India's mutual fund asset base rises up in January
The overall asset base of India's mutual fund industry grew touched Rs 8.26 lakh crore in January.
The s 66,000 crore growth came on the back of strong inflows in money market, income and gilt funds, amid the government making efforts to attract more investors into the domestic mutual fund industry.
Total Assets Under Management rose by Rs 66,000 crore or an increase of nine per cent in January, compared to Rs 7.59 lakh crore in December 2012.
AUM stood at Rs 8.26 lakh crore at the end of January, according to latest data available with the Association of Mutual Funds in India.
A total inflow of Rs 60,732 crore was witnessed in January 2013, the highest since April 2012. However, the mutual fund industry saw outflows of Rs 40,900 crore in December.
Industry expects net inflow into mutual funds to further pick-up in the coming months as the government and Sebi have expressed their intention to revive equity culture in the country and help channelise the household income into stocks, mutual funds and insurance sectors.
Inflows in money market and income funds that invest only in debt instruments issued by government, public or private companies, have contributed most to the industry's rising AUM.
With inflows of Rs 44,865 crore, money market funds' AUM surged to Rs 1.95 lakh crore. A