India mutual fund monitor
September 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 Sep 2023 SIP not published for Sep 2023 NFO Sep 2023 Fund-house assets Jul–Sep 2023 (quarterly) Holdings Sep 2023
AMFI monthly report, Sep 2023. Total net flow covers all schemes; the asset-class figures are open-ended schemes. +60,467 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 +14,091 Cr
- Debt -1.02 lakh Cr
- Hybrid +18,650 Cr
- Index funds & ETFs +5,100 Cr
- Overseas fund of funds -380 Cr
- Solution oriented +168 Cr
| Asset class | This month | Previous | 3 months | 12 months |
|---|---|---|---|---|
| Equity | +14,091 | +20,245 | +41,962 | +128,039 |
| Debt | -101,512 | -25,872 | -65,944 | -29,555 |
| Hybrid | +18,650 | +17,082 | +48,153 | +47,713 |
| Index funds & ETFs | +5,100 | +4,907 | +11,288 | +98,322 |
| Overseas fund of funds | -380 | -371 | -1,174 | -1,418 |
| Solution oriented | +168 | +191 | +479 | +1,908 |
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 · Sep 2023
Largest category inflows
| Category | Net flow | % of AUM | 3 months | 12 months |
|---|---|---|---|---|
| ArbitrageHybrid | +10,176 | +10.28% | +29,733 | +27,755 |
| Multi Asset AllocationHybrid | +6,324 | +17.92% | +9,323 | +16,879 |
| Other ETFs (single category)Passive | +3,242 | +0.59% | +4,782 | +33,088 |
| Sectoral / Thematic (combined)Equity | +3,147 | +1.48% | +9,382 | +22,837 |
| Small CapEquity | +2,678 | +1.38% | +11,115 | +34,189 |
| Multi CapEquity | +2,235 | +2.48% | +8,157 | +15,406 |
| Mid CapEquity | +2,001 | +0.84% | +6,137 | +20,969 |
| Index Funds (single category)Passive | +1,682 | +0.93% | +4,847 | +63,897 |
Largest category outflows
| Category | Net flow | % of AUM | 3 months | 12 months |
|---|---|---|---|---|
| LiquidDebt | -74,177 | -16.48% | -49,062 | -2,915 |
| Money MarketDebt | -9,158 | -6.08% | -458 | +25,587 |
| Ultra Short TermDebt | -5,168 | -5.33% | -6,426 | -3,301 |
| Floating Interest RatesDebt | -4,903 | -7.73% | -578 | -9,004 |
| Corporate BondDebt | -2,459 | -1.76% | -56.24 | +16,344 |
| Short TermDebt | -1,560 | -1.57% | -2,358 | -5,637 |
| OvernightDebt | -1,274 | -1.54% | -8,863 | -66,606 |
| Banking and PSU DebtDebt | -1,057 | -1.32% | -3,352 | -3,869 |
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: Jul–Sep 2023 quarter. AMFI publishes fund-house assets as quarterly averages. This is the latest quarter that had ended by Sep 2023; it is not a September 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 | 8.27 lakh Cr | 17.60% | -0.09 pp | 1 |
| ICICI Prudential Mutual Fund | 5.82 lakh Cr | 12.38% | +0.05 pp | 2 |
| HDFC Mutual Fund | 5.25 lakh Cr | 11.17% | -0.11 pp | 3 |
| Nippon India Mutual Fund | 3.51 lakh Cr | 7.46% | +0.18 pp | 4 |
| Kotak Mahindra Mutual Fund | 3.34 lakh Cr | 7.10% | -0.09 pp | 5 |
| Aditya Birla Sun Life Mutual Fund | 3.11 lakh Cr | 6.62% | -0.27 pp | 6 |
| UTI Mutual Fund | 2.67 lakh Cr | 5.68% | -0.08 pp | 7was 8 |
| Axis Mutual Fund | 2.60 lakh Cr | 5.53% | -0.23 pp | 8was 7 |
| Mirae Asset Mutual Fund | 1.39 lakh Cr | 2.96% | +0.11 pp | 9 |
| DSP Mutual Fund | 1.30 lakh Cr | 2.77% | +0.04 pp | 10was 11 |
Biggest share gainers · quarter
- Nippon India Mutual Fund+0.18 pp
- Tata Mutual Fund+0.14 pp
- quant Mutual Fund+0.13 pp
- Mirae Asset Mutual Fund+0.11 pp
- LIC Mutual Fund+0.09 pp
Biggest share decliners · quarter
- Aditya Birla Sun Life Mutual Fund-0.27 pp
- Axis Mutual Fund-0.23 pp
- HDFC Mutual Fund-0.11 pp
- SBI Mutual Fund-0.09 pp
- Bandhan Mutual Fund-0.09 pp
Rank changes among the top 30
- Bandhan Mutual Fund10 → 12
- NJ Mutual Fund28 → 30
- UTI Mutual Fund8 → 7
- Axis Mutual Fund7 → 8
- DSP Mutual Fund11 → 10
- Tata Mutual Fund12 → 11
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
15.71 Cr
+28.55 L on the month · +13.8% 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 · Sep 2023
16new schemes allotted
7,795 Crmobilised
Part of this month’s gross mobilisation — shown separately, never added to category net flow.
