The Indian Mutual Fund Industry has seen remarkable growth over the past decade, reflecting the increasing confidence and participation of retail and institutional investors alike. As of March 31, 2024, the industry boasts an impressive Assets Under Management (AUM) of ₹53.40 trillion, a significant leap from ₹8.25 trillion just ten years prior.

India’s mutual fund industry is marked by a diverse array of fund houses that cater to the investment needs of millions. The top 10 AMCs in India represent the pinnacle of investment management expertise, commanding significant Assets Under Management (AUM) and offering a wide range of products to suit various investor profiles. These institutions not only play a pivotal role in channeling household savings into the capital markets, but they also help inculcate a culture of investment among the general populace. This overview delves into these top entities, shedding light on their operational histories, fund offerings, and their unique positions in the industry.

The Indian Mutual Fund Industry has demonstrated significant growth over the past decade. As of March 31, 2024, the Assets Under Management (AUM) stood at ₹53.40 trillion, marking a substantial increase from ₹8.25 trillion on March 31, 2014 — a more than six fold rise in 10 years. Over the last five years, the AUM has more than doubled, increasing from ₹23.80 trillion as of March 31, 2019.

The Average Assets Under Management for March 2024 stood at ₹55,00,728 crore.

The AUM as of March 31, 2024, was ₹53,40,195 crore.

Over the last ten years, the AUM of the Indian MF Industry has surged from ₹8.25 trillion as of March 31, 2014, to ₹53.40 trillion as of March 31, 2024—a more than sixfold increase.

The past five years have seen a doubling of AUM from ₹23.80 trillion as of March 31, 2019, to ₹53.40 trillion as of March 31, 2024.

Key milestones include crossing the ₹10 trillion mark for the first time in May 2014, followed by a rapid doubling to over ₹20 trillion by August 2017, and reaching ₹30 trillion in November 2020. By March 2024, the industry’s AUM reached ₹53.40 trillion.

Additionally, the industry achieved a new milestone in May 2021 by surpassing 10 crore folios. As of March 31, 2024, the total number of folios reached 17.79 crore (177.9 million), with approximately 14.24 crore (142.4 million) of these folios being in Equity, Hybrid, and Solution Oriented Schemes, primarily from the retail segment.

With the Indian mutual fund industry’s assets under management reaching significant milestones, choosing the right mutual fund house is crucial for investors seeking flexibility, affordability, and diversification. Here’s what you need to know to make an informed decision.

Investing in mutual funds is a popular choice among investors looking to diversify their portfolios. Several mutual fund houses in India offer a range of products tailored to meet different investment needs. Some of the prominent fund houses in India include HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, and Aditya Birla Sun Life Mutual Fund. These fund houses in India are known for their robust fund management processes, experienced fund managers, and a strong track record of performance. They provide various schemes such as equity funds, debt funds, hybrid funds, and sectoral funds, each tailored to meet specific investor needs. By offering such diversified investment options, fund houses in India enable investors to build well-rounded portfolios that can withstand market volatility and generate long-term returns.

Here is an overview of the top 10 mutual fund houses in India and largest mutual funds by AUM in India, based on their history, asset management prowess, and investor preference.

Fund Houses in India

Performance Track Record

Popular Mutual Fund Schemes Offered

Largest Schemes as of December 2023

SBI Blue Chip Fund, SBI Magnum Balanced Fund

SBI Nifty 50 ETF, SBI S&P BSE Sensex ETF, and SBI Equity Hybrid Fund

ICICI Prudential Mutual Fund

ICICI Prudential Value Discovery Fund, ICICI Prudential Focused Bluechip Equity Fund

ICICI Prudential Balanced Advantage Fund, ICICI Prudential Bluechip Fund, and ICICI Prudential Liquid Fund

HDFC Balanced Fund, HDFC Mid-Cap Opportunities Fund

HDFC Balanced Advantage Fund, HDFC Mid-Cap Opportunities Fund, and HDFC Liquid Fund

Aditya Birla Sun Life Mutual Fund

ABSL Frontline Equity Fund, ABSL Tax Relief

Aditya Birla Sun Life Liquid fund, Aditya Birla Sun Life Frontline Equity Fund, and Aditya Birla Sun Life Corporate Bond Fund.

