13-year shift in mutual fund AUM mix: Why retail and HNI share rose while corporate ownership declined

The composition of mutual fund ownership has changed significantly over the past 13 years, with corporates losing share while high-net-worth individuals (HNIs) and retail investors have increased their presence.

According to the latest SEBI Handbook of Statistics, corporates accounted for 50.1% of mutual fund assets under management (AUM) in April 2013, but their share had declined to 36.7% by March 2026.

At the same time, HNIs’ share of mutual fund AUM rose from 26.4% in April 2013 to 35.2% in March 2026, while the retail segment’s share increased from 17.1% to 27.1%.

Banks saw the sharpest decline after corporates, with their share falling from 6.4% to just 1% over the same period.

Taken together, HNIs and retail investors accounted for 62.3% of mutual fund AUM in March 2026, compared with 43.5% in April 2013. The shift has happened alongside a substantial expansion in the size of the mutual fund industry.

Total mutual fund AUM stood at ₹ 8.26 lakh crore in April 2013. By March 2026, it had risen to ₹ 73.73 lakh crore.

The retail share reached 28% in March 2024, its highest level in the available monthly data, before moderating to 27.1% by March 2026.

However, HNI ownership rose to 35.9% in September 2025 before settling at 35.2% in March 2026.

Despite the decline, corporates remained the largest single holder category in March 2026, accounting for 36.7% of total mutual fund AUM.

The data also shows that the shift has not been a straight-line movement every month. Corporate ownership was at 44.9% in April 2021 before falling to 41.4% by March 2022 and 39.2% by March 2023.

Sougata Basu, Founder, CashRich, said the decline in corporate share needs to be viewed alongside the changing nature of mutual fund investments.

“Corporate money in mutual funds is largely parked in liquid and short-duration funds, often to meet the next payment cycle. Such money typically does not remain invested for years. In contrast, retail and HNI investments, particularly in equity funds, have had the opportunity to compound over longer periods,” Basu said.

He added that the growth in systematic investment plans ( SIPs ) has also contributed to the changing ownership mix.

“Monthly SIP inflows have grown roughly 20 times over this period. These two factors have helped bring the corporate share down from around 50% to 37%, while HNIs and retail investors together now account for 62.3% of the industry, compared with 43.5% in 2013.”