| Published category | Schemes | Mobilised | Schemes launched |
|---|---|---|---|
| Multi Asset Allocation Fund | 3 | 4,791 Cr | — |
| Sectoral/Thematic Funds | 4 | 1,629 Cr | — |
| Flexi Cap Fund | 1 | 463 Cr | — |
| Multi Cap Fund | 1 | 411 Cr | — |
| Balanced Hybrid Fund/Aggressive Hybrid Fund | 1 | 376 Cr | — |
| Arbitrage Fund | 1 | 66.00 Cr | — |
| Other ETFs | 3 | 42.00 Cr | — |
| Fund of funds investing overseas | 1 | 11.00 Cr | — |
| Index Funds | 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 · Sep 2023
912companies held
17AMCs reporting
1,254new positions
979complete exits
Most AMCs increasing
↗CompanyAMCs
- 01 Reliance Industries Limited198 comparable portfolios 15
- 02 REC Limited82 comparable portfolios 12
- 03 PVR INOX Limited53 comparable portfolios 11
- 04 Petronet LNG Limited27 comparable portfolios 11
- 05 Oil & Natural Gas Corporation Limited72 comparable portfolios 11
- 06 ETERNAL LIMITED76 comparable portfolios 11
- 07 Power Finance Corporation Limited87 comparable portfolios 11
- 08 JSW Steel Limited59 comparable portfolios 10
- 09 Canara Bank64 comparable portfolios 10
- 10 UPL Limited48 comparable portfolios 10
Most AMCs reducing
↗CompanyAMCs
- 01 Larsen & Toubro Limited185 comparable portfolios 12
- 02 Infosys Limited213 comparable portfolios 12
- 03 Persistent Systems Limited82 comparable portfolios 11
- 04 InterGlobe Aviation Limited83 comparable portfolios 10
- 05 SRF Limited43 comparable portfolios 9
- 06 Colgate Palmolive (India) Limited44 comparable portfolios 9
- 07 Dabur India Limited63 comparable portfolios 9
- 08 Ashok Leyland Limited68 comparable portfolios 9
- 09 Pidilite Industries Limited48 comparable portfolios 9
- 10 Syngene International Limited47 comparable portfolios 9
Largest comparable holding increases
↗CompanyShares
- 01 Vodafone Idea Limited+65.7% · 16 portfolios +15.52 Cr
- 02 ETERNAL LIMITED+6.9% · 76 portfolios +2.80 Cr
- 03 Power Grid Corporation of India Limited+6.2% · 104 portfolios +2.63 Cr
- 04 Power Finance Corporation Limited+15.3% · 87 portfolios +2.36 Cr
- 05 REC Limited+31.1% · 82 portfolios +2.17 Cr
- 06 JSW Infrastructure Limited— · 25 portfolios +1.94 Cr
- 07 FSN E-Commerce Ventures Limited+32.5% · 53 portfolios +1.68 Cr
- 08 ITC Limited+6.7% · 159 portfolios +1.61 Cr
- 09 Union Bank of India+19.8% · 38 portfolios +1.40 Cr
- 10 L&T Finance Limited+125.9% · 21 portfolios +1.38 Cr
Largest comparable holding decreases
↗CompanyShares
- 01 Punjab National Bank-14.4% · 49 portfolios -2.45 Cr
- 02 Coal India Limited-6.8% · 83 portfolios -2.26 Cr
- 03 Jio Financial Services Limited-14.8% · 132 portfolios -2.02 Cr
- 04 NHPC Limited-4.7% · 30 portfolios -1.57 Cr
- 05 IDFC First Bank Limited-9.0% · 44 portfolios -1.25 Cr
- 06 Equitas Small Finance Bank Limited-5.1% · 44 portfolios -1.03 Cr
- 07 Bharat Petroleum Corporation Limited-26.6% · 72 portfolios -1.02 Cr
- 08 Suzlon Energy Limited-3.4% · 26 portfolios -97.47 L
- 09 Bandhan Bank Limited-10.1% · 55 portfolios -90.36 L
- 10 Chambal Fertilizers & Chemicals Limited-30.0% · 20 portfolios -80.95 L
