The share of passive strategies in total industry AUM increased to 19% in January 2026 from 12% in January 2022, highlighting the growing role of exchange-traded funds (ETFs) and index-based products in investor portfolios.
Overall industry AUM stood at ₹81.01 lakh crore at the end of January 2026. Over the past five years, the industry recorded a compound annual growth rate (CAGR) of 22%, and 20% over the past decade. Equity-oriented AUM reached ₹58.02 lakh crore, rising 20.6% year-on-year, while fixed income-oriented AUM stood at ₹23 lakh crore, up 20.2%.
Retail share at 60%
Individual investors now account for 60% of total mutual fund AUM. Equity-oriented schemes derive 87% of their assets from individual investors, while institutional investors dominate liquid and money market schemes (89%), debt-oriented schemes (67%), and ETFs and fund of funds (84%).
Retail AUM has grown faster than overall industry assets over longer time frames. Individual investors’ AUM expanded nearly eightfold over the past decade compared with around sixfold growth for the industry. Over five years, retail AUM grew at a 24% CAGR versus 22% for the industry; over 10 years, retail AUM grew at 23% CAGR compared with 20% for the industry. Unique investor accounts increased 12.8% year-on-year to 6.02 crore.
SIP contributions rise
Monthly Systematic Investment Plan (SIP) gross sales stood at ₹31,002 crore in January, up 17% from ₹26,400 crore a year ago. SIP AUM rose 24% year-on-year to ₹16.36 lakh crore from ₹13.20 lakh crore.
The number of SIP accounts reached 10.29 crore in January 2026, while the average SIP ticket size increased to ₹3,012 per month from ₹2,571 a year earlier. Monthly SIP contributions have doubled in less than three years.
Flexi-cap funds lead flows
Most categories recorded positive flows in January, except equity-linked savings schemes (ELSS). Flexi-cap funds led net sales over the past 12 months, attracting ₹82,954 crore in inflows, including ₹7,672 crore during the period.
Geographic spread widens
The share of B15 cities in total AUM rose from 29% in December 2020 to 30% in December 2025. The B30 segment’s share increased from 16% to 18% over the same period, with B30 AUM growing at a 24% CAGR compared with 20% CAGR for the top 30 cities.
Among states, Maharashtra led with average AUM of ₹33.69 lakh crore, followed by Delhi (₹6.44 lakh crore), Karnataka (₹5.66 lakh crore) and Gujarat (₹5.57 lakh crore). Rajasthan recorded 23.10% AUM growth over the past 12 months, marginally higher than Maharashtra’s 22.64%.
ALSO READ | A manufacturing mutual fund has delivered 21% CAGR on ₹1,000 lumpsum in 4 years
