Top 5 States by Mutual Fund Assets Across Categories; Maharashtra Leads in All Categories

Written by: Team Angel OneUpdated on: 27 Nov 2025, 5:27 pm IST

Maharashtra ranks highest in mutual fund assets across equity, debt, ETF, and liquid categories as of September 2025, followed by other major states.

Mutual fund investments across India show clear dominance by a few states in asset concentration. Maharashtra continues to lead in every major scheme category, contributing significantly to overall mutual fund inflows as of September 2025.

Maharashtra Leads Mutual Fund Categories in Assets

As per AMFI Data from September 2025 highlights that Maharashtra holds the highest mutual fund assets across equity-oriented, debt-oriented, ETFs/FoFs and liquid or money market schemes.

The state reported ₹13,58,184 crore in equity assets alone, while consistently surpassing peers in other categories as well. Gujarat, Karnataka, New Delhi and Tamil Nadu follow in varying order depending on the asset segment.

Equity-Oriented Mutual Fund Scheme Rankings

Maharashtra dominated the equity category with ₹13,58,184 crore. Gujarat came second at ₹3,91,354 crore. Karnataka, New Delhi and Uttar Pradesh followed with ₹3,73,920 crore, ₹3,56,518 crore and ₹3,03,797 crore respectively.

Debt-Oriented Mutual Fund Holdings by State

Maharashtra also topped in debt schemes with ₹4,51,825 crore, while New Delhi trailed with ₹1,46,530 crore. Karnataka, Gujarat and Tamil Nadu reported ₹84,681 crore, ₹83,064 crore and ₹61,967 crore respectively.

ETFs and Fund of Funds by Region

For ETFs and FoFs, Maharashtra again led with ₹7,91,367 crore in assets. New Delhi held ₹26,475 crore, followed by Karnataka at ₹15,658 crore. Tamil Nadu posted ₹13,225 crore and West Bengal ₹11,072 crore.

Liquid and Money Market Scheme Assets

Maharashtra recorded ₹5,52,076 crore in the liquid category. Other top states included New Delhi with ₹98,247 crore, Gujarat with ₹65,403 crore, Karnataka ₹60,607 crore and Tamil Nadu at ₹46,574 crore.

Conclusion

Maharashtra remains the most significant contributor to mutual fund assets across all core categories. Other states like Gujarat, Karnataka and New Delhi follow but at a considerable distance, showing uneven distribution of mutual fund participation across the country.

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.

Published on: Nov 26, 2025, 12:09 PM IST

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