As per a Business Standard report, ICRA has informed that share of India’s Beyond-15 (B-15) cities in Mutual Funds Asset base has risen from Rs. 2.74 lakh crore in September 2016 to Rs. 3.79 lakh crore by the end of September 2017, a year over year increase of 38%.
Such momentous growth has been attributed to the awareness campaigns conducted by Asset Management Companies and industry body association of mutual funds in India (AMFI). Contribution of B-15 areas in Mutual Funds’ assets under management (AUM) is presently 17.7% of total assets of this trade.
This upsurge in mutual funds’ asset investment came in after 9.24 lakh new folios were added to the equity category and 2.16 lakh new folios grew in the balanced segment. The B-15 cities are those which fall beyond these 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.
Source: Business Standard