India’s mutual fund industry recorded a strong rebound in equity inflows in November 2025, driven by steady SIP contributions of ₹29,400 crore and a sharp revival in lump-sum investments, which surged 274% to ₹9,880 crore, according to Nuvama Research. | Photo Credit:
Monthly SIP inflows remained robust at ₹29,400 crore, broadly flat on a month-on-month basis, underlining continued retail participation despite market volatility, the report said.
A sharp revival in lump-sum investments which surged 274% month-on-month to ₹9,880 crore helped push active equity net inflows up by 22.2% from October to ₹39,300 crore during the month, it added.
Notably, in November,the Nifty 50 index rose 1.9%. This, the report said, contributed to a 1.5% month-on-month increase in active equity AUM to ₹44.4 lakh crore.
For the financial year so far, active equity net inflows stood at ₹2.9 lakh crore, representing about 8% of the industry’s opening AUM, though still 12.9% lower year-on-year, it said.
Where money moved
Large- and mid-cap funds attracted the largest share of inflows at 27%, followed by flexi-cap funds at 20.7% and small-cap funds at 11.2%.
Thematic funds accounted for a relatively modest 4.7% of net inflows. Seven new active equity fund offers (NFOs) launched during the month mobilised ₹2,660 crore, while existing schemes saw inflows jump 32.2% month-on-month to ₹36,670 crore.
Mixed category trends
Passive funds, including exchange-traded funds (ETFs) and index funds, recorded net inflows of ₹15,400 crore in November, slightly lower than the previous month. Gold ETFs and overseas fund-of-funds together attracted ₹3,900 crore. Arbitrage funds, however, saw net inflows decline sharply by nearly 40% month-on-month to ₹4,200 crore.
In the said period, the flows into debt-oriented schemes remained subdued, with net inflows of ₹14,400 crore, while liquid funds witnessed significant net outflows of ₹40,600 crore during the month, reflecting short-term treasury and institutional movements, the report said.
Nuvama Research said the recovery in equity markets, combined with the continued strength of SIP inflows, should support overall industry volume growth in the coming months.
Published on December 12, 2025
