Despite global volatility and massive debt outflows, India’s mutual fund industry capped March 2025 with strong asset growth, according to the Association of Mutual Funds in India (AMFI). The industry’s Assets Under Management (AUM) climbed 1.87% month-on-month to Rs 65.74 lakh crore, largely due to mark-to-market (MTM) gains as the equity markets rallied.
Highlights AMFI Mutual Fund industry monthly data March 2025
- Mutual Fund Industry’s Net AUM stands at Rs 65,74,287.20 crores for the month of March 2025. Net AUM for the month of February 2025 was Rs 64,53,493.85 crores
- The AAUM for the month of March 2025 is Rs 66,70,186.27 crores
- Mutual Fund Folios are at 23,45,08,071 as of March 2025
- Retail MF Folios (Equity + Hybrid + Solution Oriented Schemes) are at 18,58,24,290 for the month of March 2025. And for the month of Feb were at 18,42,02,267
- Retail AUM (Equity + Hybrid + Solution Oriented Schemes) stood at Rs 38,83,966 crores for March 2025 while the Feb 2025 AUM was Rs 36,44,112 crores.
- 49th month of positive equity inflows, starting from March 2021.
- Growth/Equity Oriented schemes inflows for the month of March 2025 are Rs 25,082.01 crores
- Number of new SIPs registered in March 2025 stood at 40,18,564
- The SIP AUM is at Rs 13,35,188.07 crores for the month of March 2025
- SIP contribution for March 2025 stood at Rs 25,925.63 crores
- The number of Contributing SIP accounts stood at 8.11 crores
- A total of 30 schemes were launched in the month of March 2025 all open-ended and across categories, raising a total of Rs 4,085 crores.
Equity Segment Leads the Charge
Equity funds were the standout performer, with AUM rising 7.5% to Rs 29.45 lakh crore. Flexi-cap funds led inflows with Rs 5,615 crore, while sectoral/thematic funds, despite an annual AUM surge of 53%, saw subdued inflows of Rs 170 crore in March. Overall, equity-oriented mutual funds recorded net inflows of Rs 25,082 crore.
Debt Funds Hit by Tax-Driven Withdrawals
In contrast, debt funds suffered heavily. AUM dropped 11% to Rs 15.21 lakh crore, triggered by quarter-end withdrawals to meet advance tax liabilities. Liquid funds alone saw outflows of Rs 1.33 lakh crore. However, long-duration and gilt funds showed resilience due to a drop in government bond yields, which made them more attractive to investors.
Hybrid Funds: Mixed Signals
Hybrid fund AUM rose 3.7% to Rs 8.83 lakh crore, but the category posted a net outflow of Rs 947 crore. Arbitrage and conservative hybrid funds saw redemptions, while dynamic asset allocation and multi-asset allocation funds attracted fresh capital. Two hybrid fund NFOs collected Rs549 crore.
Passives Hit Record High
Passive investment vehicles continued their strong momentum. Passive fund AUM touched an all-time high of11.47 lakh crore, up 6.3% month-on-month and 22.7% year-on-year. The category attracted Rs14,149 crore in net inflows, its 53rd straight month of positive flows. New fund offerings, particularly index funds and ETFs, contributed over half of March’s mobilization.
SIPs Maintain Strong Growth
Systematic Investment Plans (SIPs) remain a robust investment avenue for retail investors. Contributions in March reached Rs 25,926 crore, a 34.5% rise from the same month last year. The number of SIP accounts grew to 8.11 crore, reinforcing investor trust in disciplined investing through market cycles.
Tariff Turmoil Dampens Foreign Inflows
The mutual fund industry faced pressure from foreign institutional investors (FIIs), who pulled Rs116,600 crore from equities in the March quarter, spurred by U.S. policy uncertainty and a 26% reciprocal tariff on Indian goods imposed by the new U.S. administration. Domestic institutional investors (DIIs), however, provided steady support.
Folio Count at All-Time High
March also saw an addition of 22.27 lakh new investor folios, taking the total count to 23.45 crore. Equity and passive fund folios together accounted for over 87% of this base, highlighting growing retail participation.
Cautiously Optimistic
Despite external headwinds like global rate volatility and U.S. tariffs, India’s mutual fund industry showed resilience, driven by retail investor participation and market gains. AMFI Chief Executive Venkat N Chalasani emphasized the importance of systematic investing and reaffirmed AMFI’s commitment to investor education and regulatory transparency.
Speaking on the January 2025 monthly data release, Mr. Venkat Chalasani, Chief Executive, AMFI said, –
I am pleased to report that our mutual fund industry has demonstrated resilience and growth, despite market volatility and global policy uncertainties driven by frequent US tariff changes. As of March 2025, we have seen a 31.85% year-over year increase in folio count, with our Assets Under Management (AUM) reaching Rs 65.74 lakh crore, up from Rs 53.40 lakh crore in March 2024, representing a 23.11% increase in FY 2024-25.
In the fiscal year 2024-25, the average monthly SIP contribution reached a notable Rs 24,113 crores, marking a significant increase from the Rs 16,602 crores observed in the preceding fiscal year, 2023-24.The steady increase in SIP flows is a testament to the growing maturity of retail investors in understanding the importance of systematic and disciplined investing and trust of investors in mutual funds as a core part of their financial planning. To support investors, AMFI remains committed to enhancing awareness and fostering a robust, transparent and well-regulated investment ecosystem.
