India's Mutual Fund AUM Oversight: Top Managers Dominate Equity and Debt Categories
India's Top Fund Managers Dominate the Market
As of March 2026, India's five largest equity fund managers oversaw a staggering Rs 6.38 lakh crore in assets under management (AUM), while the top five debt fund managers managed another Rs 6.27 lakh crore. This dominance is a testament to the expertise and experience of these fund managers.
Veteran Fund Manager Sankaran Naren Takes the Top Spot
Veteran fund manager and Chief Investment Officer (CIO) at ICICI Prudential, Sankaran Naren, emerged as the country's largest equity fund manager by AUM, overseeing Rs 1.59 lakh crore in equity assets in FY2026. His impressive performance propelled him from eighth place just one quarter earlier. Naren's jump to the top came after he assumed responsibility for the ICICI Prudential Large Cap Fund after the exit of Anish Tawakley from the AMC earlier this year.
Top Five Equity Fund Managers
The top five equity fund managers controlled more than Rs 6.38 lakh crore in assets by the end of March 2026. The ranking is as follows:
| Rank | Fund Manager | AUM (Rs crore) |
|---|---|---|
| 1 | Sankaran Naren (ICICI Prudential) | 1,59,000 |
| 2 | Rajeev Thakkar (PPFAS) | 1,34,000 |
| 3 | Chirag Setalvad (HDFC Mutual Fund) | 1,19,000 |
| 4 | Amit Ganatra (HDFC Mutual Fund) | 1,15,000 |
| 5 | Shreyash Devalkar (Axis Mutual Fund) | 1,09,000 |
Debt Rankings Remain Stable
In contrast to the equity rankings, the debt category saw remarkably stable rankings despite heavy outflows from fixed-income schemes. Kaustubh Gupta of Aditya Birla Sun Life Mutual Fund retained his position as India's largest debt fund manager with Rs 1.61 lakh crore under management. Manish Banthia (CIO, Fixed Income) of ICICI Prudential Mutual Fund followed with Rs 1.46 lakh crore, while Deepak Agrawal (CIO, Fixed Income) of Kotak Mutual Fund ranked third with Rs 1.29 lakh crore.
Market Volatility and Flows
The market continued to see volatility as the Nifty fell 14.6%, the BSE Midcap dropped 13.4%, and small caps gave up 15.3%. Despite this, equity inflows saw Rs 90,457 crore in Q4 alone, up from Rs 82,655 crore the previous quarter. Domestic institutional investors offset much of the selling pressure, investing Rs 2.44 lakh crore during the same period. For the full financial year, domestic institutional inflows reached Rs 8.43 lakh crore, while Foreign Institutional Investors (FIIs) withdrew Rs 2.65 lakh crore.
Equity Schemes Perform Well
Despite the market fall, 62% of equity schemes beat their benchmarks and 72% beat the Nifty 50 TRI during the quarter. The flagship Parag Parikh Flexi Cap Fund remained among the industry's strongest asset gatherers, attracting Rs 19,995 crore during FY26, the highest annual inflow among equity schemes.
Investor Takeaway
India's top fund managers dominate equity and debt categories, with a significant impact on the country's mutual fund AUM.
More in Market
Market Analysis: Key Stocks to Watch - Narayana Hrudayalaya, ABB India, Federal Bank, Premier Energies, Ather Energy and More
FirstClub Secures $55 Million in Funding from Peak XV, Sofina, and Other Investors 9 Months After $22 Million Series A Round
Global Markets: Key Indicators to Monitor in Today's Trading Session
