Industry AUM closes above Rs 31 lakh crore with a 3% rise in December

A buoyant run-up in the underlying equity market and firm inflows in open-ended debt funds and equity exchange traded funds (ETFs) helped take assets under management (AUM) of the Indian mutual fund industry past the Rs 31 lakh crore mark for the first time ever in December.

The industry not only recovered the losses incurred in March due to a sharp erosion in the equity market and outflows from debt funds, but also added a whopping Rs 4.5 lakh crore over the rest of the year to close at Rs 31.02 lakh crore.