Mutual fund ownership in India has undergone a significant transformation over the past 13 years, according to the latest SEBI Handbook of Statistics. Corporate share of AUM declined from 50.1% in April 2013 to 36.7% by March 2026, while retail and HNI investors' combined share increased from 43.5% to 62.3% during the same period. The shift represents a fundamental change in how mutual funds are accessed and utilized across different investor categories, with the latest data showing this trend has continued through March 2026.
The ownership mix changes occurred alongside substantial industry expansion, with total mutual fund AUM growing from ₹8.26 lakh crore in April 2013 to ₹73.73 lakh crore by March 2026. The retail segment reached its highest level of 28% in March 2024 before moderating to 27.1% by March 2026, while HNI ownership rose to 35.9% in September 2025 before settling at 35.2% in March 2026. Banks experienced the sharpest decline after corporates, with their share falling from 6.4% to just 1% over the same period, as reported by multiple sources.
According to Sougata Basu, Founder of CashRich, the decline in corporate share is attributed to changing investment patterns and systematic investment plan growth. Monthly SIP inflows have grown roughly 20 times over this period, contributing to the shift in ownership mix. Corporate money in mutual funds is typically parked in liquid and short-duration funds for immediate payment cycles, unlike retail and HNI investments that have had longer-term compounding opportunities in equity funds.
The ownership mix changes were also influenced by regulatory and taxation factors, as noted by Basu. The 2023 tax change on debt funds removed an important reason for corporates to prefer mutual funds over bank deposits, reducing the incentive to route incremental treasury money through debt funds. Additionally, families that may not have owned mutual funds a decade ago are now making disciplined monthly investments, with some retail investors growing into the HNI segment as their portfolios increased in value.
