BT Online New Delhi Last Updated: October 18, 2017 | 12:47 IST
The share of B15 cities of India to the asset base of the mutual funds reached to Rs 3.8 lakh crore at September-end. This is sharp surge of 38 per cent from the year-ago level when the figure stood at Rs 2.74 lakh crore, according to a note by ICRA. At present, B15 accounts for 17.7 per cent of the total assets of the industry. The share of participation in direct plan of mutual funds by B15 towns stood at 21 per cent compared to 46.1 per cent by T15 cities.
B15 cities are those which are beyond these top 15 cities -- New Delhi (including NCR), Mumbai (including Thane & Navi Mumbai), Kolkata, Chennai, Bangalore, Ahmedabad, Baroda, Chandigarh, Hyderabad, Jaipur, Kanpur, Lucknow, Panjim, Pune and Surat.
The spurt has been mainly due to awareness campaigns by asset management companies (AMCs) and industry body Association of Mutual Funds in India (AMFI).
In September, the asset base of Indian mutual fund industry stood at Rs 20.40 lakh crore, a little lower than in August. However, the total folio count at the end of September stood at 6.20 crore, two per cent higher than August.
While there was an addition of 9.24 lakh new folios to the equity category and 2.16 lakh new folios to the balanced segment the count, folio count fell by 5,564 and 2,259 in Gold ETFs and Fund of Funds investing overseas, respectively over the previous month.
