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

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. 

Read More: Mutual Fund Industry Adds 8.34 Lakh New Investors in October 2025! 

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.