The mutual fund industry has been running an ambitious investor awareness campaign 'mutual funds sahi hai'. At the same time, the AUM of the mutual fund industry touched a record level of Rs 23 trillion by the end of 2017-up from Rs 16.46 trillion at the end of December 2016. But correlation does not mean causation. The main causes of the rise in the mutual fund industry's AUM is the combination of the effect of demonetisation, decline in interest rate on fixed deposits, gold and real estate's lacklustre performance, flow of FII investment in Indian markets and the historical fact that retail investors are the last to jump into equity markets.
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