Moved by fresh inflows in the debt and equity segment, the asset under management of mutual fund companies have rose to Rs. 20 lakh crore by the end of July. The data of Association of Mutual Funds in India (Amfi) shows increase to this value from Rs 18.96 lakh crore at the end of June.

The mutual fund industry that totals as many as 42 players reached the first milestone of Rs. 10 lakh crore in May 2014 and now in just three years time last month managed to just double its total assets under management.

In addition to inflows in the equity and fixed income segment, phenomenal SIP growth also brought cheers to the growing MF industry. Total inflow for the month ending July stood at Rs 63,504 crore.

"Indian MF industry is going through a very exciting growth phase and advertising campaigns started by Sebi and Amfi have helped in increasing penetration of mutual funds," Vidya Bala, Head of MF Research at Fundsindia.com said.

Liquid funds in comparison to the debt and income funds saw the total pullout of more than Rs. 19,500 crore.

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