Kotak Mahindra Mutual Fund

Kotak Standard Multicap Fund, Kotak Emerging Equity Scheme

Kotak Flexicap Fund, Kotak Emerging Equity Fund, and Kotak Equity Arbitrage Fund

Nippon India Mutual Fund

Nippon India Liquid Fund, Nippon India Tax Saver Fund

CPSE ETF, Nippon India Arbitrage Fund, and Nippon India Asset Allocator FoF

Axis Long Term Equity Fund, Axis Focused 25 Fund

Axis ELSS Tax Saver Fund, Axis Bluechip Fund, and Axis Liquid Fund

UTI Equity Fund, UTI Mastershare

UTI Nifty 50 ETF, UTI S&P BSE Sensex ETF, and UTI Flexi Cap

IDFC Infrastructure Fund, IDFC Bond Fund Short Term

Bandhan Banking & PSU Debt Fund, Bandhan Corporate Bond Fund, Bandhan Liquid Fund

DSP Tax Saver Fund, DSP Equity Opportunities Fund

DSP Midcap Fund, DSP Smallcap Fund, and DSP ELSS Tax Saver Fund

The largest mutual funds by AUM in India include industry giants like HDFC Mutual Fund, ICICI Prudential Mutual Fund, and SBI Mutual Fund. These funds have amassed substantial AUM due to their consistent performance, diverse portfolio offerings, and strong market reputation. HDFC Mutual Fund, for instance, is renowned for its equity and debt schemes that attract a wide range of investors. ICICI Prudential Mutual Fund is another major player, known for its innovative products and strong management team. SBI Mutual Fund, backed by the State Bank of India, leverages its extensive network to reach a broad investor base. The success of the largest mutual funds by AUM in India highlights their ability to manage large volumes of investor money effectively, offering robust returns and maintaining investor trust over the years.

Established on June 29, 1987, SBI Mutual Fund is India’s second mutual fund house after the Unit Trust of IndiaMumbai Wealth Management. It manages a diverse portfolio that includes domestic mutual funds, Alternate Investment Funds, and offshore funds. Its long-standing history and substantial asset management experience make it a trusted name in the industry. A significant development occurred on April 13, 2011, when SBI entered into a joint venture with AMUNDI Asset Management, enhancing its global investment capabilities. SBI Funds Management Pvt Ltd (SBIFMPL), the asset management division of SBI Mutual Fund, is predominantly owned by SBI with a 63% stake, while AMUNDI Asset Management holds the remaining 37% through Amundi India Holding.

As of March 31, 2024, SBI Mutual Fund manages an impressive AUM of Rs. 913,780.06 crores, accounting for 17.11% of the industry’s total AUM. The fund house offers a comprehensive portfolio of 72 primary schemes, which includes 37 equity funds, 22 debt schemes, 11 hybrid schemes, and other offerings like gold funds.

ICICI Prudential Mutual Fund, founded in 1993, is a joint venture between ICICI Bank and the UK-based Prudential Plc, is one of the oldest and largest Asset Management Companies (AMCs) in India, known for its robust fund performance and extensive range of investment options.

The fund has an extensive reach with over 350 locations nationwide and an investor base of more than 9.2 million. As of December 2023, it managed an AUM of Rs 641,156.41 crores, representing 12.54% of the total industry AUMJaipur Investment. The fund offers 118 schemes, including a wide range of equity, debt, and hybrid funds.

HDFC Mutual Fund, formerly known as HDFC Asset Management Company Limited, was established in 1999 as a joint venture between HDFC Limited and abrdn Investment Management Limited. Known for its consistent returns, it has become a preferred choice for many investors in India.

