India mutual fund monitor
March 2023
Flows, assets, SIPs, fund-house structure and equity ownership activity. Each dataset keeps its own period; the status at the foot of the page lists them.
Flows & AUM Mar 2023 SIP not published for Mar 2023 NFO Mar 2023 Fund-house assets Jan–Mar 2023 (quarterly) Holdings Mar 2023
AMFI monthly report, Mar 2023. Total net flow covers all schemes; the asset-class figures are open-ended schemes. +15,038 Cr of the AUM change came from market movement and other effects, not investor money.
1 · Where money moved
Net flow by asset class · open-ended schemes · ₹ crore
- Equity +20,534 Cr
- Debt -56,884 Cr
- Hybrid -12,372 Cr
- Index funds & ETFs +26,631 Cr
- Overseas fund of funds +173 Cr
- Solution oriented +224 Cr
| Asset class | This month | Previous | 3 months | 12 months |
|---|---|---|---|---|
| Equity | +20,534 | +15,686 | +48,766 | +146,754 |
| Debt | -56,884 | -13,815 | -81,016 | -183,603 |
| Hybrid | -12,372 | +460 | -7,420 | -18,813 |
| Index funds & ETFs | +26,631 | +6,439 | +36,975 | +155,850 |
| Overseas fund of funds | +173 | +49.53 | +272 | +1,639 |
| Solution oriented | +224 | +169 | +583 | +1,836 |
3- and 12-month sums appear only where the series is unbroken; “—” means the window crosses a new classification.
2 · Category winners and losers
SEBI scheme categories · Mar 2023
Largest category inflows
| Category | Net flow | % of AUM | 3 months | 12 months |
|---|---|---|---|---|
| Index Funds (single category)Passive | +27,228 | +19.61% | +39,286 | +95,671 |
| Corporate BondDebt | +15,626 | +13.61% | +13,955 | -3,446 |
| Banking and PSU DebtDebt | +6,496 | +8.86% | +5,063 | -16,205 |
| Dynamic TermDebt | +5,661 | +24.23% | +6,216 | +2,912 |
| Long TermDebt | +4,675 | +114.57% | +5,259 | +6,119 |
| GiltDebt | +4,431 | +26.38% | +4,824 | +5,472 |
| Sectoral / Thematic (combined)Equity | +3,929 | +2.33% | +8,688 | +23,731 |
| Dividend YieldEquity | +3,716 | +36.49% | +3,766 | +3,892 |
Largest category outflows
| Category | Net flow | % of AUM | 3 months | 12 months |
|---|---|---|---|---|
| LiquidDebt | -56,924 | -14.73% | -73,270 | -36,603 |
| ArbitrageHybrid | -12,158 | -15.74% | -10,038 | -35,171 |
| Money MarketDebt | -11,422 | -9.63% | -5,504 | -12,670 |
| Ultra Short TermDebt | -10,281 | -11.58% | -10,946 | -13,663 |
| OvernightDebt | -8,138 | -7.89% | -8,880 | -14,395 |
| Ultra Short to Short TermDebt | -6,180 | -6.70% | -8,859 | -31,105 |
| Floating Interest RatesDebt | -3,699 | -6.57% | -6,801 | -30,736 |
| Equity SavingsHybrid | -497 | -3.02% | -794 | -1,102 |
Investor money into and out of each category. It is not attributed to any stock.
3 · Fund-house market structure
Average AUM · quarterly
Fund-house data: Jan–Mar 2023 quarter. AMFI publishes fund-house assets as quarterly averages. This is the latest quarter that had ended by Mar 2023; it is not a March observation and nothing is interpolated. A later quarter (Apr–Jun 2026) is available on the AMC explorer.
| Fund house | Average AUM | Market share | Δ quarter | Rank |
|---|---|---|---|---|
| SBI Mutual Fund | 7.17 lakh Cr | 17.71% | +0.01 pp | 1 |
| ICICI Prudential Mutual Fund | 5.00 lakh Cr | 12.34% | +0.21 pp | 2 |
| HDFC Mutual Fund | 4.50 lakh Cr | 11.10% | +0.06 pp | 3 |
| Nippon India Mutual Fund | 2.93 lakh Cr | 7.24% | -0.03 pp | 4 |
| Kotak Mahindra Mutual Fund | 2.89 lakh Cr | 7.14% | +0.02 pp | 5 |
| Aditya Birla Sun Life Mutual Fund | 2.75 lakh Cr | 6.79% | -0.20 pp | 6 |
| Axis Mutual Fund | 2.41 lakh Cr | 5.96% | -0.21 pp | 7 |
| UTI Mutual Fund | 2.39 lakh Cr | 5.90% | -0.09 pp | 8 |
| Bandhan Mutual Fund | 1.17 lakh Cr | 2.89% | -0.07 pp | 9 |
| Mirae Asset Mutual Fund | 1.16 lakh Cr | 2.87% | +0.01 pp | 10was 11 |
Biggest share gainers · quarter
- ICICI Prudential Mutual Fund+0.21 pp
- Edelweiss Mutual Fund+0.17 pp
- quant Mutual Fund+0.09 pp
- Tata Mutual Fund+0.08 pp
- HDFC Mutual Fund+0.06 pp
Biggest share decliners · quarter
- Axis Mutual Fund-0.21 pp
- Aditya Birla Sun Life Mutual Fund-0.20 pp
- UTI Mutual Fund-0.09 pp
- HSBC Mutual Fund-0.07 pp
- Bandhan Mutual Fund-0.07 pp
Rank changes among the top 30
- Mirae Asset Mutual Fund11 → 10
- DSP Mutual Fund10 → 11
- Edelweiss Mutual Fund13 → 12
- Tata Mutual Fund12 → 13
- quant Mutual Fund24 → 23
- LIC Mutual Fund23 → 24
Official AMC-level net-flow data is not available from the validated source. AUM movement includes both investor flows and market movement.
