The Association of Mutual Funds in India (AMFI) expects net inflows into the industry to cross ₹8 lakh crore next year backed by the pick-up both in SIP and choti SIP.
The inflows into the industry in the last 11 months was down at ₹8.50 lakh crore against ₹9.14 lakh crore logged in the same period last year. The overall AUM of the industry touched a new high of ₹80.80 lakh crore, well supported by mark-to-market gain and higher inflows.
Inflows into the equity mutual funds increased 21 per cent last month to ₹29,911 crore against ₹24,690 crore logged in October, as investor sentiments improved with Nifty hitting a new high despite growing global uncertainty.
Flexi- and mid-cap attracted the highest inflows at ₹8,135 crore (₹8,929 crore) and ₹4,487 crore (₹3,807 crore), while small-cap garnered ₹4,407 crore (₹3,476 crore) fresh investment, according to AMFI data.
The bullishness in gold and silver exchange traded fund (ETF) tapered off to ₹3,742 crore (₹7,743 crore) and ₹2,154 crore (₹3,412 crore) on the back of continued rally in prices.
SIP contribution moderated to ₹29,445 crore (₹29,529 crore) as the last two days of November fell on Saturday and Sunday. Contributing SIP accounts also fell to 9.43 crore last month against 9.45 crore in October. However, SIP AUM increased to ₹16.53 lakh crore (₹16.25 lakh crore).
Venkat Chalasani, CEO, AMFI, said the inflows into MF industry will bounce back next year with the deepening of the industry and robust growth in the economy. “There has been a quantum shift in the way India saves and the Choti SIP will help widen the reach,” he added.
The Specialised Investment Fund (SIF) for high-risk investors increased 46 per cent to ₹2,932 crore (₹2,010 crore) in November 2025. The month also recorded total net flows of ₹902 crore. Of the 2,718 distributors for SIP, about 2,047 were individuals and the rest were non-individuals.
The industry has raised ₹3,126 crore through new fund offer (NFO), with equity NFO accounting for ₹2,458 crore.
Trend to continue
Vaiibhavv Chugh, CEO, Abakkus Mutual Fund, said while most of the negatives are behind, the recent GST cuts, lower interest rates over last one year, forthcoming pay commission coupled with better liquidity should bode well for markets.
Suranjana Borthakur, Head of Distribution & Strategic Alliances, Mirae Asset Investment Managers (India), said the higher equity inflows across diversified categories is a constructive trend as the surge in flows earlier in the year was driven largely by NFO activity and recency bias.
“With one-year returns across equity categories moderating, inflows now appear more balanced and less sentiment-driven,” he added.
Published on December 11, 2025
