AMFI industry composition report

The AMFI industry composition report is a structured breakdown of total mutual fund assets under management (AUM) in India by scheme category, published by the Association of Mutual Funds in India (AMFI) as part of its monthly industry statistics release. The report allows analysts, researchers, regulators, and financial media to understand how the total industry AUM is distributed across the major categories defined by SEBI’s 2017 scheme categorisation and rationalisation circular.

SEBI’s scheme categorisation framework

In October 2017, SEBI issued a landmark circular (SEBI/HO/IMD/DF3/CIR/P/2017/114) that mandated a comprehensive rationalisation and standardisation of mutual fund scheme categories across the industry. Before this circular, AMCs used inconsistent category names and definitions, making like-for-like comparisons difficult. The 2017 circular defined 36 specific scheme categories across five broad groups, each with a prescribed investment mandate:

1. Equity schemes: 10 categories including large cap, mid cap, small cap, multi cap, flexi cap, large and mid cap, dividend yield, value, contra, focused, sectoral/thematic, ELSS (tax-saving).
2. Debt schemes: 16 categories including overnight, liquid, ultra short duration, low duration, money market, short duration, medium duration, medium to long duration, long duration, dynamic bond, corporate bond, credit risk, banking and PSU, gilt, gilt with 10-year constant duration, floater.
3. Hybrid schemes: 6 categories including conservative hybrid, balanced hybrid, aggressive hybrid, dynamic asset allocation, multi-asset allocation, arbitrage.
4. Solution-oriented schemes: 2 categories – retirement fund and children’s fund.
5. Other schemes: Index funds, ETFs, and fund of funds.

Structure of the industry composition data

AMFI’s monthly industry composition report shows, for each SEBI-defined scheme category:

• Total AUM (Rs crore) at month-end.
• Number of schemes in the category.
• AUM as a percentage of total industry AUM.
• Month-on-month change in AUM.

This data allows readers to immediately identify which category segments are growing, which are shrinking, and what the relative weight of equity versus debt versus hybrid investing is at any point in time.

Typical industry composition pattern (2024-25)

As of the 2024-25 period, the industry composition broadly showed:

The equity share has grown substantially since 2018-19 as SIP-driven retail investment has been predominantly in equity funds, and as equity market performance has driven AUM appreciation. The growth of index funds and ETFs reflects the global trend toward passive investing, accelerated in India by lower TERs (a result of the AAUM-based TER slab structure favouring larger funds) and the entry of institutional passive mandates from EPFO and NPS.

Significance for analysis

The industry composition data is used to:

• track the equity versus debt shift in Indian household savings portfolios;
• assess whether SEBI’s scheme rationalisation has succeeded in consolidating AUM into well-defined categories;
• monitor the growth of passive versus active fund management;
• evaluate whether specific policy interventions (e.g., the ELSS category’s tax benefit) are driving category-level growth; and
• inform SEBI’s systemic risk assessments, particularly the exposure of debt categories to credit and duration risk.

See also

• Association of Mutual Funds in India (AMFI)
• AMFI monthly AUM data
• AMFI Quarterly Average AUM (AAUM)
• AMFI SIP contribution data
• AMFI Risk-O-Meter
• Securities and Exchange Board of India (SEBI)

References

1. SEBI Circular SEBI/HO/IMD/DF3/CIR/P/2017/114. “Categorisation and rationalisation of Mutual Fund Schemes.” October 2017.
2. AMFI. “Monthly industry composition data.” amfiindia.com. Accessed 2026.
3. AMFI. “Annual report 2024-25: industry statistics and trends.”