Mutual funds' assets under management (AUM) from B15 grew to Rs 3.41 lakh crore in May 2017 from Rs 2.32 lakh crore in May 2016, according to the data available on the Association of Mutual Funds in India website.
Contribution of small towns -- known as beyond the top 15 cities (B15) -- to mutual funds' asset base in India surged 47 percent on year.
AMFI data showed that 18 percent of the assets of the mutual fund industry came from B15 locations in May 2017. MF experts attribute the growth in the assets to a positive sentiment in domestic markets along with well-timed initiatives by SEBI to re-energise the mutual fund industry, particularly higher commission to distributors for going to B-15 cities.
In May, BSE Sensex rose 4 percent while Nifty went up 3.4 percent.