Despite significant expansion of India’s capital markets, women continue to hold a disproportionately small share of demat accounts, according to the latest edition of the Women & Men in India 2025 report released by the Ministry of Statistics and Programme Implementation (MoSPI). The report also revealed a wide and persistent disparity between the number of men and women in managerial positions in the corporate sector, and women’s much higher involvement in unpaid domestic work.
As of October 31, 2025, women accounted for only 19.8% of the total 167.5 million demat accounts maintained with the Central Depository Services (India) Limited (CDSL). Men held the remaining 80.2%. The absolute numbers stand at approximately 33.1 million crore accounts for women compared to 134.4 million for men.
As of December 31, 2025, the number of men on boards of directors exceeded 2.4 million, while the number of women on these boards was 1 million. Between 2017 and 2025, the number of men engaged in managerial roles increased by approximately 74%, while the number of women in managerial positions surged by over 102%.
Leadership Leap
The report, however, highlighted impressive growth in demat account openings over the past four years. Between 2021 and 2025, the number of accounts held by males surged by 405.14%, while female accounts grew by a nearly identical 397.24%. However, the low base for women means the gender gap in participation remains wide. State-level data shows male dominance across most regions, with relatively higher (though still minority) female shares in states like Goa, some Northeastern states, and urban centres such as Delhi and Maharashtra.
The meagre share in demat accounts stands in contrast to women’s stronger performance in other government-backed financial inclusion initiatives. Under the Pradhan Mantri Mudra Yojana (PMMY), women hold 82.81% of accounts and receive 83.57% of the sanctioned loan amounts. Similarly, under Pradhan Mantri Jan Dhan Yojana (PMJDY), women have achieved parity or better in a majority of states.
The women & men in India 2025 report, the 27th in the series, compiles gender-disaggregated data across multiple sectors to aid policymakers in tracking progress toward inclusive growth.
Time Poverty Trap
The report also highlighted a major structural barrier through Time Use Survey data. Women aged 15-59 years spend 325–381 minutes per day on unpaid domestic and caregiving work, compared to just 41–89 minutes for men. Women have significantly less time for paid economic activities, averaging less than 70 minutes daily. Female workers remain heavily concentrated in certain sectors and establishment types. In rural areas, nearly 73% of female workers are engaged in agriculture.