India’s mutual fund industry extended its multi-year expansion streak in November 2025, surpassing the ₹80 lakh crore assets-under-management (AUM) mark for the first time. The milestone underscores the increasing breadth of domestic participation and the resilience of flows across equity, hybrid, and passive segments, even as global macro conditions remained in flux.
Industry AUM rose 18.7% year-on-year and 1.2% month-on-month, supported by steady retail inflows, improving risk appetite, and a favourable global rate environment. Investor activity remained buoyant as benchmark indices gained around 2% during the month, despite mixed performance in broader markets.
Equity Fund Flows Strengthen, Led by Diversified Mandates
Equity schemes recorded a strong rebound in November, with net inflows nearing ₹29,912 crore (AMFI data) —a sharp rise from the previous month. Total equity AUM climbed to ₹35.66 lakh crore, reflecting both market gains and incremental investor commitments.
The leadership of diversified equity strategies continued:
- Flexi-cap funds remained the largest contributor, mobilising over ₹8,135 crore in net flows.
- Large-and-mid-cap and multi-cap funds also saw sustained traction, adding ₹4,503 crore and ₹2,463 crore respectively.
- Mid-cap and small-cap funds once again attracted healthy interest, with flows of ₹4,487 crore and ₹4,407 crore, signalling continued investor conviction in domestic growth opportunities.
Demand for value, contra, and focused strategies improved as investors sought diversification within equity allocations. Meanwhile, sectoral and thematic funds garnered nearly ₹1,865 crore, significantly aided by fresh product launches during the month.
The shift in sentiment reflects a stable macro environment, improved visibility on global interest-rate cycles, and strong domestic liquidity—factors that encouraged households to continue systematic and lump-sum allocations.
Hybrid Funds Benefit from Growing Diversification Needs
Hybrid schemes maintained their upward trajectory, reporting ₹13,299 crore in net inflows, supported by the rising preference for multi-asset and balanced exposures. The category’s AUM rose to ₹10.88 lakh crore.
Notable trends included:
- Multi-asset allocation funds, which diversify across equity, debt, and gold, emerged as the top hybrid category with ₹5,315 crore in inflows.
- Arbitrage funds added ₹4,192 crore, benefitting from favourable spreads.
- Dynamic and balanced hybrid strategies together contributed close to ₹2,800 crore.
The traction in hybrid schemes reflects growing awareness of risk-adjusted investing and the desire to moderate volatility during phases of market uncertainty.
Passive Investing Gains Momentum; Silver ETFs Stand Out
Passive funds continued to scale rapidly, with AUM rising 3% month-on-month to ₹14.07 lakh crore, supported by robust inflows of ₹15,385 crore. Commodity ETFs dominated passive traction:
- Gold ETFs drew ₹3,741 crore, maintaining their role as a preferred long-term hedge.
- Silver ETFs saw unusually strong interest, attracting ₹2,154 crore and lifting their category AUM to ₹49,081 crore.
Index funds also witnessed stable flows of ₹1,727 crore, pushing total AUM in the segment to ₹3.24 lakh crore.
A notable contributor to passive momentum was the launch of 15 new ETF and index fund offerings, collectively raising ₹418 crore. These included a mix of broad-market, sectoral, and factor-based indices, indicating deepening investor interest in rule-based strategies. The AMFI report highlights multiple ETF launches across equity and commodity segments in November.
SIP Contributions Remain Consistent
Systematic Investment Plans (SIPs), a key driver of retail participation, remained remarkably steady. Monthly SIP inflows stood at ₹29,445 crore, marginally lower due to the month ending on a weekend but still reflecting strong discipline and long-term commitment.
Key SIP indicators:
- SIP AUM climbed to ₹16.53 lakh crore, forming over 20% of total industry AUM.
- The number of SIP accounts increased to 9.43 crore, underscoring deepening retail penetration.
- New registrations touched 57.14 lakh, while 43.19 lakh SIPs were discontinued or matured, yielding a stoppage ratio of 75.56%, broadly unchanged from October.
The stability of SIP flows highlights the maturing behaviour of retail investors, who appear increasingly comfortable staying invested through market cycles.
