Women made up 26.3% of India’s unique individual mutual-fund investors in December 2025, up from 24.2% a year earlier, according to AMFI and Crisil Intelligence. They held 34.6% of individual-investor mutual-fund assets—₹17.86 lakh crore—at that date. The figures point to a larger role for women in the market, but investor share, assets under management, SIP accounts and plan choices measure different things.
How many women invest in mutual funds in India?
AMFI and Crisil Intelligence counted women as 26.3% of unique individual mutual-fund investors in December 2025, compared with 24.2% in December 2024. This is the share of unique individual investors identified as women—not the share of all mutual-fund folios, SIP accounts or institutional participants. The figures are from the AMFI Report on Women Investors and Distributors, published in March 2026.
The increase in investor share is distinct from growth in assets. It indicates women represented a larger portion of the unique individual-investor base; it does not, by itself, say how much each investor held or why more women entered the market.
How much mutual-fund money do women investors hold?
Women held ₹17.86 lakh crore in mutual-fund assets in December 2025, equivalent to 34.6% of total individual-investor AUM. Their reported AUM was ₹5.44 lakh crore in December 2020. AUM is the market value of assets held at a point in time, not a count of investors or a measure of how much they contributed in fresh investments.
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Market movements affect AUM as well as contributions and withdrawals. AMFI says favorable market movement and mark-to-market gains account for part of the expansion. The concurrent rise in women’s share of unique investors and their SIP participation points to broader participation too, but these figures do not isolate how much of asset growth came from new investment, existing investors adding money, or investment performance.
Are women investing more through SIPs?
Yes, the report records a substantial increase in women’s SIP assets and accounts. Women’s SIP AUM grew from ₹1.21 lakh crore in December 2020 to ₹5.26 lakh crore in December 2025, a 4.37-fold increase. The number of women’s SIP accounts tripled over that period to 2.93 crore.
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An SIP account is not necessarily a unique person: one investor may have more than one account. Nor does rising SIP AUM alone show investment returns or establish why investors chose a systematic investment plan.
What do direct and regular plan figures show?
Women’s direct plans accounted for 25.2% of their AUM in December 2025, up from 16.6% in December 2020. Regular plans still made up the remaining 74.8% of women’s AUM in December 2025. These figures describe the mix of women’s assets by plan type; they do not measure the share of women investors who use each type.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Direct plans are bought without a distributor, while regular plans are bought through a distributor. The figures show a rising direct-plan share alongside a continuing majority for regular plans, not a uniform shift in how women invest.
Where is women’s participation strongest?
Women’s share of individual-investor AUM averaged 33.4% nationally as of March 2025, but state and union-territory figures varied. For example, AMFI and Crisil reported the following shares of individual-investor AUM:
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| State or union territory | Women’s share of individual-investor AUM, March 2025 |
|---|---|
| Mizoram | 44.7% |
| Nagaland | 39.0% |
| Andaman and Nicobar Islands | 38.3% |
| Maharashtra | 35.4% |
The March 2025 state figures are not directly interchangeable with the December 2025 national figures above: they refer to a different date and the state comparison measures women’s share of individual-investor AUM, not their share of unique investors. The report identifies 14 states and union territories above the 33.4% national AUM-share level for March 2025.
AMFI and Crisil discuss economic activity, jobs and income opportunities, awareness, household decision-making and cultural context as possible explanations for regional variation. The figures do not test those explanations as causes, and a state-level share cannot describe every woman investor in that state.
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What is changing beyond the largest cities?
The report says women’s participation is broadening in B30 cities—cities beyond the top 30 mutual-fund centres. It also finds that women under 35 account for 15.6% of women’s mutual-fund AUM in B30 cities, compared with 9% in T30 cities. These are shares of women’s AUM by age within each city group, not the percentage of all women investors who are under 35.
The distinction matters: a higher young-investor AUM share in B30 cities does not establish that every smaller-city market is growing at the same pace, or that younger women make up a larger share of people than of assets.
What the figures say—and what they do not
- They show rising representation: women’s share of unique individual investors increased between December 2024 and December 2025.
- They show a larger asset pool: women’s AUM and share of individual-investor AUM rose, though AUM also responds to market valuation.
- They show more SIP activity: both women’s SIP AUM and account count increased, but accounts are not unique people.
- They show varied participation: state, city-group and plan-type figures reveal differences rather than a single pattern for all women.
- They do not establish motivation or risk tolerance: the report’s aggregate figures do not explain why individual women invest, what they prefer, or how they respond to market declines.
In a CFA Institute article published October 2, 2025, Renu Maheshwari, chairperson of the Association of Registered Investment Advisers in India, described a “silent revolution” in women’s control of their financial lives. She also cautioned that newer investors may not have personally experienced the 2007–08 global financial crisis. Those observations offer context, not a survey-based explanation of the AMFI-Crisil figures.
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