On the first few days of every month, money begins moving quietly across India. A young employee starts a ₹1,000 SIP, parents invest for their child’s education, and a retired person moves savings into a debt fund. These small transactions eventually combine into lakhs of crores managed by India’s mutual fund companies.
The Indian mutual fund industry has expanded rapidly. Its total assets under management reached ₹82.22 lakh crore on June 30, 2026, while the number of investor folios rose to 27.86 crore. This shows how mutual funds have moved beyond wealthy investors and entered ordinary Indian households.
The following ranking is based primarily on assets under management, or AUM, as of June 2026. However, size alone does not make every scheme of an AMC suitable for every investor.
1. SBI Mutual Fund
With an AUM of approximately ₹12.81 lakh crore, SBI Mutual Fund is the largest mutual fund company in India in 2026. It benefits from the enormous reach and familiarity of the State Bank of India.
The fund house offers equity, debt, hybrid, index, ETF and solution-oriented schemes. SBI Contra Fund, SBI Small Cap Fund and SBI Equity Hybrid Fund are among its widely recognised offerings. Its large distribution network makes it particularly accessible to first-time investors and people living outside major cities.
2. ICICI Prudential Mutual Fund
ICICI Prudential Mutual Fund holds the second position with an AUM of around ₹11.76 lakh crore. It has built a strong presence across active equity, debt, hybrid, passive and asset-allocation categories.
The AMC is particularly known for offering funds designed for different market conditions. ICICI Prudential Balanced Advantage Fund, Value Discovery Fund and Multi-Asset Fund are some of its established schemes. Its broad selection is useful for investors who want to build several parts of their portfolio with one fund house.
3. HDFC Mutual Fund
HDFC Mutual Fund manages approximately ₹9.61 lakh crore. It is one of India’s most recognised AMCs and has a long record in equity-oriented wealth creation.
The fund house follows a research-led approach and offers both actively managed and passive products. HDFC Flexi Cap Fund, HDFC Mid-Cap Opportunities Fund and HDFC Balanced Advantage Fund are among its prominent schemes. It can appeal to long-term investors, but each scheme must still be judged independently for risk, cost and consistency.
4. Nippon India Mutual Fund
Nippon India Mutual Fund ranks fourth with an AUM of about ₹7.67 lakh crore. Formerly known as Reliance Mutual Fund, it is now backed by Japan’s Nippon Life Insurance.
The AMC has a strong presence in equity funds as well as exchange-traded funds. Nippon India Small Cap Fund and Nippon India ETF Gold BeES are well-known examples. Its range of ETFs can be useful for investors seeking low-cost exposure to indices, gold, silver or specific market segments.
5. Kotak Mahindra Mutual Fund
Kotak Mahindra Mutual Fund manages nearly ₹6.09 lakh crore. It offers a wide collection of equity, debt, hybrid, international and passive schemes.
The fund house is supported by Kotak Mahindra Group’s experience in banking and financial services. Kotak Flexicap Fund, Kotak Equity Opportunities Fund and Kotak Emerging Equity Fund are some of its recognised equity offerings. The AMC is suitable for consideration by investors looking for a combination of active funds and more straightforward index products.
6. Aditya Birla Sun Life Mutual Fund
Aditya Birla Sun Life Mutual Fund has an AUM of approximately ₹4.32 lakh crore. It is a joint venture associated with the Aditya Birla Group and Sun Life of Canada.
The AMC has traditionally maintained a particularly wide presence in debt and fixed-income categories, alongside equity and hybrid funds. Its range includes corporate bond, short-duration, liquid, equity and asset-allocation schemes. This variety can help investors match funds with different goals, from short-term money management to long-term capital growth.
7. UTI Mutual Fund
UTI Mutual Fund manages around ₹3.94 lakh crore. Its roots are connected to the Unit Trust of India, which introduced generations of Indian families to market-linked investments.
Today, UTI operates as a modern AMC with actively managed funds, index funds and ETFs. UTI Nifty 50 Index Fund, UTI Flexi Cap Fund and UTI Large & Mid Cap Fund are among its familiar products. It remains notable for its institutional heritage, nationwide presence and expanding passive investment range.
8. Axis Mutual Fund
Axis Mutual Fund occupies the eighth position with an AUM of about ₹3.77 lakh crore. Despite being younger than several large AMCs, it has developed a sizeable retail investor base.
It provides equity, debt, hybrid, index, ETF and tax-saving options. Axis Midcap Fund, Axis Small Cap Fund and Axis ELSS Tax Saver Fund are some commonly tracked schemes. Investors should examine recent performance across complete market cycles instead of relying only on the fund house’s brand or older returns.
9. DSP Mutual Fund
DSP Mutual Fund manages approximately ₹2.33 lakh crore. The fund house has decades of experience in India’s investment-management business and offers actively managed as well as passive products.
DSP Midcap Fund, DSP Small Cap Fund and DSP Value Fund are among its recognised equity schemes. It also offers debt funds, index funds and international fund-of-funds. Its clear investor-education initiatives and research-driven approach have helped it build a distinct identity in a crowded market.
10. Mirae Asset Mutual Fund
Mirae Asset Mutual Fund completes the top ten with an AUM of approximately ₹2.32 lakh crore. It is part of the South Korea-based Mirae Asset Financial Group and has expanded rapidly in India.
The AMC gained recognition through equity funds and later broadened its collection with ETFs, index funds, debt funds and international products. Mirae Asset Large & Midcap Fund and Mirae Asset ELSS Tax Saver Fund are among its established offerings. Its growth reflects strong acceptance among digitally active and long-term investors.
How to Select the Right Mutual Fund Company
Do not select an AMC merely because it is the largest. A large AUM indicates scale and investor acceptance, but it does not guarantee higher returns.
Study the individual scheme’s investment objective, five- to ten-year consistency, expense ratio, portfolio quality, benchmark performance and downside behaviour. Also consider the experience of the fund manager and whether the scheme suits your goal, risk tolerance and investment period.
Frequently Asked Questions
Q: Which is the largest mutual fund company in India in 2026?
A: SBI Mutual Fund is the largest, with an AUM of approximately ₹12.81 lakh crore according to June 2026 data.
Q: Is investing through a large AMC safer?
A: A large AMC may have stronger infrastructure and wider support, but its schemes still carry market, credit or interest-rate risks. AMC size does not protect investors from losses.
Q: What happens if a mutual fund company closes?
A: The fund’s assets are held separately under a trust and do not belong directly to the AMC. Subject to regulatory procedures, schemes may be transferred to another AMC, merged or wound up, with money distributed to investors according to applicable rules.
Q: Should all my mutual funds belong to different AMCs?
A: Not necessarily. Diversification should mainly be across asset classes, market segments and investment strategies. However, avoiding excessive dependence on one fund house can reduce operational and fund-management concentration.
Q: Does a higher AUM mean better returns?
A: No. AUM measures the amount managed, not future performance. Very large size may benefit some funds, while it can make portfolio movement harder in categories such as small-cap funds.
Mutual fund investments are subject to market risks. This article is for general information and not a personalised investment recommendation.
