MUMBAI: The dominance of Maharashtra continued unabated with its share in assets under management touching a tad less than 41% in March, mutual fund body Amfi data showed on Wednesday.
The next top four states’ contribution is a little over half of this western state, which rose from Rs 22.41 lakh crore in February this year to Rs 22.52 lakh crore in March. With Maharashtra controlling nearly 40.93% of the industry, the top 5 states corner 68% of the market that has 44 fund houses with a combined AUM of Rs 55.01 lakh crore as of March, as per an analysis of the state-wise spilt of mutual fund investments.
The next four are New Delhi at 8.41%, Karnataka at 6.92%, Gujarat at 6.89% and Bengal at 5.20%. During the past fiscal the MF industry grew 37%, taking the assets under management to Rs 55.01 lakh crore, driven by the massive inflows into open-ended equity schemes, which clipped past 10% in March to Rs 22,633 crore from Rs 20,534 crore in March 2023.
Despite the industry notching up 37% more in FY24, as many as five of the 37 states and Union Territories saw a sequential decline in AUM in March as against just two in February. Andhra, Goa, Kerala, the Lakshadweep and Sikkim saw sequential declines in the reporting month with the Lakshadweep seeing the highest contraction of 57.90%, followed by Sikkim at 3.22% and Kerala at 0.59%.
Interestingly, the top 5 states in terms of sequential growth are Daman & Diu, Manipur, Dadra & Nagar Haveli, Meghalaya, and Tripura. The Union Territory of Daman & Diu saw the highest sequential growth at 3.60% followed by Manipur at 3.09% and Dadra & Nagar Haveli at 2.62%.
Equity-oriented schemes continued to get the maximum share from all the states for third consecutive month contributing the most towards AUM at 51.96%.