If you are searching for the list of AMCs in India, you will find names such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund and several newer fund houses. But an AMC list becomes more useful when you understand what these companies actually do, how their size is measured and what investors should compare before selecting a mutual fund.
An Asset Management Company (AMC) manages mutual fund schemes on behalf of investors. It pools money from investors and deploys it according to the investment objective of each scheme. The Indian mutual fund industry has grown significantly, with industry AUM reaching ₹82.22 lakh crore as of June 30, 2026, according to AMFI.
The industry has also expanded beyond the traditional fund houses. SEBI’s current registered mutual fund database includes newer names such as AlphaGrep, Abakkus, ASK, Angel One, Jio BlackRock, Capitalmind and others alongside established AMCs.
So, if your goal is to find the top asset management companies in India, do not look only at the biggest names. A better comparison considers AUM, scheme range, investment process, fund-management experience, expense ratio, risk management and the suitability of the individual scheme.
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Key Takeaways: AMCs in India
An Asset Management Company manages mutual fund schemes and invests the pooled money according to each scheme’s stated mandate.
AMFI’s current member directory includes a broad set of mutual fund houses, while SEBI separately maintains its registered mutual fund database.
The Indian mutual fund industry’s AUM stood at ₹82.22 lakh crore as of June 30, 2026.
SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Mutual Fund are among the largest fund houses by average AUM in the April-June 2026 period.
A larger AMC does not automatically mean that every scheme offered by that AMC is suitable for every investor.
What Is an AMC?
An Asset Management Company (AMC) is the organisation responsible for managing mutual fund schemes. It appoints investment professionals, conducts research, manages portfolios and performs the operational and compliance functions required to run mutual fund schemes.
In simple terms, an AMC manages the money pooled into a mutual fund.
For example, an equity mutual fund may invest in shares of companies according to its stated investment objective, while a debt mutual fund may invest in bonds and other fixed-income securities. The AMC manages these investments within the rules and limits applicable to the scheme.
The basic structure can be understood as:
Investors → Mutual Fund Scheme → AMC manages the portfolio → Portfolio invests in securities
The AMC does not guarantee returns. The value of a mutual fund investment changes with the value of its underlying investments and the expenses charged to the scheme.
If you are still learning the basics, understanding what is a mutual fund is a useful starting point before comparing fund houses.
How Do AMCs Earn Money?
AMCs primarily earn revenue through fees and expenses charged to the schemes they manage, subject to the regulatory framework.
The Total Expense Ratio (TER) represents the expenses charged to a mutual fund scheme as a percentage of its assets. AMFI explains that expenses can include investment management fees, administrative expenses, registrar fees, custodian fees, audit fees, transaction costs and other permitted operating expenses.
Therefore, the AMC does not simply charge investors a separate bill every year. Eligible scheme expenses are reflected through the scheme’s expense structure and ultimately affect the NAV.
SEBI’s current mutual fund framework also specifies limits and disclosure requirements for scheme expenses. Current scheme documents refer to the SEBI (Mutual Funds) Regulations, 2026 and require scheme-level expense disclosures.
List of Top AMCs in India by AUM in 2026
The following ranking uses average assets under management (AAUM) for April-June 2026. AAUM is different from a point-in-time AUM figure, so the numbers below should be read as quarterly average figures rather than today’s exact assets.
| Rank | AMC / Mutual Fund | Apr-Jun 2026 Average AUM |
| 1 | SBI Mutual Fund | ₹12.57 lakh crore |
| 2 | ICICI Prudential Mutual Fund | ₹11.15 lakh crore |
| 3 | HDFC Mutual Fund | ₹9.35 lakh crore |
| 4 | Nippon India Mutual Fund | ₹7.52 lakh crore |
| 5 | Kotak Mahindra Mutual Fund | ₹5.90 lakh crore |
| 6 | Aditya Birla Sun Life Mutual Fund | ₹4.28 lakh crore |
| 7 | UTI Mutual Fund | ₹3.93 lakh crore |
| 8 | Axis Mutual Fund | ₹3.69 lakh crore |
| 9 | Tata Mutual Fund | ₹2.31 lakh crore |
| 10 | Mirae Asset Mutual Fund | ₹2.29 lakh crore |
The April-June 2026 AAUM figures show SBI Mutual Fund leading the ranking, followed by ICICI Prudential, HDFC, Nippon India and Kotak Mahindra. The same data also shows that the top fund houses differ materially in size, so AUM should be treated as a measure of scale rather than a direct measure of investment performance.
