FundsMutual funds
India's index funds and ETFs
Index funds and ETFs that hold Indian shares managed ₹10.4 lakh crore on average in the quarter to Sept 2026, 21% of all money in equity funds. Most of it follows the Nifty 50 or the Sensex, and most of the ETF money is institutional.
Written for investors choosing between active and index funds, and readers following the rise of passive investing in India. Scheme assets to 30 Sept 2026.
Index funds and ETFs
What each ETF costs and how closely it tracks
Index funds and ETFs that hold Indian shares managed ₹10.4 lakh crore on average in the quarter to Sept 2026: 21% of all money in equity funds, active and passive together. Add gold, silver, debt and overseas funds and passive funds hold 17% of the industry, against 10% five years earlier. AMFI's monthly report has split these funds by asset only since August 2026, so the history here classifies every scheme by its name and category; for the latest quarter it agrees with AMFI's split to within a few per cent.
Passive funds' share of the money
Average AUM, quarterly.
How to read it. The first line compares like with like. It rose from 5% ten years ago to about 20% by 2021 and has barely moved since: passive equity assets have grown 3.4× in five years, and active equity funds 3.2×. The second line keeps rising because of gold, silver and debt funds.
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What passive funds hold
Average AUM by type, quarterly. Equity is Indian shares; overseas includes international index funds and ETFs.
How to read it. Gold and silver ETFs held ₹2.6 lakh crore in the quarter to Sept 2026, up from ₹0.2 lakh crore five years earlier. Debt index funds and ETFs are mostly target-maturity funds that hold bonds to a set date, such as the Bharat Bond ETFs.
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Companies and institutions own most ETF money
Corporate investors' share of each category's AUM, AMFI's investor classification. Half-yearly, then quarterly.
How to read it. The first line jumped from 34% in March 2015 to 77% a year later. In August 2015 the Employees' Provident Fund Organisation began putting part of its yearly inflow into Nifty 50 and Sensex ETFs, and it remains their largest holder. Individuals own more of index funds: retail investors hold 26% and HNIs 38%.
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Index funds are catching up with ETFs
Equity index funds' share of passive equity AUM, quarterly.
How to read it. ETFs trade on an exchange and need a demat account; index funds are bought like any mutual fund, including through SIPs. Index funds were 8% of passive equity five years ago and 23% now.
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What passive equity funds track
Share of passive equity AUM by the index followed, classified from scheme names. Quarterly.
How to read it. Three-quarters of the money follows the Nifty 50 or the Sensex. The CPSE and Bharat 22 ETFs were set up by the government to sell its stakes in public sector companies. Factor funds (momentum, low volatility, equal weight and similar rules) are 5% now.
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Monthly net flows into index funds and ETFs
AMFI monthly report. Index funds include debt index funds; ETFs other than gold include debt and silver ETFs, as the report combined them until August 2026.
How to read it. Flows into ETFs come in large blocks: a single institution's purchase can make a month. Index fund flows are steadier because more of them come from individuals.
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Fund houses' shares of passive equity
Share of passive equity AUM, Sept 2021 and Sept 2026. The ten largest now.
How to read it. SBI manages 35% of passive equity money, down from 56%. Its Nifty 50 and Sensex ETFs hold much of the EPFO's money; as individuals' index funds have grown, other fund houses have gained share.
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Who owns index funds
Share of AMFI's index fund category AUM by investor class, quarterly from June 2019. Earlier reports do not name the category.
How to read it. Companies' share rose from about 30% in 2021 to 51% in Jun 2022, then fell back to 36% as retail money came in (26% now). The category includes target-maturity debt index funds as well as equity index funds; AMFI does not split them here.
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The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.