India’s top five states hold over two-thirds of mutual-fund industry assets

A recent industry analysis by ICRA Analytics shows that the top five Indian states — Maharashtra, Delhi, Karnataka, Tamil Nadu and Gujarat — together contribute 67.4 % of the country’s mutual­fund industry Average Assets Under Management (AAUM) as of September 2025. The overall AAUM grew 14.37 % year-on-year and 1.39 % month-on-month. Experts say the concentration reflects strong investor participation in urban and financial-hub states while raising questions about investor penetration in smaller states and rural areas.