As one of India’s largest mutual fund houses, it manages Rs 607,341.91 crores in assets, accounting for 11.37% of the industry’s AUM as of March 2024. The fund became publicly listed in August 2018. HDFC MF is particularly strong in equity investments and serves an institutional customer base of 9.9 million live accounts. It offers around 85 primary schemes, including debt, equity, hybrid, and other funds such as ETFs and Gold.

Established through a joint venture between Aditya Birla Capital Limited and Canada’s Sun Life AMC Investments in 1994. It offers a variety of funds that often yield attractive returns, making it a popular option among investors.

Aditya Birla Sun Life Mutual Fund manages Rs 312,292.55 crores in AUM, constituting 6.11% of the industry’s total. With 92 mutual fund schemes and a presence in over 290 locations nationwide, ABSLMF is renowned for its diverse offerings including equity, debt, hybrid, and commodity funds, catering to nearly 78.9 lakh investors.

Kotak Mutual Fund, operated by Kotak Mahindra Asset Management Company and a wholly-owned subsidiary of Kotak Mahindra Bank, began its operations in June 1998. Kotak Mahindra Mutual Fund was the first in India to launch a dedicated gilt fund for government securities.

With over 8.1 million investor accounts and 50,000 empanelled distributors, Kotak MF is a significant player in the Indian market. As of December 2023, it managed Rs 3,51,298.52 crores in AUM, which constitutes 6.87% of the industry’s total. The fund offers 73 mutual fund schemes, including equity, debt, hybrid, and other funds.

Nippon India Mutual Fund, previously known as Reliance Mutual Fund, is managed by Nippon Life Insurance Company of Japan, which holds a 75% stake following a rebranding in 2019. It is now the largest foreign-owned mutual fund house in India and has been registered with SEBI since 1995.

It was the first mutual fund company in India to be listed on the stock exchanges in 2017. With an AUM of Rs 3,93,731.95 crores as of December 2023, Nippon India offers 180 fund schemes, including equity, debt, hybrid, and commodities. The fund is known for its extensive network, servicing 265 locations across India.

Axis Mutual Fund, operated by Axis Asset Management Company Ltd, started in 2009 as a joint venture between Axis Bank and Schroder Singapore Holdings Private Limited. It offers a wide variety of investment products and is known for its innovative investment solutions.

As of the end of 2023, it managed assets worth Rs 2,60,431.86 crores, representing 5.09% of the industry’s AUM. The fund offers 69 mutual fund schemes, including equity, debt, hybrid, and others, and maintains over 1.26 crore active investor accounts, highlighting its vast reach and robust growth in the Indian market.

UTI Mutual Fund has a long history, registered with SEBI in 2003 after the bifurcation of the original Unit Trust of India into UTI Mutual Fund and the Specified Undertaking of The Unit Trust of India (SUUTI). It is backed by institutional giants such as SBI, Bank of Baroda, PNB, LIC, and T Rowe Price Group Inc. It is famed for its solid returns and reliability.

Despite being a relatively newer entity compared to its predecessors, it manages an AUM of Rs 280,953.43 crores as of December 2023, making up 5.50% of the industry’s AUM. UTI offers more than 65 mutual fund schemes including equity, debt, and hybrid options, and operates a large network of associates and financial centers across India.

Bandhan Mutual Fund, managed by Bandhan Asset Management Company Limited, emerged after the acquisition of IDFC Asset Management Company by a consortium in April 2022. The transition from IDFC Mutual Fund to Bandhan Mutual Fund was completed in March 2023. Founded in 2000, IDFC Mutual Fund is backed by IDFC Ltd., a leading finance company that specializes in infrastructure finance and advisory services. It is known for its focus on infrastructure and sustainable investment options.

With an AUM of Rs 1,26,978.39 crores as of December 31, 2023, Bandhan offers a broad spectrum of 76 mutual fund schemes, including equity, debt, hybrid, and other categories. It holds about 2.48% of the industry’s total AUM, with major schemes like Bandhan Banking & PSU Debt Fund, Bandhan Corporate Bond Fund, and Bandhan Liquid Fund.

