With mutual funds gaining traction among retail investors, asset management companies have filed draft offer documents with market regulator Sebi for as many as 64 new schemes, so far, this fiscal.
The country's 44 fund houses together had an average assets under management (AUM) of Rs 11.06 lakh crore at the end of December 2014, compared to Rs 13.39 lakh crore registered in December-end last year, as per latest data available with Association of Mutual Funds in India (AMFI).
While a number of foreign players have exited the market in recent years, there would be still be 43 fund houses present in the country after Goldman Sachs' exit.
Regulator Sebi is considering fresh checks against mis-selling of mutual funds and flouting of 'open bank infrastructure' norms for sale of these financial products, while it looks at ways to boost the market penetration through use of mobiles and internet.
Leading asset management company Reliance Mutual Fund, which generates the highest income per unit across the industry, has posted a growth of nearly 1.5 times in its retail debt asset base to close to Rs 19,000 crore for the last fiscal 2012-13.
Hit by a downtrend for the third consecutive quarter, the mutual fund industry saw its total asset base shrink by about five per cent, or Rs 36,000 crore, in the just-ended fiscal year 2011-12.