Mirae Asset Mutual Fund

Mirae Asset Mutual Fund is an Indian asset management company , formally Mirae Asset Investment Managers (India) Private Limited, and the Indian operations of the Mirae Asset Global Investments group of South Korea. It is regulated by the Securities and Exchange Board of India under registration MF/055/07/03 and, as on April 2026, managed Rs 2,29,930 crore in assets per the AMC’s own corporate disclosure, placing it among India’s ten largest fund houses. Mirae Asset entered India in 2008 and built that book almost entirely through organic inflows, without a single AMC acquisition.

The fund house is best known for two large active equity schemes. The Mirae Asset Large & Midcap Fund, run as the Mirae Asset Emerging Bluechip Fund until its February 2018 recategorisation, held roughly Rs 42,338 crore in June 2026 and remains closed to fresh lump-sum subscription. The Mirae Asset Large Cap Fund, the AMC’s original scheme launched on 4 April 2008, held about Rs 37,692 crore. Both sit inside a 69-scheme range that has, since 2018, expanded heavily into exchange-traded funds and index funds .

Mirae Asset is structurally unusual among large Indian AMCs in carrying a single 100 per cent foreign promoter. There is no Indian bank, insurer, or government co-sponsor on its cap table, and with effect from 1 January 2020 the AMC business was reorganised so that Mirae Asset Investment Managers (India) became a subsidiary of Mirae Asset Global Investments (India). The Korean parent has supported the franchise through two cycles, including the 2008 to 2009 global financial crisis that hit barely months after launch, in contrast to several foreign AMCs that entered India and later exited.

Key facts

Top schemes

The following table lists Mirae Asset’s largest schemes by assets, with figures drawn from scheme factsheets and aggregator data for June 2026. Scheme AUM moves with markets and flows; treat these as point-in-time figures and consult the latest factsheet before investing.

Mirae Asset’s equity book of around Rs 1.47 lakh crore sat across ten schemes at the December 2024 milestone, with debt at Rs 21,995 crore, hybrid at Rs 16,725 crore, and a passive book (25 ETFs plus index funds and funds of funds) of roughly Rs 14,674 crore.

History and corporate structure

Entry and the crisis-era launch (2007 to 2012)

Mirae Asset Global Investments secured SEBI registration for its Indian AMC in 2007 and launched its first scheme, the Mirae Asset India Opportunities Fund, on 4 April 2008. The timing was difficult. Within months, global and Indian equity markets fell sharply through 2008 and into 2009, and industry-wide mutual fund inflows dried up. Several foreign-sponsored AMCs that had entered India around the same period later sold their books and withdrew. Mirae Asset’s Korean parent kept funding the operation through the downturn.

The early schemes were managed from a Mumbai investment desk staffed with domestic analysts and portfolio managers, applying a process adapted from the parent’s global platform rather than imported wholesale. Neelesh Surana , the present Chief Investment Officer for equities, was associated with the build-out of that team and is credited with setting the equity investment framework that the AMC still runs.

Emergence as a performance franchise (2013 to 2020)

From around 2013, Mirae Asset’s equity schemes began posting consistent outperformance against their benchmarks and category averages. The Mirae Asset Emerging Bluechip Fund, then a large and mid cap scheme launched on 9 July 2010, drew heavy inflows as its rolling-return rankings climbed. The fund house crossed Rs 1 lakh crore in total AUM in October 2021.

Two name changes from this period matter for anyone tracing performance records. The original Mirae Asset India Opportunities Fund became Mirae Asset India Equity Fund on 16 February 2018, then Mirae Asset Large Cap Fund on 29 March 2019, the latter accompanied by a benchmark shift from S&P BSE 200 TRI to Nifty 100 TRI. The Emerging Bluechip scheme was recategorised under the SEBI large and mid cap definition and later marketed as the Mirae Asset Large & Midcap Fund. Through these renames the schemes kept their mandates and core managers.

