AMFI leads economic transformation with 3 decades of building an investor-first India
Viksit Bharat
(Developed Nation) by 2047.
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At Association of Mutual Funds in India (AMFI), this vision is deeply personal. For us, nation building is not only about infrastructure, industry or GDP numbers. It is equally about mobilising savings, fostering an investment mindset, and ensuring every citizen – from the largest city to the smallest village – has the tools and knowledge to achieve financial independence.
When I look back at AMFI's 30-year journey, I see it running parallel to India's own transformation - from a closed, cautious economy in the early 1990s to a confident, investment-aware nation today. And at the heart of this change lies one simple, yet powerful idea: an informed investor is an empowered citizen.
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From Monopoly to Market Movement:
Starting from 1963 and well into the 1980s, the mutual fund industry was a single player domain- dominated by the state-owned UTI - catering to a limited number of investors. Market maturity was low, retail participation was negligible, and large institutions often influenced market movements.
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The early 1990s were a turning point. The early 1990s were a turning point. Economic liberalisation opened India's economy, and the creation of SEBI as an independent regulator brought much-needed structure, credibility, and investor protection to our capital markets.
It was in this backdrop that AMFI was born in 1995, with a mission far greater than industry representation — to instill trust, transparency, and investor-centricity in the DNA of mutual funds, and to take investment awareness to every corner of India.
Pioneering a Culture of Awareness and Inclusion
Over the years, AMFI worked alongside SEBI to strengthen regulation and set benchmarks for self-regulation. The shift to NAV-based pricing was a watershed moment — for the first time, investors could see the daily value of their holdings, making wealth creation transparent and relatable.
In the late 1990s, we introduced Systematic Investment Plans (SIPs) — a quiet revolution that democratised investing. No longer was wealth creation the privilege of the affluent. Even the smallest saver could participate in India's growth story with as little as ₹500 a month.
Initiatives such as the Riskometer, Scheme Categorisation Norms, and Uniform Disclosure Standards simplified mutual funds for millions. KYC norms, and later e-KYC, streamlined onboarding, while technology opened new frontiers for distribution and service.
Resilience Through Challenges, Growth Through Trust
The industry faced its share of challenges — the 2008 Global Financial Crisis, the 2012 Taper Tantrum, and volatile market cycles. Each time, we emerged stronger, not just in numbers but in investor confidence.
By the mid-2010s, mutual funds had crossed ₹10 trillion in assets under management (AUM). Between 2014 and 2017, AUM doubled to ₹20 trillion, and by November 2020, crossed ₹30 trillion.
The last five years have been the most remarkable yet. From June 2020 to July 2025, AUM has tripled to ₹75 trillion. Investor folios now exceed 240 million, with nearly 2.5 million new folios being added every month — a clear testament to growing trust and awareness.
From Metro to Mohalla: Taking Awareness Nationwide
This surge is no longer limited to metros. Today, a first-time earner in a Tier-3 town is just as likely to start their financial journey with a mutual fund as someone in Mumbai or Delhi.
The turning point was 2017, when AMFI launched the 'Mutual Fund Sahi Hai' campaign — breaking the myth that mutual funds were only for the wealthy, and speaking to every Indian in their own language. It took investment awareness to the smallest towns, rural markets, and digital screens across the country.
Digitisation has been a game changer — with smartphones and UPI, investing in a mutual fund has become as simple as sending a text message.
The Next Chapter: Financial Literacy as a National Mission
As India marches towards Viksit Bharat, we see our role going beyond AUM numbers. Our next frontier is clear:
Improve financial literacy in schools, colleges, workplaces, and communities.
Create financial independence by empowering citizens with the knowledge to save, invest, and plan for their future.
Reach the unreached — the hundreds of millions of Indians who have yet to take their first step into formal investing.
We envision a future where every Indian household has an investment plan, where women and youth lead the way in disciplined savings, and where financial security becomes a way of life, not a privilege.
Investor First, Always
Our journey has always been about more than products or performance. It has been about trust built patiently over decades, discipline nurtured through awareness, and empowerment delivered through education.
At AMFI, we remain steadfast in keeping the investor-first approach at the heart of everything we do. Because when investors grow, India grows. And when India grows, the dream of Viksit Bharat will not just be a vision — it will be a reality.
As the Bhagavad Gita wisely teaches us:
'Karmanye vadhikaraste, Ma phaleshou kada chana'
You have the right to perform your actions, but not to the fruits thereof.
This timeless wisdom captures the spirit that guides us — to act with integrity, dedication, and unwavering purpose. At AMFI, our commitment remains clear: to empower every Indian with the knowledge and tools to invest wisely and build a secure future. Because when we focus on the right actions, the outcomes — for the investor, the industry, and the nation — will follow.
(The author Venkat N Chalasani is Chief Executive – Association of Mutual Funds in India (AMFI). Views are own)
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