Archive · 29 Dec 2025
Retail investors slow down debt fund inflows
In India, regular investors and wealthy people are putting less money into debt mutual funds.
The share of these investors in debt funds has decreased from 24% to 21% over the past year.
For hybrid funds, it has slightly decreased from 83% to 82%, while for equity funds, it has stayed the same at 91%.
Additionally, the number of new demat accounts, which are used to invest directly in the stock market, has been growing more slowly.
The share of inactive demat accounts has also increased from 55% to 66%.
This information comes from data provided by Amfi, which tracks investments in mutual funds, and other sources tracking demat accounts.
Share of retail investors and HNIs in debt funds fell from 24% to 21% between September 2024 and 2025.
Share of retail investors and HNIs in hybrid funds decreased from 83% to 82% in the same period.
Share of retail investors and HNIs in equity funds remained stagnant at 91%.
Number of demat accounts in India increased from 36 million in March 2019 to 213 million in November 2025, but the pace of increase has slowed in 2025-26.
Share of inactive demat accounts increased from 55% to 66%.
- Who
- Retail investors and high-net worth individuals (HNIs)
- What
- Decrease in share of total assets in debt mutual funds and slowing pace of demat account openings
- When
- Between September 2024 and September 2025 (for mutual funds); 2025-26 (for demat accounts)
- Where
- India (implied by Amfi and demat account data)
- Why
- Not explicitly stated in the articles
- Retail and HNI share in debt funds
- 21% in September 2025 (down from 24% in September 2024)
- Retail and HNI share in hybrid funds
- 82% in September 2025 (down from 83% in September 2024)
- Retail and HNI share in equity funds
- 91% in September 2025 (same as September 2024)
- Data source
- Amfi
- Demat accounts in India
- 213 million in November 2025 (up from 36 million in March 2019)
- Monthly average addition of demat accounts in 2025-26
- 1.7 million (lowest for a financial year since 2020-21)
- Share of inactive demat accounts
- 66% (up from 55%)