Backed by rising equity markets, investors from outside the big cities (beyond 15 or the B15, as they are called) in India are increasingly investing more in mutual funds. In the financial year 2016-17, the S&P BSE Sensex grew 16.88%. As per Association of Mutual Funds of India (Amfi, the mutual fund industry’s trade body) data, 17% of the assets of the mutual fund industry now belong to B15 locations (see chart: Growth in B15 assets). This is up from 16% a year ago. In March 2016, the assets from B15 locations stood at Rs2.18 trillion. This figure rose to Rs3.09 trillion in March 2017—the average assets under management for the month of March 2017.
