In November 2025 several Indian asset-management firms including HDFC AMC and Kotak AMC initiated multiple new-fund offers (NFOs) across equity, small-cap and arbitrage segments. The Securities and Exchange Board of India list published on 4 Nov included schemes such as the Nifty Midcap 150 ETF and Nifty Smallcap 250 ETF. The wave of launches shows investor preference for thematic and indexed products as markets oscillate amid global uncertainty and domestic election year flows.