According to data from the Association of Mutual Funds in India (AMFI), Maharashtra toped in mutual fund investments in India during July-September Quarter- Fiscal Year 2024(Q2FY24) with a substantial equity asset of Rs 7.47 lakh crore out of the industry's total equity asset of Rs 25.85 lakh crore.

• It is followed by Gujarat and Karnataka holding equity assets of Rs 2.21 lakh crore and Rs 1.99 lakh crore respectively.
• They have surpassed Delhi (ranked 4th), whose equity asset dropped to Rs 1.94 lakh crore.
• Maharashtra, New Delhi and Goa have the highest mutual fund penetration in India, thanks to the higher income levels, better literacy rates and strong inflows from corporates and high net worth individuals.
• However, it is not that all higher income and developed states have high MF penetration and all 'poorer' states lag behind.
• For example, mutual fund penetration is only 5- 6 per cent in Kerala and Telangana, while Jharkhand is among the top 10 states, with a depth of 13 per cent, according to data from Association of Mutual Funds in India (Amfi).
• Amfi calculates MF penetration as the ratio of the states' assets under management in MFs and the gross state domestic product (GSDP).