India’s mutual fund industry is growing at an annual rate of 21.5 percent , underscoring rising retail participation but also revealing significant underpenetration. Mutual fund assets represent only about 11 percent of India’s GDP, compared with over 103 percent in the United States, where the market is far more mature. Recent SEBI actions to lower fund expenses and cap brokerage commissions at six basis points have improved affordability and transparency for investors.