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VOL. 12, ISSUE 4 (2026)
Mutual fund industry in India: An empirical analysis of AUM growth, investor participation and scheme performance
Authors
Dr. Chhaya Patel, Nikunj Bipinbhai Parmar, Mit Govindbhai Patel
Abstract

The mutual fund industry has become an important part of India’s financial system. Mutual funds collect money from many investors and invest it in different securities. This study looks at the growth of the Indian mutual fund industry during 2018–2026 [1, 21], mainly focusing on Assets under Management (AUM), investor participation and mutual fund scheme performance. Investor participation is studied through mutual fund folios and Systematic Investment Plan (SIP) accounts and contributions. Scheme performance is considered through returns, NAV, risk, benchmark performance and expense ratio.

This study is based on secondary data collected from sources such as the Association of Mutual Funds in India (AMFI), Securities and Exchange Board of India (SEBI), mutual fund reports and published research studies (AMFI, 2026; SEBI, 2026) [1]. The analysis shows that the industry’s AUM increased from approximately ₹21.36 lakh crore in March 2018 to ₹73.73 lakh crore in March 2026 (AMFI, 2026). During the same period, mutual fund folios and SIP participation also increased. The study shows that increasing investor participation, SIP adoption, digital access, market development and financial awareness supported the growth of the industry. It also highlights that investors should consider risk, returns, and expense ratio and benchmark performance instead of depending only on past returns.
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Pages:154-159
DOI:
https://doi.org/10.66856/ijcmr.2026.12.4.12299
How to cite this article:
Dr. Chhaya Patel, Nikunj Bipinbhai Parmar, Mit Govindbhai Patel "Mutual fund industry in India: An empirical analysis of AUM growth, investor participation and scheme performance". International Journal of Commerce and Management Research, Vol 12, Issue 4, 2026, Pages 154-159
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