Top 5 Mutual Fund Houses Capture 48.76% of New Folios in 2 Years

India's five largest asset management companies (AMCs) accounted for nearly 49 per cent of all new Mutual Fund folios added between September 2024 and September 2026, highlighting their continued dominance in the Rs 82 lakh crore mutual fund industry. According to data from the Association of Mutual Funds in India (AMFI), these five fund houses collectively added over 4.11 crore folios during the two-year period, supported by extensive distribution networks, digital platforms and established investor relationships.

SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Mutual Fund together added 4,11,74,158 folios between September 2024 and September 2026. During the same period, the mutual fund industry added approximately 8,44,36,033 folios, giving the top five AMCs a combined share of 48.76 per cent.

In comparison, these five fund houses added 2.62 crore folios between September 2023 and September 2024, accounting for 50.51 per cent of the industry's total additions of 5.18 crore folios. Meanwhile, AMCs ranked sixth to tenth collectively accounted for 9.24 per cent of new folio additions in both periods. Although the leading fund houses continue to capture almost half of new investor accounts, their declining share suggests that smaller AMCs are gradually gaining ground. It is worth noting that the two comparison periods differ in duration.

Distribution strength remains a significant advantage for established AMCs. Large fund houses operate extensive networks of Bank branches, mutual fund distributors and digital investment platforms. Their established brands and wider product offerings also help attract new investors. Digital onboarding has made opening mutual fund accounts easier, particularly for first-time investors in smaller cities. Systematic Investment Plans (SIPs) have further supported industry growth by allowing investors to invest fixed amounts regularly.

Meanwhile, smaller AMCs are expanding through specialised investment strategies, digital distribution and differentiated schemes, gradually increasing competition for investor accounts.

Top 5 AMCs Manage 55.44% of Industry Assets

The concentration becomes more pronounced when comparing assets under management (AUM). As of September 2026, the top five AMCs managed average quarterly assets worth approximately Rs 48.36 lakh crore, representing 55.44 per cent of the industry's Rs 87.22 lakh crore in assets. Their combined market share declined marginally from 56.14 per cent in September 2024.

AMCs ranked sixth to tenth collectively held 19.59 per cent of industry assets, compared with 21.32 per cent two years earlier. This indicates that competition is increasing, although the largest fund houses continue to manage a significant proportion of the industry's assets.

Mutual Fund Industry Expands Despite Market Volatility

India's mutual fund industry recorded 28.62 crore folios as of September 30, 2026, while total month-end AUM stood at Rs 82.64 lakh crore. Monthly SIP contributions reached Rs 32,490 crore, while equity mutual funds attracted Rs 38,306.55 crore in net inflows during September.

However, overall industry assets declined 5.1 per cent month-on-month (MoM), reflecting market movements and substantial withdrawals from Debt Funds.

The growing number of folios indicates wider participation in mutual funds, although multiple folios can belong to the same investor. Large AMCs continue to benefit from scale, brand recognition and distribution strength, while smaller fund houses are competing through technology, differentiated investment offerings and wider reach. The gradual decline in market concentration points towards increasing competition, even as established fund houses continue to dominate both assets and new folio additions.

Disclaimer: The article is for informational purposes only and not investment advice.