Most new positions
↗CompanyPositions
- 01 JSW Infrastructure Limited25 comparable portfolios 25
- 02 REC Limited82 comparable portfolios 24
- 03 R R Kabel Limited24 comparable portfolios 24
- 04 Power Finance Corporation Limited87 comparable portfolios 19
- 05 Maruti Suzuki India Limited146 comparable portfolios 19
- 06 Jupiter Life Line Hospitals Limited18 comparable portfolios 18
- 07 Shriram Finance Limited62 comparable portfolios 15
- 08 Kaynes Technology India Limited30 comparable portfolios 15
- 09 Zydus Lifesciences Limited59 comparable portfolios 14
- 10 FSN E-Commerce Ventures Limited53 comparable portfolios 14
Most complete exits
↗CompanyExits
- 01 Jio Financial Services Limited132 comparable portfolios 65
- 02 Infosys Limited213 comparable portfolios 15
- 03 Hindustan Unilever Limited161 comparable portfolios 14
- 04 FSN E-Commerce Ventures Limited53 comparable portfolios 13
- 05 Page Industries Limited59 comparable portfolios 13
- 06 HDFC Asset Management Company Limited49 comparable portfolios 12
- 07 Kotak Mahindra Bank Limited134 comparable portfolios 12
- 08 HCL Technologies Limited136 comparable portfolios 12
- 09 ACC Limited77 comparable portfolios 11
- 10 Indus Towers Limited34 comparable portfolios 11
Most widely held stocks
CompanyAMCs
- 01 Maruti Suzuki India Limited143 portfolios 17
- 02 Bajaj Finance Limited127 portfolios 17
- 03 ICICI Bank Limited242 portfolios 16
- 04 HDFC Bank Limited238 portfolios 16
- 05 Infosys Limited201 portfolios 16
- 06 Reliance Industries Limited198 portfolios 16
- 07 Axis Bank Limited192 portfolios 16
- 08 Tata Consultancy Services Limited155 portfolios 16
- 09 Hindustan Unilever Limited148 portfolios 16
- 10 IndusInd Bank Limited146 portfolios 16
Broader ownership
↗CompanyΔ AMCs
- 01 Gillette India Limited6 AMCs now +4
- 02 Dr. Lal Path Labs Ltd.10 AMCs now +4
- 03 Jupiter Life Line Hospitals Limited5 AMCs now +4
- 04 REC Limited16 AMCs now +3
- 05 Indiamart Intermesh Limited11 AMCs now +3
- 06 Syrma SGS Technology Limited11 AMCs now +2
- 07 GE Vernova T&D India Limited6 AMCs now +2
- 08 Petronet LNG Limited13 AMCs now +2
- 09 Mahanagar Gas Limited6 AMCs now +1
- 10 Alivus Life Sciences Limited3 AMCs now +1
Narrower ownership
↗CompanyΔ AMCs
- 01 FSN E-Commerce Ventures Limited8 AMCs now -4
- 02 Jio Financial Services Limited11 AMCs now -4
- 03 Natco Pharma Limited5 AMCs now -4
- 04 VIP Industries Limited6 AMCs now -3
- 05 Gateway Distriparks Limited4 AMCs now -3
- 06 Balrampur Chini Mills Limited11 AMCs now -3
- 07 Delta Corp Limited8 AMCs now -3
- 08 Aavas Financiers Limited7 AMCs now -3
- 09 Cummins India Limited10 AMCs now -3
- 10 Graphite India Limited6 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 | Sep 2023 | Monthly | Aug 2026 |
| SIP contribution & assets | Not published for this period | Monthly (from Jun 2024) | Aug 2026 |
| New fund offers | Sep 2023 | Monthly | Aug 2026 |
| Fund-house assets & market share | Jul–Sep 2023 | Quarterly average | Apr–Jun 2026 |
| Equity holdings | Sep 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 →