Lump-sum closure of the flagship (2020)

By 2019 to 2020 the Emerging Bluechip Fund had grown large enough that deploying fresh lump-sum money without market impact became a concern in the mid cap segment. The AMC restricted lump-sum subscriptions and capped systematic investment plan instalments per folio, a deliberate decision to protect the manager’s ability to execute rather than to chase assets. The scheme has remained closed to lump-sum inflows since.

Passive expansion and overseas branches (2018 to 2026)

From 2018 Mirae Asset built a broad passive range covering Nifty 50, Sensex, Nifty Next 50, Nifty Midcap 150, Nifty Smallcap 250, and sectoral and thematic exposures, alongside international funds of funds tracking the NYSE FANG+ and Hang Seng TECH indices. The passive book reached 25 ETFs by the December 2024 milestone. The AMC opened a Dubai branch in 2022 to court non-resident Indian flows, and launched a small cap fund in January 2025, extending the equity range into the smallest-capitalisation segment.

Corporate reorganisation (2020)

With effect from 1 January 2020, the AMC business was transferred so that Mirae Asset Investment Managers (India) Private Limited operates as a subsidiary within the Mirae Asset Global Investments (India) structure. The change was corporate housekeeping rather than a shift in control; the ultimate promoter remained Mirae Asset Global Investments of South Korea.

Sponsor and trustee structure

The promoter is Mirae Asset Global Investments Co. Ltd, a Seoul-headquartered global asset manager with operations across more than 20 countries. The Indian fund operates within the mutual fund trust structure prescribed by the SEBI (Mutual Funds) Regulations, 1996 , with three separated parties: the promoter group, the trustee company (Mirae Asset Trustee Company Private Limited), and the AMC.

Key service providers:

• Registrar and Transfer Agent : KFin Technologies Limited .
• Custodian : Citibank N.A., India.
• Depositories: NSDL and CDSL .

Scheme portfolio

Equity schemes

• Mirae Asset Large & Midcap Fund: The former Emerging Bluechip Fund, a large and mid cap scheme launched 9 July 2010, around Rs 42,338 crore, closed to lump-sum subscription, run by Neelesh Surana and Ankit Jain.
• Mirae Asset Large Cap Fund: The original 4 April 2008 scheme, a large cap fund mandated to hold at least 80 per cent in large caps, around Rs 37,692 crore, run by Gaurav Misra and Gaurav Khandelwal.
• Mirae Asset Midcap Fund: A mid cap scheme managed by Ankit Jain.
• Mirae Asset Flexi Cap Fund: A flexi cap mandate across market capitalisations.
• Mirae Asset ELSS Tax Saver Fund: A Section 80C ELSS scheme with a three-year lock-in.
• Mirae Asset Great Consumer Fund: A consumption-themed sector and thematic scheme.
• Mirae Asset Healthcare Fund: A healthcare sector scheme.

Passive schemes

• Mirae Asset Nifty 50 ETF and Mirae Asset Sensex ETF: Core large cap passive exposure.
• Mirae Asset Nifty Midcap 150 ETF and Index Fund: Mid cap passive coverage.
• Mirae Asset NYSE FANG+ ETF and FoF: US technology mega-cap exposure.
• Mirae Asset Hang Seng TECH ETF: China technology exposure.
• Mirae Asset Nifty Bank ETF and Mirae Asset Nifty IT ETF: Sectoral passive.
• Mirae Asset Nifty Next 50 ETF: Tracks the Nifty Next 50 .

Mirae Asset’s ETFs trade with meaningful secondary-market liquidity on the National Stock Exchange , which matters for the exchange-traded fund buyer relying on tight bid-ask spreads.

Debt and hybrid schemes

The AMC runs standard debt-category coverage, with an aggressive hybrid scheme and balanced advantage offering on the hybrid side. Debt assets stood at Rs 21,995 crore and hybrid at Rs 16,725 crore at the December 2024 disclosure.

