After a massive January Gold ETF flows, it appears that some money is rotating back to equities because of equity price corrections
FinTech BizNews Service
Mumbai, March 11, 2026: Association of Mutual Funds in India (AMFI) has released MF industry’s Monthly Data for February 2026 on Tuesday.
Highlights AMFI Mutual Fund Industry Monthly Data February 2026
Mutual Fund Industry’s Net AUM stands at Rs 82,02,956.35 crores for the month of February 2026. Net AUM for the month of January 2026 was Rs 81,01,305.58 crores.
Ø The AAUM for the month of February 2026 is Rs 83,42,616.57 crores
SIP assets stood at Rs 16,64,084.96 crore in February 2026, accounting for ~20.3% of the overall AUM
Ø SIP contribution for February 2026 stood at Rs 29,845 crores
Ø The number of Contributing SIP accounts stood at in 9,44,47,758 in February 2026
Vaibhav Chugh, CEO, Abakkus Mutual Fund; Ovas Bakshi, Head-Retail Sales, Kotak Mahindra AMC; Juzer Gabajiwala, Director, Head of the Alternate Business Channel, Ventura Securities; and Sanjay Agarwal, Senior Director, CareEdge Ratings; provide their perspectives on the AMFI Data.
Vaibhav Chugh, CEO, Abakkus Mutual Fund:
‘The interest in equity markets and investment products continues. Though the markets have been volatile because of geo-political situation, the investors have become more aware about valuation corrections and thus SMID continue to attract flows. The flows in hybrid, Gold ETFs reflect that investors want to simultaneously hedge portfolios, which in general is a way to hedge against global volatility. However, after a massive January Gold ETF flows, it appears that some money is rotating back to equities because of equity price corrections. The overall AUM has crossed 82000 Crs, a testament to the deepening of financialization of Indian savings. Despite February having fewer days which slightly impacted the SIP, the underlying sentiment remains robust with folio growth.’
Juzer Gabajiwala, Director, Ventura:
Equity funds continued to have a good run in Feb 26 vis a vis Jan 26. Arbitrage Funds have however seen muted collections and I guess that has more to do with the increase in the levy of STT on F&O transactions w.e.f. 1 April 26. Gold Funds have also moderated substantially after a fantastic run up in Jan26. March 26 will be the month to watch out for to see the impact of the American-Israeli attack on Iran and its impact on the global economy. Debt funds have also seen moderation in collections and one will need to keep a sharp lookout for interest rates due to a huge spike in oil prices.
Sanjay Agarwal, Senior Director, CareEdge Ratings:
“Equity inflows remain resilient even as bullion inflows skid. In February 2026, equity inflows were steady at Rs 25,978 crore indicating sustained investor participation, with inflows continuing to remain positive for 5 years and accounting for a larger share of industry assets. On the other hand, with volatility in gold & silver prices, precious metal ETFs inflows moderated back to August 2025 levels, after record levels in the months between September 2025 to January 2026.
Debt mutual funds inflows continued in February 2026 albeit at a lower level. Debt funds have witnessed outflows barring liquid, low duration and money market categories whose inflows more than made up for the outflows in the other categories. In March 2026, with tax and other payments, the Debt mutual fund flows are expected to be seasonally negative. Growing interest continues in Multi-asset fund with inflows of Rs. 8476 crore in February 2026.
The AuM of the mutual fund industry moved up sequentially by 1.3% to Rs 82.02 lakh crore in February 2026. This increase was led by net inflows as well as some element of MTM gains. Additionally, in February 2026, 22 NFOs were floated, which collectively mobilised Rs 5,357 crore with sectoral/ thematic funds accounting for two thirds of the same.”
Ovas Bakshi, Head-Retail Sales, Kotak Mahindra AMC:
Equity Flows Remain Strong Despite market volatility at Rs 26,212 Cr in Feb vs Rs 24,355 Cr in Jan, showing continued retail investor confidence.
Hybrid category Inflows fell by 18%, inflows at Rs 11,417 Cr in Feb. Flows were highest in Multi Asset Category at Rs 8,476 Crs.
Categories like Flexi Cap, Focused Fund, Multi Cap Fund and Large & Mid Cap funds saw some moderation, but flows remain healthy and continue to form the core allocation for investors. Flexicap category got the highest inflows of Rs 6,925crs.
Mid Cap, Small Cap Fund and Large cap Fund maintained strong inflows in Feb, reflecting sustained investor appetite for growth-oriented segments.
Sectoral/Thematic funds saw a sharp jump from Rs 1,043 Cr in Jan to Rs 2,987 Cr in Feb, indicating investors are positioning tactically in specific themes.
Gold ETF flows are down from Rs 24,039 crs to Rs 5255 crs.