4 · SIPs & retail participation
AMFI Monthly Note (SIP) and monthly report (folios)
SIP contribution
—Not published for this period
SIP contribution · 12 months
—Not published for this period
SIP assets
—Not published for this period
Contributing SIP accounts
—Not published for this period
Folios
14.57 Cr
+14.80 L on the month · +12.5% on a year ago
SIP contribution is published from June 2024 and SIP assets from January 2024; contributing accounts from September 2024. Earlier months show “Not published for this period”, never zero.
5 · New fund offers
New Schemes sheet of the AMFI monthly report · Mar 2023
45new schemes allotted
8,564 Crmobilised
Part of this month’s gross mobilisation — shown separately, never added to category net flow.
| Published category | Schemes | Mobilised | Schemes launched |
|---|---|---|---|
| Fixed Term Plan | 21 | 3,878 Cr | — |
| Dividend Yield Fund | 1 | 3,496 Cr | — |
| Index Funds | 14 | 634 Cr | — |
| Sectoral/Thematic Funds | 1 | 339 Cr | — |
| Other ETFs | 5 | 144 Cr | — |
| Fund of funds investing overseas | 1 | 37.00 Cr | — |
| Long Duration Fund | 1 | 30.00 Cr | — |
| ELSS | 1 | 6.00 Cr | — |
Ordered by amount mobilised in each category. AMFI prints NFO amounts by category, so the largest NFOs are shown as the largest categories with their scheme names.
6 · Equity ownership activity
Disclosed holdings · like-for-like portfolios · Mar 2023
795companies held
18AMCs reporting
800new positions
823complete exits
Most AMCs increasing
↗CompanyAMCs
- 01 Infosys Limited222 comparable portfolios 13
- 02 Housing Development Finance Corp.Lt151 comparable portfolios 12
- 03 Tata Steel Limited121 comparable portfolios 11
- 04 Tech Mahindra Limited123 comparable portfolios 11
- 05 Tata Consultancy Services Limited147 comparable portfolios 10
- 06 IndusInd Bank Limited119 comparable portfolios 10
- 07 Bharat Electronics Limited103 comparable portfolios 10
- 08 Reliance Industries Limited221 comparable portfolios 10
- 09 Sun Pharmaceutical Industries Limited156 comparable portfolios 10
- 10 Mahindra & Mahindra Limited145 comparable portfolios 10
Most AMCs reducing
↗CompanyAMCs
- 01 Cummins India Limited64 comparable portfolios 11
- 02 SRF Limited62 comparable portfolios 11
- 03 ICICI Bank Limited243 comparable portfolios 11
- 04 Vedanta Limited40 comparable portfolios 10
- 05 Persistent Systems Limited75 comparable portfolios 10
- 06 Axis Bank Limited213 comparable portfolios 10
- 07 Life Insurance Corporation Of India40 comparable portfolios 9
- 08 Apollo Hospitals Enterprise Limited92 comparable portfolios 9
- 09 Titan Company Limited108 comparable portfolios 9
- 10 UltraTech Cement Limited172 comparable portfolios 9
Largest comparable holding increases
↗CompanyShares
- 01 Tata Steel Limited+7.0% · 121 portfolios +3.91 Cr
- 02 Samvardhana Motherson International Limited+9.7% · 55 portfolios +2.73 Cr
- 03 Bharat Electronics Limited+3.9% · 103 portfolios +2.28 Cr
- 04 Power Grid Corporation of India Limited+4.6% · 105 portfolios +2.13 Cr
- 05 Bharat Heavy Electricals Limited+22.5% · 35 portfolios +1.96 Cr
- 06 Devyani International Limited+41.5% · 36 portfolios +1.95 Cr
- 07 Punjab National Bank+5.1% · 42 portfolios +1.69 Cr
- 08 Indian Oil Corporation Limited+9.1% · 42 portfolios +1.66 Cr
- 09 NHPC Limited+2.3% · 25 portfolios +1.49 Cr
- 10 Biocon Limited+70.8% · 49 portfolios +1.43 Cr
Largest comparable holding decreases
↗CompanyShares
- 01 ITC Limited-3.1% · 146 portfolios -2.07 Cr
- 02 Steel Authority of India Limited-10.6% · 30 portfolios -98.94 L
- 03 ETERNAL LIMITED-4.2% · 47 portfolios -85.26 L
- 04 Max Healthcare Institute Limited-8.0% · 48 portfolios -82.26 L
- 05 Ashok Leyland Limited-4.3% · 84 portfolios -79.39 L
- 06 Oil & Natural Gas Corporation Limited-1.6% · 71 portfolios -72.88 L