Investment philosophy

Mirae Asset’s equity process is built around quality compounders bought with a growth-at-a-reasonable-price discipline, a contrast with the deep-value approach of houses such as Quantum Mutual Fund or PPFAS Mutual Fund . The team screens the listed universe for businesses with high and durable return on equity, sustainable competitive advantage, and manageable debt, then concentrates capital in companies showing consistent earnings growth.

Neelesh Surana has described the framework as a pairing of quantitative filters (return on equity, sales growth, earnings predictability) with qualitative judgement on management integrity, business durability, and sector structure. The schemes generally avoid sharp factor or sector bets in favour of a diversified spread across the screened universe, which has produced the relatively low tracking error to benchmark that defines the franchise’s reputation. The passive range follows index replication with explicit tracking-error management, the relevant metric being the tracking error rather than active alpha.

How to invest in Mirae Asset funds

Mirae Asset schemes are open to both regular and direct plans . A first-time investor needs a completed mutual fund KYC and a PAN before any folio can be opened.

• Direct plan, AMC portal: Invest through the Mirae Asset website or app at the lower total expense ratio of the direct plan, which carries no trail commission .
• Registrar portals: Mirae Asset uses KFin Technologies as RTA, so transactions and statements route through KFin’s investor portal and the MF Central shared utility.
• Distribution-neutral utility: The Mutual Fund Utility (MFU) offers a single-window route across AMCs.
• Third-party platforms: Zerodha Coin , Groww , Kuvera , and ET Money list Mirae Asset schemes, mostly as direct plans.
• First-fund guidance: New investors weighing an AMC can read how to choose an AMC for a first investment and how to buy a first mutual fund on Coin .

Most Mirae Asset retail flow arrives through the systematic investment plan route. The Emerging Bluechip lineage scheme accepts SIP instalments within a per-folio cap even while closed to lump sum.

Distribution and operations

Mirae Asset distributes through independent financial advisers, national distributors, and digital platforms. The absence of a bank promoter has not capped growth: the performance record drove adviser and self-directed-investor preference, lifting the monthly SIP book to Rs 891 crore and folios past 80 lakh by April 2026. The direct plan adoption wave after 2013 helped a performance-led house like Mirae Asset, where investors often arrive through ranking screens rather than distributor relationships.

Regulatory standing and grievance redressal

Mirae Asset Mutual Fund holds SEBI registration MF/055/07/03 and operates within the SEBI Investment Management Department supervisory framework. The trustee company files the periodic compliance reports required of every mutual fund trust. Investors with an unresolved complaint can escalate through the AMC, then the AMFI grievance route and the SEBI SCORES portal, the standard investor grievance escalation matrix that applies across the industry.

Taxation of Mirae Asset funds

Tax on Mirae Asset schemes follows fund type, not fund house. An equity-oriented scheme such as the Large Cap or Large & Midcap fund is taxed under the equity mutual fund taxation rules: short-term gains under Section 111A and long-term gains under Section 112A with the prescribed annual exemption. Debt schemes follow the post-April-2023 debt fund taxation treatment. The ELSS Tax Saver Fund additionally qualifies for the Section 80C deduction under the old tax regime. Gains feed into the investor’s capital gains tax computation and appear in the Annual Information Statement .

Notable events

• 2007: SEBI registration of the Indian AMC.
• 4 April 2008: First scheme, Mirae Asset India Opportunities Fund, launched into the onset of the global financial crisis.
• 9 July 2010: Mirae Asset Emerging Bluechip Fund launched.
• 16 February 2018 and 29 March 2019: Original scheme renamed twice, ending as Mirae Asset Large Cap Fund with a Nifty 100 TRI benchmark.
• 2018 onward: Passive ETF and index range built out.
• 2020: Emerging Bluechip Fund closed to lump-sum subscription; AMC business reorganised as a subsidiary from 1 January 2020.
• October 2021: Total AUM crosses Rs 1 lakh crore.
• 2022: Dubai branch opened for NRI flows.
• December 2024: AUM crosses Rs 2 lakh crore across 69 schemes; equity book around Rs 1.47 lakh crore.
• January 2025: Small cap fund launched.
• April 2026: AUM reaches Rs 2,29,930 crore, over 80 lakh folios, Rs 891 crore monthly SIP book.