DSP Mutual Fund has roots tracing back to the 1860s in the Indian financial sector, officially entering asset management in 1997. Initially known as DSP Blackrock Mutual Fund until 2018, it was rebranded to DSP Mutual Fund following the end of its joint venture with BlackRock. DSP has a history of partnerships, including with Merrill Lynch Investment Managers, and is known for its strong performance and investor-focused products.

DSP Mutual Fund oversees Rs 1,39,772.52 crores in AUM, about 2.73% of the industry’s total. The fund offers 50 schemes, including equity, debt, and hybrid options, with top funds like DSP Midcap Fund and DSP Smallcap Fund.

When choosing a mutual fund house, it’s essential to assess several critical factors to ensure you pick a provider that aligns with your investment goals and expectations. Here are the key considerations when selecting the top mutual fund companies in India:

Performance History: Look at the historical performance of the top mutual funds companies in Indiamanaged by the house. Although past performance is not a guarantee of future results, it provides insight into the fund managers’ expertise and consistency.

Management Team: Evaluate the experience and track record of the managers of the top mutual fund companies in India. A seasoned team that has navigated various market cycles can be a significant advantage.Lucknow Wealth Management

Fees and Expenses: Understand all costs associated with investing in a mutual fund, including management fees, entry and exit charges, and any other administrative fees. Lower fees can significantly impact your investment returns over time.

Fund Offerings: Consider the variety and types of funds offered by the house. Whether you’re looking for sector-specific funds, index funds, or international funds, ensure they offer products that match your investment strategy.

Risk Management: Assess how the fund house manages risk. Look at the risk-adjusted returns of their funds to understand if they achieve higher returns at a higher risk or if they are good at minimizing risk while generating reasonable returns.

Customer Service: Good customer support can be crucial, especially for new investors. Check the responsiveness and quality of the fund house’s customer service.

Technology and Accessibility: The ease of accessing your funds and managing your investments through user-friendly platforms can enhance your investing experience. Check if they offer digital services like online transactions, mobile apps, and robust reporting tools.

Regulatory Compliance: Ensure when you review the top mutual fund companies in India, the mutual fund house strictly adheres to the regulatory requirements set by financial authorities. Compliance indicates the firm’s commitment to protecting investor interests.

Investing in top mutual fund houses offers several benefits that can enhance your investment strategy and overall financial health. Here are the key advantages:

Expert Management: Top mutual fund houses employ experienced investment professionals who have the skills and resources to analyze market trends and make informed investment decisions. This expertise allows individual investors to benefit from high-quality asset management without needing to manage the investments themselves.

Diversification: Mutual funds provide access to a diversified portfolio of assets, which can include stocks, bonds, and other investment vehicles. This diversification helps reduce risk by spreading investments across different assets, which is often difficult for individual investors to achieve on their own.

Economies of Scale: Large mutual fund houses manage vast sums of money, which provides them with economies of scale. This can translate into lower trading costs per dollar of investment, and often lower fees for investors compared to managing money on their own or through smaller fund houses.

Regulatory Oversight: Reputable mutual fund houses are subject to stringent regulatory requirements, ensuring transparency and fairness in their operations. This oversight protects investors from potential fraudulent activities and promotes a stable investing environment.

Liquidity: Mutual funds generally offer high liquidity compared to other investment types, allowing investors to buy and sell shares of the fund easily. This is particularly advantageous during times of financial need or when shifting investment strategies.

Variety of Choices: Top mutual fund houses offer a wide range of funds covering various asset classes, investment strategies, and risk levels. This variety enables investors to tailor their portfolios according to their specific financial goals and risk tolerance.

Systematic Investment and Withdrawal Options: Investors can benefit from systematic investment plans (SIPs) and systematic withdrawal plans (SWPs) offered by mutual funds , which facilitate disciplined investing and income generation.

