B30 MF assets rise 2.6% to Rs 14.50 Lakh crore in September after August dip

Growth and Equity Oriented Schemes were the largest category in both B30 and T30 locations. In B30 cities, these schemes increased to Rs 11.11 lakh crore from Rs 10.81 lakh crore in August, while T30 cities recorded Rs 31.80 lakh crore.

Mutual Fund assets from Beyond Top 30 (B30) locations, which refer to cities outside India’s 30 largest urban centers, rose 2.6% month-on-month to Rs 14.50 lakh crore in September 2025, recovering from a marginal dip in August, when they fell from Rs 14.20 lakh crore in July to Rs 14.14 lakh crore, a 0.4% decrease. On a yearly basis, a latest ICRA Analytics report noted that B30 assets grew 15%, slightly outpacing overall industry growth. Equity remained the dominant choice for B30 investors, accounting for 76.60% of assets in September, while balanced schemes represented 9.12% and debt-oriented schemes 11.67%, reflecting a strong risk appetite among smaller-city investors.

Individual investor participation in B30 locations rose slightly from 27.44% in August to 27.52% in September, while institutional investments remained concentrated in Top 30 cities, representing only 4.93% of B30 assets.

Growth and Equity Oriented Schemes were the largest category in both B30 and T30 locations. In B30 cities, these schemes increased to Rs 11.11 lakh crore from Rs 10.81 lakh crore in August, while T30 cities recorded Rs 31.80 lakh crore. Debt and Income Oriented Schemes totaled Rs 1.69 lakh crore in B30 versus Rs 19.23 lakh crore in T30, highlighting the more conservative allocation in larger cities. Balanced Schemes amounted to Rs 1.32 lakh crore in B30 and Rs 2.82 lakh crore in T30. ETFs reached Rs 0.33 lakh crore in B30 compared with Rs 9.14 lakh crore in T30, and Funds of Funds investing overseas stood at Rs 0.046 lakh crore in B30 and Rs 0.285 lakh crore in T30. While debt schemes accounted for 11.67% of B30 assets, nearly 30.39% of T30 assets were in debt, underlining a more cautious investment pattern in urban centers.

Retail investors across the industry continued to favor direct investments, with 27.37% opting for the direct route in September, up slightly from 27.14% in August. Nearly 28.90% of High Net Worth Individual (HNI) assets were directly invested, reflecting a steady shift toward self-directed investing among affluent investors. Overall, 47.70% of mutual fund industry assets were invested directly, slightly below August’s 47.92%, while Non-Associate Distributor contributions edged up from 45.75% to 45.96%.

.

In a recent conversation with Moneycontrol, AMFI Chair Venkat Chalasani highlighted that B30 is an important focus for the industry. He explained that AMFI is working with colleges, universities, and India Post to expand financial literacy in smaller towns and rural districts, leveraging trusted local channels. Foundation-level sessions are funded through the Investor Education and Awareness Fund, while advanced distributor training is financed separately. Even in relatively prosperous regions, financial penetration remains limited, with many investors still preferring real estate, gold, or chit funds. These initiatives align with SEBI’s mandate for AMFI and other Market Infrastructure Institutions to run targeted literacy campaigns across assigned states, strengthening outreach in B30 locations.