See also

• Mutual fund industry in India
• Mutual funds in India
• History of mutual funds in India
• Neelesh Surana
• PPFAS Mutual Fund
• Quantum Mutual Fund
• Quant Mutual Fund
• SBI Mutual Fund
• HDFC Mutual Fund
• ICICI Prudential Mutual Fund
• Kotak Mahindra Mutual Fund
• Axis Mutual Fund
• Nippon India Mutual Fund
• DSP Mutual Fund
• UTI Mutual Fund
• Aditya Birla Sun Life Mutual Fund
• Franklin Templeton India Mutual Fund
• WhiteOak Capital Mutual Fund
• Edelweiss Mutual Fund
• Canara Robeco Mutual Fund
• Tata Mutual Fund
• Motilal Oswal Mutual Fund
• HSBC Mutual Fund
• PGIM India Mutual Fund
• JioBlackRock Mutual Fund
• Large and mid cap mutual fund
• Large cap mutual fund
• Mid cap mutual fund
• Flexi cap mutual fund
• ELSS mutual fund
• Aggressive hybrid mutual fund
• Sectoral and thematic mutual fund
• Consumption thematic mutual fund
• Index fund in India
• ETF in India
• Nifty 50 ETF
• Nifty Next 50 index fund
• Tracking error in index funds
• Passive investing wave in India
• SIP mutual fund
• STP mutual fund
• SWP mutual fund
• Regular versus direct plan
• Direct plan adoption in India
• Mutual fund trail commission
• Mutual fund trust structure
• Mutual fund RTA
• Mutual fund custodian
• KFin Technologies
• CAMS
• NSDL
• CDSL
• MF Central
• MFU mutual fund utility
• SEBI
• SEBI Investment Management Department
• SEBI (Mutual Funds) Regulations 1996
• SEBI scheme rationalisation circular 2017
• AMFI
• AMFI monthly AUM data
• AMFI scheme factsheet
• National Stock Exchange
• Zerodha Coin
• Groww
• Kuvera
• ET Money
• Permanent Account Number
• Annual Information Statement
• Equity mutual fund taxation in India
• Debt mutual fund taxation 2023
• Capital gains tax in India
• Section 112A
• Section 111A
• Investor grievance escalation matrix
• How to complete MF KYC with Aadhaar OTP
• How to choose an AMC for a first investment
• How to buy a first mutual fund on Coin
• How to file an AMFI grievance
• How to file a SEBI SCORES complaint

External references

• Mirae Asset Mutual Fund official website
• Mirae Asset Mutual Fund, About Us
• Mirae Asset Global Investments
• AMFI mutual funds disclosures
• SEBI mutual funds disclosures

References

1. Mirae Asset Investment Managers (India) Private Limited, About Us and corporate disclosure, AUM as on April 2026. miraeassetmf.co.in.
2. AMFI, AMC-wise Average AUM (QAAUM) disclosure, Association of Mutual Funds in India. amfiindia.com.
3. Mirae Asset Mutual Fund, SEBI Registration MF/055/07/03 under the SEBI (Mutual Funds) Regulations, 1996. sebi.gov.in.
4. Mirae Asset Large & Midcap Fund and Mirae Asset Large Cap Fund, Scheme Information Documents and monthly factsheets. miraeassetmf.co.in.
5. SEBI (Mutual Funds) Regulations, 1996, Government of India.
6. SEBI Scheme Rationalisation Circular, SEBI/HO/IMD/DF3/CIR/P/2017/114 dated 6 October 2017.