Women Make Up Over 21.5% of Mutual Fund Distributors, Contributing 33.2% of Individual AUM

Women are steadily emerging as significant contributors to India’s mutual fund ecosystem. A recent joint study by the Association of Mutual Funds in India and Crisil shows that not only are more women becoming distributors, but they are also making smarter, long-term investment choices, backed by data that highlights their growing preference for equity, SIPs and direct plans.

More Women Join Mutual Fund Distribution

As of December 2024, 37,376 women were registered as mutual fund distributors, accounting for 21.5% of the total. This growing representation is driven by rising financial awareness and a growing number of women building careers in financial services.

Growing Focus on Long-Term Wealth Creation

The study found that women investors are increasingly focused on long-term investing. The share of women’s AUM held for over 5 years rose from 8.8% in March 2019 to 21.3% in March 2024. Meanwhile, investments held for under a year fell from 40.5% to 25.4%, suggesting greater patience and commitment to wealth building.

Increased SIP Participation and Equity Exposure

Women’s SIP AUM rose 319.3% between March 2019 and March 2024 and now accounts for over 30.5% of total SIP assets. Equity exposure also increased significantly, with equity’s share in women’s portfolios rising from 43.3% to 63.7%.

There has also been a shift in preference within equity funds. Allocation to small-cap funds rose from 6.2% to 10.2%, while large-cap fund allocation declined from 19.2% to 13.3%. Passive investing also saw momentum, with AUM in passive strategies increasing from 2.5% to 4.1%. In passive gold funds, women’s share rose from 5.2% in 2019 to 24.9% in 2024.

In contrast, investments in debt funds fell from 22.6% to 10.7% of women’s total AUM, a trend seen across all age groups.

Direct Plans Gain Popularity

The share of AUM held in regular plans by women declined from 85.8% in March 2019 to 79.67% in March 2024, with a corresponding increase in direct plan investments. The adoption of direct plans rose from 14.2% to 20.33%, led by younger investors. The 25–44 age group saw their share of direct plan AUM rise from 16.0% to 27.3%, while older investors above 58 showed a more modest increase from 13.9% to 17.6%.

Assets, Reach, and Investor Behaviour

Women investors held ₹11.25 lakh crore in AUM as of March 2024, up from ₹4.59 lakh crore in 2019. They now contribute ₹33 of every ₹100 invested by individual investors.

Women in the top 30 cities account for 74.8% of total women AUM. However, their participation in smaller towns has also increased, with their share rising from 20.1% in March 2019 to 25.2% in March 2024. Notably, women under 35 years in smaller cities hold 15.1% of the AUM, compared to 9.4% in the top 30 cities.

Conclusion

The data reflects a structural shift in how women engage with mutual funds in India. With rising participation, preference for equity and SIPs, and growing adoption of direct investing, women are asserting themselves as confident, long-term investors across geographies and age groups.

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