AUM beyond top 15 cities doubles: SEBI data

The share of the top 15 cities in the industry’s assets declined from 85.6% in FY2014-15 to 69.64% in FY2025-26, even as their assets continued to grow.

Ahmedabad, 24 August: The geographical distribution of mutual fund assets has become considerably more diversified over the last 11 years, with cities outside the 15 largest mutual fund markets accounting for over 30% of the industry’s AUM in FY2025-26.

SEBI data shows that the share of other cities in the industry’s AUM more than doubled from 14.40% in FY2014-15 to 30.36% in FY2025-26.

In absolute terms, mutual fund assets held in these cities increased from Rs. 1.56 lakh crore to Rs. 22.39 lakh crore during this period, an addition of Rs. 20.83 lakh crore, or growth of 1,336% over 11 years.

Consequently, the combined share of the top 15 cities declined from 85.6% to 69.64%, a fall of nearly 16%, while their absolute AUM grew from Rs. 9.27 lakh crore in FY 2014-15 to Rs. 51.35 lakh crore in FY2025-26.

This suggests that while the established financial centers remain the industry’s largest markets, a growing part of the industry’s incremental assets, during the previous decade, has been coming from locations beyond them.

Mumbai’s dominance moderates

Mumbai continued to be the country’s largest mutual fund market, with AUM of Rs. 21.36 lakh crore in FY2025-26. However, its share of the industry’s assets declined sharply from 42.18% in FY2014-15 to 28.97% in FY2025-26, a contraction of 13.21%.

The decline in share does not indicate a reduction in assets. Mumbai’s mutual fund AUM increased by Rs. 16.80 lakh crore, or 368%, during the same period. Instead, the numbers indicate that assets in several other markets grew at a faster pace.

Mumbai alone had accounted for more than four out of every ten rupees invested in mutual funds in FY2014-15. By FY2025-26, its share had fallen to less than three out of every ten rupees.

Delhi increases its market share

Unlike Mumbai, Delhi marginally increased its share of the industry’s AUM. Its contribution rose from 14.45% in FY2014-15 to 15.48% in FY2025-26.

Over the period, Delhi’s AUM grew by 629% from Rs. 1.56 lakh crore to Rs. 11.41 lakh crore, representing an absolute addition of Rs. 9.85 lakh crore.

Among the other major markets, Pune’s AUM increased from Rs. 41,691 crore to Rs. 2.93 lakh crore, recording growth of 603%., while its share rose marginally from 3.85% to 3.97%.

Hyderabad also expanded its share from 1.92% to 2.07%, as its AUM grew by 633% to Rs. 1.53 lakh crore, compared to just about Rs. 20,000 crore in FY2014-15.

Jaipur’s share also increased marginally from 0.81% to 0.86%, while Vadodara’s share rose from 0.73% to 0.89%. The AUM for these cities stood at Rs. 63,497 crore and Rs. 65,753 crore against Rs. 8,760 crore and Rs. 7,876 crore 11 years back, respectively.

Surat records the fastest growth among the top cities

Surat registered the highest percentage growth in AUM among the 15 cities covered in the analysis. Its assets increased by 890% from Rs. 6,578 crore in FY2014-15 to Rs. 65,154 crore in FY2025-26.

Lucknow followed, with its AUM rising by 771% from Rs. 5,966 crore to Rs. 51,959 crore. Vadodara recorded growth of 735%, while Hyderabad, Delhi and Jaipur registered growth exceeding 600%.

Bengaluru’s AUM increased by 563% from Rs. 65,850 crore to Rs. 4.37 lakh crore. However, its share declined marginally from 6.08% to 5.92%.

Ahmedabad’s assets grew by 441% to Rs. 2.08 lakh crore, although its share moderated from 3.55% to 2.82%.

Chennai and Kolkata also witnessed substantial growth in absolute assets, but lost share over the period. Chennai’s share declined from 4.58% to 2.80%, while Kolkata’s contribution fell from 4.65% to 3.35%.

Panaji recorded the slowest growth among the cities in the analysis. Its AUM increased by just 52% from Rs. 5,833 crore to Rs. 8,888 crore, while its share declined from 0.54% to 0.12%. interesting it is the only city that has not witnessed a three digit growth in its AUM over the previous 11 years.

Industry AUM grows nearly sevenfold

Overall, the mutual fund industry’s AUM increased from Rs.10.83 lakh crore in FY2014-15 to Rs.73.73 lakh crore in FY2025-26. This represents an absolute addition of Rs.62.91 lakh crore and growth of 581%.

This analysis of SEBI data indicates that mutual funds are increasingly gaining acceptance beyond their traditional urban strongholds, aided by increasing awareness, digital access, rising incomes and the expansion of distribution networks.

Cities outside the top 15 accounted for nearly one-third of the industry’s AUM in FY2025-26, compared with less than one-sixth 11 years ago. Their AUM growth of 1,336% was also more than twice the industry-wide growth rate of 581%.

The data indicates that future growth may become more geographically distributed, requiring fund houses and distributors to combine their presence in established markets with deeper outreach across smaller cities.

Here is the complete data for city wise AUM:

City	2014-15	% of AUM	2025-26	% of AUM	Change in share	Change in AUM	% change in AUM
Mumbai	4,56,665	42.18	21,36,174	28.97	-13.20	16,79,509	367.78
Delhi	1,56,456	14.45	11,41,215	15.48	1.03	9,84,758	629.41
Bangalore	65,850	6.08	4,36,610	5.92	-0.16	3,70,759	563.03
Chennai	49,597	4.58	2,06,095	2.80	-1.79	1,56,498	315.54
Kolkata	50,373	4.65	2,47,240	3.35	-1.30	1,96,867	390.82
Pune	41,691	3.85	2,93,067	3.97	0.12	2,51,375	602.94
Ahmedabad	38,457	3.55	2,07,980	2.82	-0.73	1,69,524	440.82
Hyderabad	20,821	1.92	1,52,524	2.07	0.15	1,31,703	632.54
Jaipur	8,760	0.81	63,497	0.86	0.05	54,737	624.85
Vadodara	7,876	0.73	65,753	0.89	0.16	57,877	734.90
Surat	6,578	0.61	65,154	0.88	0.28	58,576	890.47
Kanpur	6,358	0.59	35,684	0.48	-0.10	29,326	461.28
Panaji	5,833	0.54	8,888	0.12	-0.42	3,055	52.38
Lucknow	5,966	0.55	51,959	0.70	0.15	45,993	770.90
Chandigarh	5,604	0.52	22,689	0.31	-0.21	17,085	304.87
Other Cities	1,55,872	14.40	22,38,849	30.36	15.97	20,82,977	1336.34
Total	10,82,757	100	73,73,377	100.00	0.00	62,90,620	580.98

(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)

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