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The average assets under management of the mutual fund industry increased nine per cent in the September quarter to ₹46.98 lakh crore against ₹43.08 lakh crore, on the back of steady inflows into the industry.
Among the top-5 fund houses, Nippon India AMC registered the highest growth of 12 per cent at Rs 3.50 lakh crore against ₹3.13 lakh crore, according to the Association of Mutual Funds in India data.
SBI MF and ICICI Prudential MF retained the top slots as their asset increased 8 per cent and 9 per cent at ₹8.27 lakh crore (₹7.62 lakh crore) and ₹5.81 lakh crore (₹5.31 lakh crore).
HDFC MF and Kotak Mahindra MF occupied the third and fifth slot with an eight per cent rise each at Rs 5.25 lakh crore (Rs 4.86 lakh crore) and Rs 3.34 lakh crore (Rs 3.10 lakh crore).
The top-10 fund houses maintained their position except for Tata MF, with assets of ₹1.27 lakh crore (₹1.11 lakh crore), lagging behind DSP MF with assets of ₹1.30 lakh crore (₹1.18 lakh crore).
Sundeep Sikka, ED and CEO, Nippon Life India Asset Management said the industry was witnessing strong growth in back-to-back quarters in this financial year led by sustained market performance.
He said the growth was supported by a wide investor base of over 2.1 crore investor folios, of which 13 lakh were added in this financial yea.
“Our focus will continue towards granular execution through a strong distribution partner network, digital outreach and delivering sustainable returns to our investors,” he added.
Following the robust addition of folios, Nippon MF’s market share has increased to 7.46 per cent in September from 7.26 per cent logged in August. SBI MF topped the table with a market share of 17.60 per cent (17.69 per cent)
The bellwether Sensex had dropped one per cent or 700 points to 65,828 points in the September quarter, after gaining 3,607 points or 6 per cent to 64,719 points in June quarter.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said FPIs had been bearish in September, and the trend continued with the sale of stocks worth ₹9,412 crore in the first four days of October. Given the elevated dollar levels and US bond yields. FPIs will unlikely turn buyers in the market soon.
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