Mutual fund assets by state: methods

Code: pipeline/tipsheet/compute/mf_states.py, pipeline/tipsheet/publish/mf_states.py, step mf_states (pipeline/tipsheet/steps/insights_mf_states.py). Tests: pipeline/tests/test_mf_states.py. Page: /funds/states/.

What we measure

For every state and union territory, monthly from March 2014:

• its average AUM and share of India’s total;
• its growth since March 2014, and that growth relative to India’s;
• the share of its fund assets in equity-oriented funds and in liquid funds;
• its share of India’s equity-oriented assets.

We also track concentration: Maharashtra’s share, and the share held beyond the five largest regions.

Source

AMFI’s state-wise average AUM (Data bank amfi_statewise_aum, API statewise-data), monthly from March 2014, by broad category. AMFI attributes each investor’s assets to a state by address.

Calculations and checks

• Totals: the state total is compared with AMFI’s category-wise grand total (amfi_aum_catwise) every month. They agree to within ₹20 crore in every month except June, July and August 2014, when the state total is 2.4%, 4.7% and 1.3% too high. The excess is not the Telangana split: Andhra Pradesh and Telangana together are about ₹30,000 crore. Months more than 0.1% apart are left out of every series, and the step fails if more than six months are.
• Boundary changes: Andhra Pradesh and Telangana are combined (Telangana was formed in June 2014 and the March 2014 report has none). So are Jammu and Kashmir with Ladakh (2019), and Dadra and Nagar Haveli with Daman and Diu (merged in 2020). Old names are modernised (Orissa to Odisha, Pondicherry to Puducherry, New Delhi to Delhi). AMFI’s “Others” bucket is kept as printed and left out of the ranked charts.
• Equity-oriented: AMFI’s “growth/equity oriented” plus “balanced” rows. In August 2026 AMFI replaced the category list: equity, hybrid, index funds, solution-oriented and life-cycle funds became separate rows, and arbitrage funds moved into hybrid. The old and new lists don’t map one to one, so equity-oriented figures stop at July 2026 while totals continue.
• Growth: AUM in the latest month over AUM in March 2014. Rising markets lift every state, so differences between states, not the level, carry the information.

Limits

• Per person: needs state population estimates, which are not in the Data bank yet.
• Corporate money: it is booked where the investing company is based. That is why Maharashtra and Delhi hold more liquid-fund money and are less equity-oriented than other states.