AMFI’s industry-level data provides additional context. The entire Indian mutual fund industry recorded AUM of ₹82.22 lakh crore as of June 30, 2026, with average AUM of ₹84.18 lakh crore for June 2026.
Why Can AMC AUM Figures Differ Between Websites?
If you search for the same AMC on different websites, you may notice different AUM figures. This usually happens because the sources may use different dates or measures.
For example:
- AUM: Assets managed on a specific date.
- AAUM: Average assets managed during a specified period.
- Monthly AUM: Point-in-time figure at the end of a month.
- Quarterly AAUM: Average across a three-month period.
Therefore, an AMC ranking should always mention the date and measurement used.
This distinction is particularly important for a page targeting “top AMC by AUM India”, because a ranking can change when the measurement date changes.
Top 10 AMCs in India: Overview
1. SBI Mutual Fund
SBI Mutual Fund is one of India’s largest mutual fund houses by AAUM. The fund house was established in 1987 and operates under SBI Funds Management.
Its scale is supported by SBI’s extensive distribution network, while the AMC manages schemes across equity, debt, hybrid and other categories.
Popular schemes may change over time, so investors should evaluate the current scheme objective, portfolio and risk profile rather than selecting a fund only because the AMC has a large AUM.
SBI Mutual Fund’s current details are available through AMFI’s member information and industry disclosures.
2. ICICI Prudential Mutual Fund
ICICI Prudential Mutual Fund was established in 1998 and is associated with ICICI Bank and Prudential Plc.
The AMC offers schemes across equity, debt, hybrid and other permitted categories. Its scale places it among the largest fund houses in India by AAUM.
When comparing its schemes with those from other large AMCs, investors should examine the individual portfolio, investment strategy, expense ratio and risk characteristics rather than assuming that AMC size determines scheme quality.
3. HDFC Mutual Fund
HDFC Mutual Fund was established in 1999 and is managed by HDFC Asset Management Company.
The fund house operates across equity, debt, hybrid, index and other categories. HDFC Asset Management Company is also a listed company, with NSE records identifying it under the symbol HDFCAMC.
For investors, the relevant question is not simply whether HDFC is a large AMC. The individual scheme’s objective, portfolio construction and performance consistency should determine whether it deserves further consideration.
4. Nippon India Mutual Fund
Nippon India Mutual Fund was established in 1995 and was formerly associated with the Reliance Mutual Fund brand.
The AMC offers equity, debt, hybrid and ETF-oriented products. Nippon Life India Asset Management is also a listed asset management company, with NSE records identifying the company under the symbol NAM-INDIA.
Its large AAUM makes it one of the major fund houses in the Indian mutual fund industry.
5. Kotak Mahindra Mutual Fund
Kotak Mahindra Mutual Fund was established in 1998. AMFI’s member information identifies Kotak Mahindra Asset Management Company Limited as the AMC.
The fund house offers schemes across multiple asset classes and categories.
For investors, comparing Kotak funds with other AMCs requires a scheme-level review. A large fund house can have multiple schemes with different objectives, risk levels and portfolio structures.
6. Aditya Birla Sun Life Mutual Fund
Aditya Birla Sun Life Mutual Fund was established in 1994. AMFI identifies Aditya Birla Sun Life AMC Limited as the asset management company and lists Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc. among the sponsors.
The fund house offers equity, debt and hybrid schemes, among other products.
Investors evaluating this AMC should compare the relevant scheme with alternatives in the same category instead of comparing only the total AMC AUM.
7. UTI Mutual Fund
UTI Mutual Fund has a long history in India’s asset management industry. AMFI lists SBI, Punjab National Bank, Bank of Baroda and Life Insurance Corporation as sponsors of UTI Mutual Fund, while UTI Asset Management Company Limited manages its schemes.
UTI offers schemes across equity, debt, hybrid and passive categories.
UTI Asset Management Company is also a listed AMC, making it one of the publicly traded companies through which investors can obtain exposure to the asset management business itself.
8. Axis Mutual Fund
Axis Mutual Fund was established in 2009. AMFI identifies Axis Asset Management Company Limited as its AMC and Axis Bank Limited as the sponsor.
