High net worth individual accounts in mutual funds hits record high

Sector officials say it is a result of the much higher returns by several MF schemes

The number of high net worth individuals’ (HNIs’) accounts in India’s mutual fund (MF) sector has hit an all-time high.
 
Against a little more than a million accounts under the HNI category at the end of 2013-14, around the time the Narendra Modi government was elected, the sector had a little over 2.5 million (mn) such accounts in its investors’ base at the end of 2016-17, a rise of 140 per cent.
 
Of the total of 55 mn MF accounts, HNIs folio count is less than five per cent. However, the assets owned by these investors is  high