India Expands Mutual Funds But Lacks Advice

India's mutual fund industry continued rapid expansion, reaching 258.6 million folios in November 2025 after adding 2.61 million new folios, with assets under management topping ₹80.80 trillion and SIP inflows of about ₹29,445 crore. However, the market faces a structural advisory gap — roughly 965 registered investment advisers versus ~200,000 distributors — prompting calls to scale digital tools, AI, and hybrid advisor models.