The fund house offers equity, debt, hybrid and other schemes.
When evaluating an Axis scheme, investors should focus on the specific fund’s mandate, portfolio and risk characteristics instead of assuming that the broader AMC’s AUM determines the suitability of the scheme.
9. Tata Mutual Fund
Tata Mutual Fund is associated with Tata Asset Management Private Limited and offers schemes across equity, debt and hybrid categories.
The Tata name may provide strong brand recognition, but brand familiarity should not replace scheme-level research. Investors should still compare the portfolio, expense ratio, benchmark, risk profile and investment objective.
10. Mirae Asset Mutual Fund
Mirae Asset Mutual Fund is managed in India by Mirae Asset Investment Managers (India) Private Limited and is part of the global Mirae Asset Financial Group.
The fund house offers schemes across equity, debt and hybrid categories.
As with other AMCs, its global parentage or brand should not be the only basis for selecting a scheme. Investors should evaluate the specific fund and its role in the portfolio.
New Entrants in the AMC Industry in India
The Indian AMC landscape has expanded significantly in recent years. SEBI’s current registered mutual fund database includes newer names such as:
- AlphaGrep Mutual Fund
- Abakkus Mutual Fund
- ASK Mutual Fund
- Angel One Mutual Fund
- Jio BlackRock Mutual Fund
- Capitalmind Mutual Fund
- Helios Mutual Fund
- Bajaj Finserv Mutual Fund
- WhiteOak Mutual Fund
- Zerodha Mutual Fund
Some of these fund houses have relatively short operating histories compared with the industry’s oldest names.
That does not automatically make a new AMC unsuitable. However, investors may have less historical information available to assess its schemes, fund-management processes and behaviour across different market cycles.
For a newer fund house, investors can therefore pay closer attention to the scheme’s stated strategy, portfolio, fund manager, expense ratio, risk profile and available track record.
AMFI’s member database also provides AMC-specific information, including the setup date, sponsors, trustees and asset management company details. For example, AMFI lists Groww Mutual Fund, Zerodha Mutual Fund and Angel One Mutual Fund with their respective setup and AMC details.
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How to Choose the Right AMC in India?
A bigger AUM does not automatically mean better performance. AUM measures the size of the assets managed by a fund house, while fund performance depends on the individual scheme, portfolio, market conditions, costs and investment process.
Before choosing an AMC, consider these factors.
1. Consistency of Fund Performance
Instead of looking at one-year returns, examine whether relevant schemes have delivered consistent results across multiple periods and market conditions.
A fund that performed well in one particular year may not necessarily have the same characteristics over a longer period.
For a deeper scheme-level review, investors can use mutual fund analysis to examine performance, volatility, risk-adjusted metrics and other fund-level indicators.
2. Fund Manager Experience
The investment team matters, particularly for actively managed schemes. Review the fund manager’s tenure, investment style and experience with similar mandates.
A change in fund manager can also change the way a scheme is managed. Therefore, the current investment team should be considered when reviewing a fund’s historical record.
3. Expense Ratio
Expense ratio directly affects the NAV of a mutual fund scheme. AMFI explains that TER represents the expenses charged to a scheme and is calculated as a percentage of the scheme’s average NAV.
However, investors should not select a fund purely because it has the lowest expense ratio. The relevant comparison should consider expense ratio alongside investment approach, portfolio, risk and performance consistency.
4. Range of Schemes
A diversified AMC may offer equity, debt, hybrid, index and other categories. A broader range can make it easier for investors to find different types of schemes under one fund house.
However, having more schemes does not automatically mean better investment choices.
The important question is whether the AMC offers a scheme that genuinely fits the investor’s objective.
5. Digital Experience and Investor Service
Technology has become an important part of mutual fund investing. Investors may consider the ease of transactions, SIP setup, account statements, digital support and investor communication.
However, convenience should remain a secondary consideration compared with the investment suitability of the scheme.
6. Regulatory and Disclosure Record
Investors should check whether the AMC maintains appropriate disclosures and whether the relevant scheme documents are available.
SEBI maintains a public registered mutual fund database that allows investors to verify the status of mutual fund entities.
Regulatory status should therefore be verified through official sources rather than relying only on third-party AMC lists.
