Investor interest in India’s ETF market has grown between 2021 and 2025, with corporate and high net worth individuals (HNIs) more than doubling their participation, according to ETF research firm ETFGI.
Corporate ETF portfolios increased from 39,358 in 2021 to 94,042 by June 2025, while HNI portfolios grew from 2,939 to 11,183. Total ETF assets hit a record $107.82 billion in June 2025, up from $93.44 billion in 2024 and $68.36 billion in 2023, according to the Association of Mutual Funds in India, an Indian trade association for mutual fund asset management companies registered with market regulator, the Securities and Exchange Board of India.
Corporates accounted for 87.22% of total ETF assets under management. Their share rose to 89.23% of the $100.26 billion invested in non-gold ETFs. Meanwhile, retail and HNI portfolios stand at 20.5 million plus, up from roughly 5.34 million in 2021, though they account for 10.5% of assets under management in non-gold ETFs.
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Nearly 40% of assets invested in Gold ETFs are held by HNI and retail investors. 228,700 HNI portfolios now hold $2.38 billion (31.44% market share), up from 43,319 in 2021. 7.41 million retail portfolios hold $605 million (8.01%), up from 1.78 million in 2021. Corporates hold the largest share of gold ETF assets: $4.58 billion across 16,761 portfolios (60.55%).
Foreign institutional investors currently hold 0.00004% of ETF assets, according to the data.
India had 264 ETFs, from 24 providers, listed on the Bombay Stock Exchange and the National Stock Exchange of India as of June 2025.
Net inflows for June were $161.2 million, led by commodity ETFs (+$489.91 million). Equity ETFs saw the largest net outflows (–$323.84 million), followed by fixed income ETFs (–$4.88 million).
