There has been a growing number of firms knocking on SEBI's door to start mutual fund (MF) business, through fresh MF licences or by buying out an existing fund house. Ten firms are waiting to start MF business. On May 11, 2021, Groww announced that it will acquire Indiabulls MF. The country's largest MF distributor, NJ India, recently got final approval from SEBI. More competition means more options for investors. The low penetration—MF assets are at about 12% of India's GDP—is drawing interest of the new firms. That apart, increased investor awareness and new investment avenues like ETFs have also attracted new firms. Over the last five years, the number of MFs has remained largely stagnant.