India’s mutual fund industry asset under management climbed to ₹75.61 lakh crore in September 2025, despite continuing outflows from debt schemes. The gain was supported by strong SIP inflows of ₹29,361 crore and gold-ETF subscriptions of ₹8,363 crore, reflecting a shift in retail investor preferences. Although equity inflows were moderate, the consistent retail participation underscores long-term accumulation. Fund houses cited the growing appeal of diversified asset allocation and resilient investment behaviour amid global uncertainty and domestic equity market consolidation.