Industry experts attributed year-on-year growth to strong participation from retail investors, especially from smaller towns.
Besides, investor awareness campaigns by the industry and phenomenal growth in systematic investment plans also helped in the growth of assets under management.
"Mutual Funds Sahi Hai', the investor awareness campaign being run by Amfi under guidance from Sebi, has generated a lot of interest among potential investors, who are now looking at mutual funds as a preferred investment option," Amfi Chief Executive NS Venkatesh said.
He further said, "Mutual funds will continue to see strong inflows, despite the recent volatility. Inflows through the SIP SIP from retail investors and flows from B30 cities, continue to remain robust".
Of the 42 fund houses, as many as 33 mutual funds (MFs) witnessed growth in their asset base during the period under review as compared to April-June quarter of 2017-18, while eight saw decline in their AUMs. Besides, the assets base of Srei Mutual Fund has not been included.
ICICI Prudential MF continued to be the largest with an AUM of Rs 3101.6 billion (excluding fund of funds) at the end of June quarter, followed by HDFC MF (Rs 3068.4 billion).
With an asset base of Rs 2492. 70 billion, Aditya Birla Sun Life MF has bagged the third spot replacing Reliance MF, which has an AUM of Rs 2404.4 billion. SBI MF has an asset base of Rs 2331.14 billion.