India’s mutual fund assets climbed to a record ₹75.61 lakh crore in September, reflecting resilient retail participation and steady equity inflows via SIPs and passive strategies. The expansion underscores a structural shift toward market-based savings despite intermittent volatility in small- and mid-caps. Fund distributors point to deeper penetration beyond metros and rising retirement allocations as tailwinds. While valuations in certain segments look rich, the industry’s scale and product mix continue to diversify. Observers will watch whether flows remain robust as earnings season and global policy cues test risk appetite.