Equity MF Inflows Jump To 8-Month High; SIPs At Record High, Show AMFI March Data

Summary of this article

Inflows into equity mutual funds jump 56 per cent in March
Overall AUM of mutual funds fall to Rs. 73.48 lakh crore by March-end

Equity mutual funds, which are actively managed, recorded a 56 per cent jump in net inflows in March from a month ago at Rs. 40,450.26 crore, data released by the Association of Mutual Funds in India (Amfi) showed on April 10. This was even as the overall assets under management (AUM) of mutual funds fell month-on-month, triggered by a correction in the markets.

Inflows into actively managed equity mutual funds came only second to inflows seen in July, 2025. The rise in inflows into equity funds was led by Flexi-cap funds, which saw Rs. 10,054.12 crore worth of inflows. Mid-cap and small-cap funds also saw considerable inflows above Rs. 6,000 crore during March, followed by inflows into Large & Mid Cap funds worth Rs. 5,307.25 crore. Meanwhile, ELSS and dividend yield fund schemes saw outflows during the month, at Rs. 437.34 crore and Rs. 59.21 crore, respectively.

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Debt Funds Out of Favour

Debt funds saw the most outflows during the month of March. Open-ended debt-oriented schemes saw a total outflow of Rs. 2.95 lakh crore during March, led by outflows in liquid funds at Rs. 1.35 lakh crore. All debt-oriented schemes saw outflows during March, with outflows in overnight funds at Rs. 40,227.90 crore, lagging only outflows seen in liquid funds.

In February, debt funds recorded outflows worth Rs. 42,106.31 crore, with Rs. 59.077.39 crore worth of outflows seen in liquid funds and Rs. 14,006.21 crore outflows seen in overnight funds.

Overall MF AUM Falls

During March, the overall AUM of mutual funds declined to stand at Rs. 73.48 lakh crore by the end of March 31, 2026, compared to Rs. 81.77 lakh crore in February. Outflows seen in debt funds and hybrid schemes, along with an overall market correction due to the Iran war, led to the decline in AUM.

“The AUM decline is a mark-to-market story driven by a sharp equity market correction during the month, not a confidence story. The net outflow is almost entirely driven by debt fund redemptions, which is a well-established quarter-end phenomenon in March…While flows had moderated in the preceding months, March 2026 numbers provide the required confidence that positive fund flow activity can sustain even in periods of high uncertainty and volatility, a clear reflection of investor maturity,” Nitin Agrawal, chief executive officer at InCred Money, said.

Hybrid schemes also recorded outflows during March at Rs. 16,538.47 crore, rebounding from inflows of Rs. 11,983.37 crore seen in February. Arbitrage fund schemes saw net outflows worth Rs. 21,113.70 crore in March, after seeing Rs. 591.85 crore of inflows a month ago.

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However, other schemes, such as gold and other exchange-traded funds (ETFs), saw inflows during March, with cumulative net inflows of Rs. 30,767.60 crore. ETFs other than gold saw inflows of Rs. 19,802.41 crore in March, while gold ETFs saw net inflows of Rs. 2,265.68 crore. Index fund schemes saw net inflows of Rs. 8,168.76 crore in March.

SIP At Record-High

In March, contributions through systematic investment plans (SIPs) into mutual funds rose to a record high of Rs. 32,087 crore. Compared to this, SIPs saw inflows of Rs. 29,845 crore in February. New fund offerings (NFOs) during March saw Rs. 1,947 worth of inflows. There were 24 new fund launches during the month, mobilising Rs. 3,985 crore.