Specialised Investment Funds (SIFs) Expand from a Low Base
Though still a small part of India’s MF ecosystem, Specialised Investment Funds (SIFs) recorded a meaningful jump in AUM, rising 45.8% month-on-month to ₹2,932 crore. The increase was driven largely by the launch of a new long-short strategy, which raised over ₹100 crore during the month.
Five SIF strategies are active as of November, signalling gradual but steady expansion in this niche investment category.
New Fund Launches Reflect Broadening Product Diversity
According to the AMFI report, 24 new schemes were launched in November, mobilising ₹3,126 crore in total. These included offerings across:
- Liquid and money market funds
- Small-cap and thematic equity funds
- Multi-asset allocation and arbitrage funds
- A wide range of ETFs, including gold, sector-focused and broad-market indices
The pipeline of new products reflects fund houses’ intent to tap specialised investor needs and broaden participation across demographics.
A Resilient and Expanding Industry Outlook
With total AUM crossing the historic ₹80 lakh crore milestone, the mutual fund landscape in India continued to demonstrate structural strength, propelled by retail participation, digital adoption, and diversified product innovation.
November 2025 reaffirmed several enduring themes:
- Persistent equity inflows, driven by confidence in India’s economic trajectory
- Rising hybrid and multi-asset allocations as investors seek balanced portfolios
- Expanding adoption of passive products due to transparency and cost efficiency
- Steady SIP commitments, highlighting maturing investor behaviour
As markets navigate evolving global conditions, India’s mutual fund industry appears firmly positioned to support long-term wealth creation and broadened financial inclusion.
Market this week
| 08th Dec 2025 (Open) | 12th Dec 2025 (Close) | %Change | |
| Nifty 50 | ₹ 26,160 | ₹ 26,047 | -0.4% |
| Sensex | ₹ 85,625 | ₹ 85,268 | -0.4% |
Source: BSE and NSE
- Indian equities ended the week on a slightly weaker note, with benchmark indices closing marginally lower despite supportive global cues.
- The Nifty 50 declined 0.4%, slipping from ₹26,160 on 8th Dec to ₹26,047 on 12th Dec 2025, reflecting mild profit-taking after recent gains.
- The Sensex also eased 0.4%, moving from ₹85,625 to ₹85,268 during the week, indicating broad-based consolidation in large-cap segments.
- Global sentiment remained constructive as softer US inflation readings strengthened expectations of a steady Federal Reserve stance following its recent rate cut.
- Domestic flows stayed healthy, with continued retail participation via SIPs and steady institutional interest, even as broader markets saw selective buying and selling
Weekly Leaderboard
| NSE Top Gainers | NSE Top Losers | ||||
| Stock | Change (%) | Stock | Change (%) | ||
| Hindalco Inds | ▲ | 3.5% | Asian Paints | ▼ | -6.9% |
| Grasim Inds. | ▲ | 3.3% | Hero Motorcorp | ▼ | -6.2% |
| TATA Steel | ▲ | 2.9% | Bharat Electronics | ▼ | -4.3% |
| Eternal | ▲ | 1.9% | HUL | ▼ | -3.3% |
| Titan Company | ▲ | 1.8% | JSW Steel | ▼ | -3.2% |
Source: BSE
Stocks that made the news this week:
Honasa Consumer gained over 2 percent after announcing the acquisition of BTM Ventures, the parent company of Reginald Men. The stock hit an intraday high of ₹269 before settling at ₹261.50. The company will acquire a 95 percent stake for an enterprise value of ₹195 crore on a no-cash, no-debt basis, with the remaining 5 percent to be purchased after 12 months subject to pre-agreed valuation conditions.
Shares of Aditya Birla Capital also rose over 2 percent after receiving RBI approval to convert into a NBFC – Investment and Credit Company (NBFC-ICC). The move follows the firm’s earlier amalgamation with its wholly owned NBFC arm, Aditya Birla Finance. The group expects the consolidation to strengthen its financial services platform and accelerate growth while furthering financial inclusion.
The Nifty Metal index climbed nearly 3 percent, extending its winning streak for a third consecutive session. The sector rallied on optimism around China’s renewed commitment to “proactive” fiscal policy aimed at boosting consumption and investment. As China remains the world’s largest producer and consumer of metals, expectations of fresh stimulus lifted sentiment around global metal demand and pricing.
