New Delhi: The asset base of equity mutual funds surged about 55 percent to Rs 3.72 lakh crore at the end of June, from the year-ago level, as retail investors poured money into these schemes.
The industry's equity assets under management (AUM) rose from Rs 2.41 lakh crore in June 2014 to Rs 3.72 lakh crore in June this year, according to Association of Mutual Funds in India (AMFI).
Besides, nearly 9 lakh retail investors have come into equity mutual funds in the past one year, with the total number of folios for such schemes hitting 3.22 crore.
Industry experts said equity markets have delivered positive returns that attracted retail investors into such schemes and thereby pushing the assets base of equity mutual funds.
Moreover, many investors are moving away from poor performing asset classes such as gold.
The BSE index, Sensex, has climbed over 9 percent during the period under review.
The rise in AUM of equity mutual funds has helped in increasing the overall assets base of the industry to nearly Rs 12 lakh crore mark at the end of June.
Mutual fund (MF) is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.