Ahmedabad: Ahmedabad retained its position as the country’s sixth-largest mutual fund market, with assets under management (AUM) rising nearly 19% year-on-year to Rs 2.2 lakh crore in March 2026 from Rs 1.8 lakh crore a year earlier.The city accounted for 2.82% of the country’s total mutual fund AUM, almost unchanged from 2.83% in March 2025, indicating a steady investor participation even as larger markets continued to grow. Ahmedabad had slipped to the 7th place in early 2024 before reclaiming the sixth spot last year.Mumbai remained India’s largest mutual fund market with AUM of Rs 22.9 lakh crore, accounting for 28.9% of the national total. Delhi ranked second with Rs 12.2 lakh crore, followed by Bengaluru, Pune and Kolkata. Chennai slipped to seventh with AUM of Rs 2.2 lakh crore, marginally behind Ahmedabad.Mumukshu Desai, director of a financial consultancy firm, said, “Ahmedabad’s ranking reflects the breadth of its investor base rather than a surge in any one segment. This is an overall AUM figure, which includes corporate money and retail and high net-worth investor flows. We generally look at a city’s contribution to the pan-India AUM, and the city has broadly maintained its share. The good part is that it has remained ahead of Chennai,” he said.Desai noted that Bengaluru and Pune have traditionally remained ahead because of their larger corporate and startup presence, while Ahmedabad has continued to hold its ground through steady participation across investor categories, be it corporates, family business offices, high-net-worth individuals (HNIs) and retail investors who traditionally have a good appetite for equity MFs.Mutual fund distributors also said that Surat improved its standing during the year, while Vadodara also maintained its position. Ahmedabad added more than Rs 35,000 crore in investor assets over the year. Surat’s AUM rose to Rs 69,704 crore from Rs 51,156 crore, while Vadodara’s increased to Rs 70,496 crore from Rs 58,464 crore.
