India’s mutual fund industry has achieved a major milestone, with ICICI Prudential Mutual Fund, SBI Mutual Fund, and HDFC Mutual Fund each surpassing ₹5,00,000 crore in regular plan assets under management (AUM). The achievement reflects the sector’s growing scale, strong distributor-driven inflows, and expanding retail participation, according to data from Cafemutual.
Top Fund Houses Lead the Growth
As of September 2025:
- ICICI Prudential Mutual Fund: ₹5,22,441 crore
- SBI Mutual Fund: ₹5,21,057 crore
- HDFC Mutual Fund: ₹5,04,755 crore
These three AMCs are now the only fund houses to cross the ₹5 lakh crore mark in regular AUM, underscoring their distribution strength and brand trust among investors.
Regular Plans Dominate Industry Assets
The total regular plan AUM stood at ₹40.68 lakh crore, representing 52% of the mutual fund industry’s total AUM of ₹77.77 lakh crore. This highlights the continued importance of distributors and advisors in guiding retail investments.
Other Major Players
Beyond the top three, other AMCs with significant regular AUM include:
- Nippon India Mutual Fund – ₹2,86,398 crore
- Kotak Mutual Fund – ₹2,79,133 crore
- UTI Mutual Fund – ₹2,73,127 crore
Fund houses such as Aditya Birla Sun Life, Axis, Mirae Asset, and Tata Mutual Fund have also crossed the ₹1 lakh crore mark in regular plan AUM.
Emerging Trends: Dual-Speed Distribution Growth
Smaller AMCs like Samco (91%), Mahindra Manulife (86%), and WhiteOak (83%) remain highly dependent on distributors, while Zerodha and Jio BlackRock Mutual Fund report zero regular AUM, reflecting a clear divide between traditional distribution-led and digital-direct business models.
Summary:
ICICI Prudential, SBI, and HDFC Mutual Fund have each crossed ₹5 lakh crore in regular AUM, reinforcing distributor-led growth in India’s mutual fund industry. Regular plans now account for over half of total assets, while digital-first entrants like Zerodha and Jio BlackRock signal a parallel shift toward direct investing.
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