How to Compare Two AMCs in India
Suppose an investor is comparing two large AMCs. Looking only at total AUM can make the comparison very simple, but it does not provide enough information.
A better comparison can look like this:
| Factor | AMC A | AMC B |
| Total / average AUM | Compare using the same date | Compare using the same date |
| Scheme categories | Equity, debt, hybrid, passive | Equity, debt, hybrid, passive |
| Relevant fund | Specific scheme | Comparable scheme |
| Expense ratio | Compare category-wise | Compare category-wise |
| Fund manager | Tenure and experience | Tenure and experience |
| Portfolio | Holdings and concentration | Holdings and concentration |
| Risk | Volatility and risk profile | Volatility and risk profile |
| Investment process | Active or passive approach | Active or passive approach |
This prevents a common mistake: comparing an entire AMC with another AMC when the actual investment decision concerns one specific mutual fund.
For example, if you are choosing between two flexi-cap funds, compare the two schemes, not just the overall AUM of their parent AMCs.
Investors who want to compare several schemes can also use a compare mutual funds tool to narrow down relevant options.
Is It Better to Invest Across Multiple AMCs?
Not necessarily.
Holding mutual funds from multiple AMCs does not automatically create diversification. Two schemes from different fund houses can hold many of the same companies.
For example, an investor may hold three large-cap funds from three different AMCs and still have substantial exposure to the same large companies.
The better approach is to identify the role of each scheme within the portfolio and then assess whether additional funds genuinely add different exposure.
This is where portfolio-level analysis becomes more useful than simply counting the number of AMCs.
Investors can also use a mutual fund overlap checker when they want to understand whether multiple schemes have similar underlying holdings.
Listed AMC Stocks: Can You Invest in an AMC Itself?
An AMC and its mutual fund schemes are different investment opportunities.
When you invest in a mutual fund scheme, you purchase units of the scheme and gain exposure to its underlying portfolio.
When you buy shares of a listed AMC, you become a shareholder of the asset management company itself.
Several Indian AMCs are publicly listed. NSE records identify HDFC Asset Management Company as HDFCAMC and Nippon Life India Asset Management as NAM-INDIA. UTI Asset Management Company is also identified as a listed peer in NSE documentation.
This creates two very different investment exposures:
| Mutual Fund Investment | AMC Stock Investment |
| Investor buys fund units | Investor buys company shares |
| Money is invested in the scheme portfolio | Investor owns equity in the AMC company |
| Returns depend on underlying securities | Returns depend on the AMC’s business and stock valuation |
| Scheme-level risk applies | Equity-market and company-specific risk applies |
Therefore, buying an AMC stock is not the same as investing in the AMC’s mutual funds.
If you are evaluating direct equity opportunities separately from mutual funds, an equity investment advisor can help distinguish company-level investing from fund-level investing.
Why AMC Size Should Not Be the Only Selection Factor
A large AMC can have advantages such as scale, distribution, technology, research resources and a broad product range. However, those advantages do not guarantee that every scheme will outperform or suit every investor.
Similarly, a smaller AMC may have a focused product range or a different investment approach.
The selection process should therefore follow the investor’s requirement:
Financial goal → Time horizon → Risk profile → Asset allocation → Fund category → Scheme comparison → AMC review
This sequence is more useful than starting with the question, “Which is the best AMC in India?”
There is no universal best AMC for every investor because the appropriate choice depends on the scheme and the investor’s objective.
How InXits Can Help With AMC and Mutual Fund Selection
An AMC list is a useful starting point, but selecting a mutual fund requires scheme-level research. A SEBI registered mutual fund advisor can help investors evaluate fund categories, portfolio structure, costs, risk and the role a scheme may play within a wider investment strategy.
InXits also provides tools for comparing AMC-level and scheme-level information, allowing investors to move beyond a simple “top AMC” ranking and examine the factors behind a fund-house comparison.
For investors who want to evaluate the broader investment picture, inXits combines investment research, financial planning and portfolio-oriented tools in one platform.
Conclusion
The list of AMCs in India has expanded considerably, with established fund houses operating alongside newer entrants. AMFI’s current industry data shows that India’s mutual fund industry had ₹82.22 lakh crore in AUM as of June 30, 2026, highlighting the scale of the asset management industry.
SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Mutual Fund were the five largest fund houses by April-June 2026 average AUM in the data reviewed for this article.
However, the largest AMC is not automatically the best AMC for every investor. AUM measures scale, not suitability.
Before selecting a fund house, compare the relevant scheme’s objective, portfolio, expense ratio, fund manager, risk profile, consistency and role within your portfolio. Also verify current AMC and scheme information through AMFI and SEBI because registrations, products and industry rankings can change.
For investors, the more useful question is therefore not simply “Which AMC is the biggest?” but “Which mutual fund scheme fits my financial goal and risk profile?”
Frequently Asked Questions About AMCs in India
What is an AMC in mutual funds?
An Asset Management Company manages mutual fund schemes on behalf of investors. It appoints fund managers, conducts investment research, manages portfolios and handles operational functions. The AMC manages the scheme according to its stated investment objective and applicable regulatory requirements.
How many AMCs are there in India in 2026?
The number depends on the database and definition used. AMFI maintains a member AMC directory, while SEBI maintains a registered mutual fund database. SEBI’s registered mutual fund database showed 60 records as of July 30, 2026, while AMFI’s member listing is structured separately.
Which is the largest AMC in India by AUM?
SBI Mutual Fund was the largest fund house by April-June 2026 average AUM in the data reviewed, at approximately ₹12.57 lakh crore. ICICI Prudential Mutual Fund followed at approximately ₹11.15 lakh crore.
What are the top 10 AMCs in India?
The leading AMCs by April-June 2026 average AUM were SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, Axis Mutual Fund, Tata Mutual Fund and Mirae Asset Mutual Fund.
Is a higher AMC AUM better?
Not necessarily. AUM indicates the amount of assets managed by a fund house, but it does not guarantee better returns or make every scheme suitable. Investors should compare the specific scheme’s objective, portfolio, risk, expense ratio, fund manager and investment process before selecting a mutual fund.
How do AMCs earn money?
AMCs earn through fees and expenses charged to mutual fund schemes within the applicable regulatory framework. The Total Expense Ratio includes permitted costs such as investment management, administration, registrar, custodian and other scheme expenses. These costs affect the scheme’s NAV.
What is the difference between an AMC and a mutual fund?
An AMC is the company that manages mutual fund schemes, while a mutual fund scheme is the investment vehicle in which investors hold units. One AMC can manage several schemes with different asset classes, objectives, portfolios and risk levels.
Can I invest in mutual funds from multiple AMCs?
Yes. Investors can hold schemes from multiple AMCs. However, simply using different fund houses does not guarantee diversification because schemes from different AMCs can own similar securities. Portfolio overlap and the role of each scheme should be considered before adding another fund.
Are newer AMCs in India safe?
A newer AMC should be assessed through its regulatory status, scheme documents, investment process, fund-management team, portfolio and available track record. Newer fund houses may have less historical information available than established AMCs. SEBI’s registered mutual fund database can be used to verify current registration information.
Can I invest in AMC stocks instead of mutual funds?
Yes, where the AMC is publicly listed, investors can buy its shares separately from investing in its mutual fund schemes. The two investments have different risk and return characteristics. AMC shares represent ownership in the company, while mutual fund units represent an investment in the scheme’s underlying portfolio.
How should I choose the best AMC in India?
There is no single best AMC for every investor. Start with your financial goal, time horizon, risk profile and required asset allocation. Then compare relevant schemes across AMCs based on portfolio, expense ratio, fund manager, risk, consistency and investment process. AMC size should be one input rather than the sole selection criterion.
Where can I find the latest list of AMCs in India?
AMFI maintains an AMC member directory, while SEBI maintains a registered mutual fund database. These official sources are preferable to old third-party lists because the Indian mutual fund industry continues to evolve and new registrations, names and structures can change over time.
Disclaimer Investments in securities markets are subject to market risks. Read all related documents carefully before investing. inXits is a SEBI-registered investment adviser (Registration No. INA000020369). This article is for educational purposes only and does not constitute personalised investment advice. Registration granted by SEBI, membership of BSE, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Aditya Rajpurohit is a Mutual Fund Research Analyst at inXits with 5+ years of experience in equity and mutual fund analysis. He specialises in fund selection, portfolio construction, and long-term wealth creation strategies for retail and HNI investors.
