE: A MEDICAL OFFICER’S STOCK STRATEGY
A homeopathy medical officer at a hospital in Sidhpur, Dr. Avani Patel represents women investors who make data-driven investment decisions. While her father favoured mutual funds, Dr. Patel ventured into direct equity investing two years ago, influenced by colleagues during her internship. “Investing in IPOs is easy as bank funds are blocked only briefly and the potential returns are significant,” she explains, describing her initial foray into the markets. Her approach has evolved to include comprehensive analysis of key metrics.
“I study price-to-earnings ratios, returns on investment, company profitability and sectoral overviews before investing,” says Patel, who conducts her market research after hospital hours, often utilising social media for additional insights. As a medical professional, she has a particular interest in pharmaceutical stocks but emphasises a balanced approach to risk management through diversification. “I focus on sectors with strong performance indicators and future potential, including renewable energy, information technology and automobile sectors,” she notes. Her investment strategy has matured from early experiences of following tips to developing a structured analytical approach. “I never put my hard-earned money in any one sector,” she explains. While she acknowledges mutual funds as a safer starting point for newcomers, she chose direct equity investments for hands-on learning. “I wanted to gain personal experience, even if it meant taking calculated risks,” she says, explaining her decision to start with small amounts in direct stock investments. Her long-term perspective shapes her investment decisions. “I invest in the stock market with a horizon of more than five years because one rarely gets good returns in a short period. My focus is always on understanding company fundamentals and sector potential before making any investment decision as returns require careful planning,” Patel says, emphasising the importance of thorough research and patience in equity investments.
A DOCTOR’S INVESTMENT EVOLUTION
Dr. Pratixa Desai’s 28-year journey as a govt hospital doctor offers a different perspective on how various stages of life influence investment behaviour. “Due to my hectic schedule, I did not have time to study stocks and therefore did not invest much,” she says about her earlier years. “Now that my children are settled, I have some time to study markets. I have been investing in stocks for the last few years.”
She is now the superintendent at a subdistrict hospital in Surat. Her investment approach is comprehensive: “I put a portion of my income into the stock market regularly and also invest in mutual funds. I prefer quality large-cap stocks. I also take investment advice from my husband.” She even participates in options trading while retaining traditional investments. “Gold serves as a long-term investment while fixed deposits offer secure returns with liquidity.” Drawing from her experience, Desai offers valuable guidance for women investors. “Many young women are investing in markets now. They should invest for the long term in equity,” she advises. “One should stay away from intraday trading as there are more chances of loss.” She stresses the importance of timing in risk-taking: “When women have less responsibilities, they can take risks but they should not focus on short-term gains.” Her approach to wealth creation reflects the same careful consideration she brings to patient care.
LEGAL EAGLE PREFERS TIME-TESTED COMPANIES
Alpa Patel brings a legal professional’s perspective to equity investing. The Real Estate Regulatory Authority (RERA) lawyer from Ahmedabad began her market journey in 2017, driven by curiosity about the investment discussions happening around her. “I wanted to understand equity investing because it was a frequent topic of discussion in my circle,” says Patel, who has crafted an approach that accommodates her time constraints. She focuses on established companies with proven track records, particularly in FMCG, petroleum and real estate materials sectors. “Equity offers better returns than traditional options like gold and fixed deposits because the market trends upward in the long term, despite bearish phases,” explains Patel, who manages her portfolio on her smartphone. Her strategy includes participating in IPOs with a long-term holding perspective. Unlike many new investors, Patel bypasses mutual funds and SIPs, preferring direct market participation that gives her complete control over her investment decisions. Her approach reflects a growing confidence among women investors who are comfortable making independent investment choices in the equity markets.
MARKET MAVEN WITH ENGINEERING SKILLS
With an engineering degree and a diploma in finance, Rupa Gandhi might seem an unlikely candidate to be a full-time stock market investor. Yet, for the past two decades, this homemaker has deftly handled the complex world of equities and derivatives, challenging the stereotype that stock market investing is a man’s domain. “The stock market today stands as an equal investment avenue, alongside traditional options like gold, fixed deposits or land,” Gandhi asserts. Her journey began in 2001, and since then, she has developed a comprehensive investment approach that combines fundamental analysis with sector-specific research. “I conduct thorough analyses of stocks, examining their revenue patterns, price-to-earnings ratio and price-to-book values,” she explains. Her engineering background lends itself well to this approach, while her financial training helps her understand market dynamics. What sets Gandhi apart is her willingness to engage in both investment and trading. While many retail investors shy away from derivatives, she regularly trades in the futures and options (F&O) segment. She believes proper stock selection and investment strategy can yield better returns. For newcomers, however, she recommends starting with mutual funds in these volatile times.
FIRST LADY OF INDIAN STOCK MARKETS
Gujarat’s legacy of women in equity markets can be traced back four decades to a pioneering figure who broke the gender barrier in India’s stockbroking industry. In 1982, Hina Vora rewrote history by becoming the country’s first woman stockbroker, creating a lasting legacy that would empower women investors for generations. Born in 1956 into a family of stockbrokers, Vora chose to forge her own identity rather than inherit her father’s membership. Her journey to establish Goldmine Stocks faced significant resistance from the then male-dominated industry.
“She was denied the membership of Ahmedabad Stock Exchange (ASE) simply because she was a woman,” recalls Samir Gandhi, the current managing director of Goldmine Stocks. Undeterred, Vora petitioned authorities from the stock exchange to the finance ministry. Her persistence paid off after a year-long struggle, leading to a landmark change in exchange regulations.
She not only secured her ASE membership but also expanded her operations to more than 18 regional exchanges for inter-market trades before her untimely demise in 2004.
“She participated in market activities despite it being an overwhelmingly male-dominated space,” says Gandhi. The company she co-founded with Kirit Vassa in 1994 serves over 60,000 investors and has a 70% female workforce in its broking division. Vora’s trailblazing efforts opened the doors for women in India’s stock markets, paving the way for Gujarat’s current wave of female investors.
DIGITAL EDGE: CLICK, LEARN, GROW
Technology has played a crucial role in driving women’s participation in equity markets, according to market experts. The digital transformation has eliminated many traditional barriers to entry. “Stock market investing has become more accessible,” explains a market expert. “Gone are the days when investors had to physically visit brokers’ offices or fill out bank slips. Today’s digital ecosystem, from paperless demat account opening to mobile trading apps and online payments, has simplified the entire investment process. This has emerged as a key factor behind the rapid rise in female participation in equity markets.”