The Indian mutual fund industry has been a success story in inculcating a culture of capital investment across the country. The industry got a further boost in recent years. The low interest rates kept by the Reserve Bank of India (RBI) for over two-and-a-half years after the onset of the pandemic in March 2020, resulted in negative real returns from bank deposits, and pushed savers to become investors in the capital markets. A large proportion of this investment came through the mutual fund (MF) route. To have some perspective, the assets under management (AUM) of MFs, which were Rs 8.25 trillion as of April 1, 2014, grew to Rs 39.89 trillion by December 31, 2022 — an increase of 383 per cent. The growing heft of MFs in the financial sector can be gauged by the fact that their AUM stood at about 30 per cent of the total outstanding bank loans as of December 31, 2022.