The mutual fund industry's assets under management have crossed Rs 10 lakh crore mark in May on the back of strong capital inflows and a surge in equity markets.
The assets under management (AUM) of mutual funds rose to Rs 10.11 lakh crore in May from Rs 9.45 lakh crore in April, a growth of seven per cent, according to the data available with capital market regulator Sebi.
This was also the third consecutive monthly increase in AUM of country's 45 fund houses. The AUM data for individual fund house is not being disclosed.
Industry experts attributed the rise in AUM to a significant level of fund mobilisation as well as a sharp rally in equity markets.
The fund houses together witnessed an inflow of Rs 1.46 lakh crore. During the month, the benchmark BSE Sensex grew nearly 1,800 points or eight per cent.
MFs pool together money from many investors and invest it on their behalf in accordance with a stated set of objectives.
These fund houses together managed assets worth Rs 8.25 lakh crore and Rs 8.13 lakh crore in March and February. The figure stood at Rs 8.26 lakh crore in January.