Kolkata, 21 June, 2025 – The Indian Chamber of Commerce (ICC) held the 17th ICC Mutual Fund Summit on Saturday, under the compelling theme Investing in India’s Growth Story. The prestigious event was graced by eminent dignitaries, including Mr. Manoj Kumar, Executive Director, SEBI, Mr. Venkat Nageswar Chalasani, Chief Executive, Association of Mutual Funds in India (AMFI), Dr. Rajeev Singh, Director General of ICC, and other key stakeholders from the mutual fund and financial services ecosystem.
In his keynote address, Mr. Venkat Nageswar Chalasani said, “First of all, hearty congratulations to ICC for completing one hundred years and also for organizing the 17th Mutual Fund Summit. Completing a century is a remarkable feat. Today, we’re speaking about ‘Viksit Bharat’ — a developed India by 2047 — and the transition from financial inclusion to financial well-being lies at the heart of this transformation. I had the privilege of being part of the financial inclusion movement that began in 2014-15, during my tenure at the State Bank of India. Back then, we brought over 50 crore people into the formal banking sector. Now, the focus must move towards creating financial well-being.”
He emphasized that India’s economy, despite global headwinds such as geopolitical tensions and inflation, continues to grow at a robust pace of 6.3–6.7% annually. “While India is the world’s third-largest economy, our per capita income remains at approximately $2,400 annually, compared to Japan’s $33,000. This disparity highlights the urgent need for equitable distribution of prosperity. Financial well-being means not just access to banking but encouraging smart saving, informed investing, and sustainable wealth creation across the country — from metros to tier 3 and tier 4 cities.”
Highlighting the current state of household savings, Mr. Chalasani shared, “According to RBI data, only 33% of household disposable income goes into savings. Of that, 66% is locked into real estate and gold, while just 34% goes into financial assets. Within financial assets, mutual fund investments form a very small portion, though they have grown from 10% to 32% of bank deposits over the years. Still, India’s AUM (Assets Under Management) stands at only 20% of GDP, compared to the global average of 65% and over 100% in developed markets.”
Reflecting on the industry’s journey, he noted, “The Mutual Fund Sahi Hai campaign, launched after SEBI’s mandate in 2017 for investor awareness using one basis point of AUM, transformed mutual fund investments from a domain of HNIs to a retail phenomenon. From ₹21 lakh crore AUM and 1 crore investors in 2017, we’ve now grown to ₹72 lakh crore and 5 crore investors. Monthly SIP inflows have soared from ₹4,000 crore to ₹26,600 crore.”
He elaborated on efforts to deepen market penetration: “We are focusing on tier 3 and tier 4 cities, explaining risks and benefits of investing through financial literacy. AMFI has adopted states like Meghalaya, Bihar, and Andhra Pradesh for extensive awareness campaigns. We’re working with India Post to convert 1 lakh postmen into distributors and already have 2.5 lakh distributors nationwide. We’ve also launched the ‘Tarun Yojana’ to introduce financial education in high schools and universities. However, financial literacy in India remains just 27%, despite an 80% literacy rate. We aim to bridge that gap.”
He added, “This mission requires collaboration — regulators like SEBI, institutions like AMFI, educators, fintech partners, distributors, and investors — everyone must work together. As Steve Jobs said, ‘Great things in business are never done by one person.’ Together, we can transform every Indian into a wealth creator.”
Shri Manoj Kumar, Executive Director of SEBI, applauded the efforts of ICC and the mutual fund industry. “This city of Kolkata has always been at the forefront of financial discourse. The 17th Mutual Fund Summit, in ICC’s centenary year, is indeed symbolic. SEBI acknowledges the industry’s progress and is working on three key regulatory transformations. First, we led the world in moving to electronic trading in 1998. Second, we became the only jurisdiction to achieve 100% dematerialisation. And third, we are now witnessing a mutual fund revolution.”
He stated, “While the industry’s growth to ₹72 lakh crore AUM and ₹28,000 crore SIP inflows monthly is commendable, we are still not satisfied. With only 5 crore investors in a country of 140 crore, penetration remains low. We urge the industry to move beyond metros and use technology to reach the remotest corners.”
On regulatory reforms, he shared, “We are undertaking a comprehensive review of the mutual fund regulatory framework to create a conducive environment for growth. This includes ease of doing business, new scheme categorization, and flexibility in scheme design. A consultative paper on Regulation 24B will be released soon to allow better advisory roles under mutual fund regulations.”
He added, “While safeguarding investor interest, we also want to encourage innovation. Our recent approval of SIF (Special Investment Fund) for the ₹10–₹50 lakh segment is an example. Mutual funds were chosen to launch SIF due to their robust governance and retail focus. However, SEBI has opened registration for PMS and AIF players as well, leading to a surge in mutual fund registration applications.”
Touching on the stress test guidelines, Mr. Kumar remarked, “These measures may seem cumbersome, but they ensure transparency and build trust. The mutual fund industry handles retail investors’ money, and protecting their trust is paramount. Missteps in governance not only erode trust but also force regulatory interventions. We want the industry to succeed with minimal regulatory friction.”
He concluded, “There is space for everyone — established players and new entrants — to co-exist peacefully. Mutual fund growth must be inclusive and geographically expansive. This summit could mark a turning point for greater penetration in Eastern and Northeastern India.”
Dr. Rajeev Singh, Director General ICC in his remarks mentioned, “ICC is committed to work alongside AMFI to amplify the need of financial literacy for the aim of Viksit Bharat.”
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