Research and Resources: Leading mutual fund houses have access to extensive research resources and tools that help in making well-informed investment decisions. This data is often leveraged to identify opportunities and mitigate potential risks effectively.

When discussing India’s biggest mutual fund company, industry giants like HDFC Mutual Fund, ICICI Prudential Mutual Fund, and SBI Mutual Fund frequently emerges as leading contenders. As some of the largest and most reputable fund houses in the country, they manage a substantial portfolio of assets under management (AUM), reflecting its widespread investor trust and robust performance track record. This mutual fund company offers a diverse array of investment options, including equity funds, debt funds, and hybrid funds, catering to a broad spectrum of investor needs and financial goals. Known for its experienced fund managers and innovative investment strategies, these mutual fund houses have consistently delivered strong returns, solidifying its position as India’s biggest mutual fund company. Investors often look to this company for reliable and comprehensive financial solutions, making it a cornerstone in the Indian mutual fund industry.

The top 10 mutual fund houses in India are pillars of the country’s investment ecosystem, significantly contributing to economic growth and financial security. With robust management teams, comprehensive product lines, and strong performance records, these houses have not only gained the trust of investors but also set benchmarks for excellence within the industry. As the mutual fund landscape continues to evolve, these leading fund houses are expected to drive innovation, enhance investor education, and expand their services to meet the growing demands of India’s diverse investor base.

1. How can I participate in direct plans of mutual funds?

Direct plans of mutual funds are an excellent option for investors looking to save on costs, as these plans do not charge distribution fees or commission. To invest in direct plans, you can visit the official website of the mutual fund house or use their investment app. Registration typically involves filling out an application form and completing a KYC (Know Your Customer) process. Once registered, you can select the direct plan of your choice, set up your investment amount, and manage your investments directly without intermediaries.

2. What is the impact of market volatility on mutual fund investments?

Market volatility refers to the fluctuations in the prices of securities within short periods. For mutual fund investments, this volatility can affect the fund’s net asset value (NAV) and overall performance. Short-term market volatility can lead to fluctuations in the value of your investment. However, mutual funds are generally designed for long-term investment, and the impact of short-term volatility can be mitigated by staying invested over longer periods, allowing the market to recover and potentially gain from the long-term upward trend of the markets.

3. What are the differences between active and passive mutual fund strategies?

Active and passive strategies represent two different approaches to mutual fund management. Active mutual fund strategies involve a fund manager actively making decisions about which stocks, bonds, or other securities to buy and sell in order to outperform the market or achieve specific investment objectives. This approach often incurs higher fees due to the active trading and research involved.

Passive mutual fund strategies, on the other hand, simply track a specific index or benchmark with the goal of mirroring its performance. These funds, such as index funds or ETFs (Exchange Traded Funds), involve less frequent trading and typically have lower management fees than actively managed funds. The main advantage is consistency and predictability of returns relative to the market being tracked.

4. How frequently should I review my mutual fund investments?

The frequency of reviewing your mutual fund investments should match your investment goals and the market conditions. Generally, it’s a good practice to review your portfolio at least annually. This helps ensure that your investments align with your financial goals and risk tolerance. However, significant life events like marriage, the birth of a child, or retirement may necessitate more frequent reviews. Additionally, market turbulence or changes in economic outlook might also prompt a review to adjust the portfolio as needed.

5. Can I switch between different mutual fund schemes within the same fund house?

Yes, most mutual fund houses allow investors to switch between different schemes within the same fund family. This can be done to realign the investment portfolio with changing financial goals, risk preferences, or in response to shifts in market conditions. Switching schemes usually involves selling units in one fund and buying units in another, and may have tax implications depending on the type of fund and the duration for which the units were held. It’s advisable to check the specific terms and conditions related to switching at the fund house and consult with a financial advisor to understand any potential impacts.

Read these articles to understand all about mutual funds, SIPs and how you can invest in mutual funds with Wright Research:

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