- 07 ICICI Bank Limited-0.9% · 243 portfolios -70.55 L
- 08 FSN E-Commerce Ventures Limited-11.5% · 53 portfolios -67.54 L
- 09 National Aluminium Company Limited-16.8% · 28 portfolios -65.25 L
- 10 Jindal Stainless Limited-24.9% · 13 portfolios -62.92 L
Most new positions
↗CompanyPositions
- 01 Hindustan Aeronautics Limited81 comparable portfolios 18
- 02 Infosys Limited222 comparable portfolios 16
- 03 Varun Beverages Limited60 comparable portfolios 13
- 04 HCL Technologies Limited143 comparable portfolios 13
- 05 Canara Bank64 comparable portfolios 12
- 06 Biocon Limited49 comparable portfolios 11
- 07 Dalmia Bharat Limited41 comparable portfolios 9
- 08 Eicher Motors Limited92 comparable portfolios 9
- 09 Dr. Reddy's Laboratories Limited84 comparable portfolios 9
- 10 Mahindra & Mahindra Limited145 comparable portfolios 9
Most complete exits
↗CompanyExits
- 01 MphasiS Limited68 comparable portfolios 16
- 02 Vedanta Limited40 comparable portfolios 12
- 03 Life Insurance Corporation Of India40 comparable portfolios 11
- 04 Gland Pharma Limited60 comparable portfolios 10
- 05 GAIL (India) Limited80 comparable portfolios 10
- 06 Firstsource Solutions Limited16 comparable portfolios 10
- 07 Bajaj Auto Limited61 comparable portfolios 10
- 08 Bharat Petroleum Corporation Limited87 comparable portfolios 9
- 09 Crompton Greaves Consumer Electricals Limited102 comparable portfolios 9
- 10 Biocon Limited49 comparable portfolios 9
Most widely held stocks
CompanyAMCs
- 01 Infosys Limited242 portfolios 17
- 02 Reliance Industries Limited237 portfolios 17
- 03 Housing Development Finance Corp.Lt165 portfolios 17
- 04 Tata Consultancy Services Limited161 portfolios 17
- 05 ITC Limited153 portfolios 17
- 06 Bajaj Finance Limited148 portfolios 17
- 07 Tata Motors Passenger Vehicles Limited136 portfolios 17
- 08 Power Grid Corporation of India Limited112 portfolios 17
- 09 Dr. Reddy's Laboratories Limited87 portfolios 17
- 10 ICICI Bank Limited263 portfolios 16
Broader ownership
↗CompanyΔ AMCs
- 01 Data Patterns (India) Limited8 AMCs now +2
- 02 AWL Agri Business Limited6 AMCs now +2
- 03 Bikaji Foods International Limited6 AMCs now +1
- 04 Craftsman Automation Limited7 AMCs now +1
- 05 IDFC LIMITED13 AMCs now +1
- 06 Ingersoll Rand (India) Limited4 AMCs now +1
- 07 Varun Beverages Limited13 AMCs now +1
- 08 Bharat Heavy Electricals Limited11 AMCs now +1
- 09 Apar Industries Limited5 AMCs now +1
- 10 Sun TV Network Limited10 AMCs now +1
Narrower ownership
↗CompanyΔ AMCs
- 01 Firstsource Solutions Limited4 AMCs now -7
- 02 One 97 Communications Limited6 AMCs now -6
- 03 Gland Pharma Limited7 AMCs now -5
- 04 Metropolis Healthcare Limited6 AMCs now -5
- 05 Exide Industries Limited8 AMCs now -4
- 06 FSN E-Commerce Ventures Limited10 AMCs now -4
- 07 Dabur India Limited12 AMCs now -3
- 08 JSW Steel Limited14 AMCs now -3
- 09 Bank of Baroda12 AMCs now -3
- 10 KPIT Technologies Limited9 AMCs now -3
Comparable lists need at least 10 portfolios observed in both months and exclude companies under corporate-action review. Share changes are quantities, not cash flows, and category flows are never attributed to these stocks.
7 · Data status
What each figure on this page refers to
| Dataset | Period on this page | Frequency | Latest available |
|---|---|---|---|
| Flows, AUM, folios | Mar 2023 | Monthly | Aug 2026 |
| SIP contribution & assets | Not published for this period | Monthly (from Jun 2024) | Aug 2026 |
| New fund offers | Mar 2023 | Monthly | Aug 2026 |
| Fund-house assets & market share | Jan–Mar 2023 | Quarterly average | Apr–Jun 2026 |
| Equity holdings | Mar 2023 | Monthly disclosures | Aug 2026 |
Known limitations: no official net flow exists by fund house; fund-house figures are quarterly averages; SIP history starts in 2024; category flows cannot be attributed to stocks. Methodology →