Record SIPs, equity inflows, debt outflows and 12 major trends

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India's mutual fund industry saw a sharp decline in assets under management (AUM) in September 2026, with overall net outflows reaching Rs 1.33 lakh crore, largely driven by withdrawals from debt schemes.

However, monthly SIP contributions hit an all-time high of Rs 32,490 crore, while equity mutual fund inflows jumped nearly 31 percent to Rs 38,307 crore, compared with Rs 29,329 crore in August.

Small-cap, mid-cap and flexi-cap funds attracted substantial investments, even as hybrid schemes recorded net outflows and gold ETFs saw a sharp rise in collections.

Here's what the latest Association of Mutual Funds in India (AMFI) data reveals about September's mutual fund flows and assets.

1. Industry AUM declines by Rs 4.44 lakh crore

Total mutual fund industry AUM stood at Rs 82.64 lakh crore at the end of September, down from Rs 87.08 lakh crore in August.

This represents a decline of approximately Rs 4.44 lakh crore, or 5.1 percent, in a single month.

2. Overall mutual fund flows turn negative

The industry recorded net outflows of Rs 1.33 lakh crore in September, compared with net inflows of Rs 41,368 crore in August.

The reversal was largely driven by debt-oriented schemes, which saw substantial withdrawals during the month.

3. Equity mutual fund inflows jump 31%

Equity mutual funds attracted Rs 38,306.55 crore in September, compared with Rs 29,328.62 crore in August, an increase of nearly 31 percent.

However, equity fund AUM declined from Rs 39.21 lakh crore in August to Rs 37.54 lakh crore in September.

4. Small-cap and mid-cap funds lead equity inflows

Small-cap funds received Rs 9,038.57 crore in September, the highest among equity categories, up from Rs 7,973.33 crore in August.

Mid-cap funds followed with inflows of Rs 7,834.84 crore, compared with Rs 6,989.40 crore in the previous month.

Together, these two categories attracted approximately Rs 16,873 crore, accounting for 44 percent of total equity inflows.

5. Flexi-cap inflows rise over 32%

Flexi-cap funds attracted Rs 6,701.80 crore in September, up from Rs 5,059.42 crore in August, an increase of approximately 32.5 percent.

Large-and-mid-cap funds received Rs 4,271.22 crore, while multi-cap schemes attracted Rs 3,859.55 crore.

6. Large-cap funds return to positive territory

Large-cap funds recorded net inflows of Rs 859.47 crore in September, reversing outflows of Rs 1,147.36 crore in August.

Sectoral funds also returned to positive territory, attracting Rs 1,840.02 crore after recording outflows in August. Thematic funds received Rs 1,800.07 crore.

ELSS funds, meanwhile, continued to see withdrawals, recording net outflows of Rs 662.14 crore.

7. SIP contributions reach an all-time high

Monthly systematic investment plan (SIP) contributions touched a record Rs 32,490 crore in September, compared with Rs 32,297 crore in August.

The month also saw approximately 63 lakh new SIP registrations, while total SIP assets under management stood at Rs 17.86 lakh crore.

8. Debt funds record Rs 1.83 lakh crore outflows

Debt mutual funds saw net outflows of Rs 1,83,155.76 crore in September, significantly higher than the Rs 8,127.32 crore withdrawn in August.

Liquid funds accounted for Rs 95,743.20 crore of withdrawals, while money market funds recorded outflows of Rs 50,846.21 crore.

Together, these two categories accounted for approximately 80 percent of the total debt fund outflows.

9. Hybrid funds turn negative, but some categories hold up

Hybrid mutual funds recorded net outflows of Rs 456.68 crore in September, compared with inflows of Rs 10,045.34 crore in August.

Arbitrage funds saw outflows of Rs 3,956.38 crore, while balanced advantage funds recorded withdrawals of Rs 912.43 crore.

However, multi-asset allocation funds attracted Rs 3,666.98 crore and aggressive hybrid funds received Rs 1,863.54 crore.

Hybrid schemes managed Rs 11.52 lakh crore in assets, accounting for nearly 14 percent of the industry's total AUM.

10. Gold ETF inflows jump 71%

Gold ETFs attracted Rs 4,450.61 crore in September, up approximately 71 percent from Rs 2,596.70 crore in August.

Silver ETFs received Rs 1,974.32 crore, compared with Rs 1,270.63 crore in August.

Equity ETFs attracted Rs 9,959.96 crore, taking total ETF inflows to Rs 15,501.40 crore during September.

11. Index funds and overseas funds see withdrawals

Index funds recorded net outflows of Rs 3,614.03 crore in September, reversing inflows of Rs 787.49 crore in August.

Funds investing overseas also recorded net withdrawals of Rs 159.18 crore, compared with outflows of Rs 72.19 crore in August.

12. Life cycle fund inflows rise sharply

Life cycle funds attracted Rs 143.75 crore in September, compared with Rs 7.87 crore in August.

While the inflows remain relatively small compared with established mutual fund categories, September's collections were considerably higher than the previous month's figure.