Maharashtra leads India in mutual fund AAUM at above 40% share as national MF base expands double digits

Maharashtra contributed more than 40 percent of India’s mutual fund average assets under management (AAUM) in September, confirming its outsized systemic dominance in India’s buy-side capital pools. National AAUM rose 14.37% year-on-year, reflecting improved SIP discipline, institutional adoption, and broader tax-structure familiarity even among regional non-metro investors. Allocation participation also widened through smaller cities that historically remained equity and hybrid risk underexposed. Fund manufacturers expect the next phase of growth to come from newer regional distributor onboarding and higher digital penetration beyond Tier 2 and Tier 3 markets. The geographic concentration signature suggests institutional Mumbai ecosystems are still structurally central to MF liquidity direction.