Question 1

Which state has the highest mutual fund AUM in India?

Accepted Answer

Maharashtra has the highest mutual fund AUM in India by a wide margin, accounting for approximately 41% of the entire industry's ₹83 lakh crore AUM as of February 2026. This is largely driven by Mumbai's dominance as India's financial capital, with large institutional investors and corporate treasuries concentrated there.

Question 2

What percentage of India's mutual fund AUM is held by the top 5 states?

Accepted Answer

The top 5 states — Maharashtra, Delhi, Karnataka, Gujarat, and West Bengal — together account for approximately 67-68% of India's total mutual fund industry AUM. This high concentration reflects where India's financial activity and high-net-worth investor base is centered.

Question 3

Which states have the highest equity penetration in mutual funds?

Accepted Answer

Smaller states and B30 locations like Bihar, Jharkhand, Chhattisgarh, and many northeastern states tend to have higher equity percentages (85-92%) within their total MF AUM. Retail investors in these regions primarily invest in equity funds through SIPs, while institutional debt and liquid fund investors are concentrated in larger metro states.

Question 4

Why does Maharashtra have such a disproportionately high mutual fund AUM?

Accepted Answer

Maharashtra's dominant share (around 41%) is primarily driven by corporate and institutional money. Mumbai houses most major AMC offices, corporate treasury operations, banking institutions, and liquid/debt fund investors who park large sums in short-duration funds. If you strip out institutional money, retail penetration across states is much more balanced.

Question 5

How often is state-wise mutual fund AUM data published?

Accepted Answer

AMFI publishes state-wise AUM data monthly, typically within the first 10-15 days of the following month. Historical data is available from March 2014 onwards.

India MF Geography