India’s mutual-fund industry has reached a record Assets Under Management (AUM) of approximately ₹75.61 lakh crore as of September 2025, marking a 12.7 % year-on-year increase. Equity-oriented schemes accounted for the bulk of growth. The performance underlines growing retail and institutional participation in mutual funds, aided by sustained SIP inflows. Fund houses say the growth reflects confidence in equities, though they flag the need to watch valuations and liquidity in small-cap exposures.