Association of Mutual Funds in India (AMFI) has stated that the mutual fund industry's assets under management have crossed Rs. 10 lakh crore-mark in May.
The assets under management (AUM) of Indian mutual fund industry rose to Rs. 10.11 lakh crore in May from Rs. 9.45 lakh crore in April.
The mutual fund industry for the first time has crossed an important milestone of Rs. 10 lakh crore AUM. Also, for the first time the gross sales particularly of equity products have increased by over Rs. 10,000 crore in the month of May.
“Retail participation in equity schemes has increased significantly in the recent months. Our effort to reach out to the retail segment and locations beyond Tier 2 and Tier 3 towns has started showing results,” said Sundeep Sikka, Chairman, AMFI, while addressing a press conference here.
H. N. Sinor, Chief Executive at AMFI said, “With the change in sentiments retail investors have once again started showing interest in mutual fund products. Various initiatives by AMFI at Financial Literacy are also showing up in terms of greater retail participation and deeper geographic reach.”
He also informed that the AMFI has already made its representation to the Government on budget proposals.