Mutual fund investing must reach millions more, says SEBI's Amarjeet Singh
Synopsis
SEBI's Amarjeet Singh used the ASSOCHAM Mutual Fund Summit to deliver a clear message: the industry's next frontier is not performance — it is participation. Millions of Indian households remain outside the mutual fund ecosystem, and the regulator is signalling that innovation in products and distribution, backed by uncompromising investor protection, is now the price of entry to India's Viksit Bharat story.
Key Takeaways
SEBI Whole-Time Member Amarjeet Singh addressed ASSOCHAM's 17th Mutual Fund Summit in New Delhi on Friday, 3 July .
He said millions of Indian households are still outside the mutual fund ecosystem, making broader participation a national priority.
Singh identified three key contributions of the MF industry: long-term wealth creation, stable domestic capital, and stewardship in listed companies.
He cautioned that investor trust is 'difficult to rebuild once lost,' urging all stakeholders to prioritise protection alongside growth.
ASSOCHAM Chairman S.K.
Jindal called for channelling household savings into productive investments aligned with India's development goals.
SEBI Whole-Time Member Amarjeet Singh on Friday called for making mutual fund investing accessible to a far larger share of India's population, warning that millions of households remain outside the mutual fund ecosystem and that innovation in products, distribution, and investor communication is now critical. Singh was speaking at ASSOCHAM's 17th Mutual Fund Summit in New Delhi, themed 'Capitalizing on India's Economic Ascent for Viksit Bharat'.
Industry's Growing Role
Singh described the mutual fund industry as 'an important force in India's financial markets today,' noting it is 'shaping up nicely on three important dimensions.' He identified these as enabling households to participate in long-term wealth creation in a transparent and cost-efficient manner, providing stable and patient domestic capital for India's growth, and playing an increasingly significant stewardship role as a shareholder in listed companies.
He added, however, that 'there remains considerable scope for strengthening these contributions' — a signal that the regulator views the industry's current reach as well short of its potential.
The Inclusion Gap
The central thrust of Singh's address was the scale of households still untouched by mutual fund investing. He stressed that bridging this gap would require simultaneous innovation across product design, distribution channels, and investor communication — while maintaining a strong commitment to investor protection. Notably, he framed this not as a commercial opportunity alone but as a prerequisite for India's broader development ambitions under the Viksit Bharat vision.
Investor Trust as a Non-Negotiable
Singh issued a pointed caution on trust, saying it is 'difficult to rebuild once lost.' He expressed confidence that regulators, asset management companies, distributors, investor associations, and educational institutions can collectively build an investment ecosystem that brings mutual fund investing within reach of a much larger section of the population. The remark underscores SEBI's consistent position that growth without investor protection is unsustainable.
Industry Voices
ASSOCHAM National Council on Commodity Markets and Investments Chairman S.K. Jindal echoed the call for broader mobilisation, saying the mutual fund industry has a pivotal role in channelling household savings into productive investments that support economic growth. He said disciplined savings and efficient capital allocation are essential for achieving the country's development goals.
What's Next
The summit's focus on India's economic ascent reflects a broader regulatory and industry push to deepen capital market participation ahead of India's stated goal of becoming a developed nation. With SEBI signalling openness to product and distribution innovation, asset management companies and distributors are expected to accelerate outreach to Tier 2 and Tier 3 cities, where the bulk of the untapped household savings pool lies.
Point of View
But the harder question is what structural changes — in expense ratios, last-mile distribution incentives, or simplified KYC — will actually move the needle in Tier 3 India. The Viksit Bharat framing is shrewd: it elevates mutual fund participation from a personal finance choice to a national development imperative, giving the regulator political cover to push harder on distribution reform. Whether AMCs follow with products designed for low-ticket, irregular investors — rather than optimising for urban HNI flows — will be the real test of this summit's impact.
NationPress
3 Jul 2026
Frequently Asked Questions
What did SEBI's Amarjeet Singh say at the ASSOCHAM Mutual Fund Summit?
SEBI Whole-Time Member Amarjeet Singh said mutual fund investing must become accessible to millions of Indian households currently outside the ecosystem. He called for innovation in product design, distribution, and investor communication, while stressing that investor trust is fundamental and difficult to rebuild once lost.
Why are millions of Indian households still outside the mutual fund ecosystem?
Singh pointed to gaps in product design, distribution reach, and investor communication as the primary barriers. The mutual fund industry, while growing, has largely penetrated urban and semi-urban markets, leaving a vast pool of household savings in Tier 2, Tier 3, and rural India untapped.
What is the theme of ASSOCHAM's 17th Mutual Fund Summit?
The summit is themed 'Capitalizing on India's Economic Ascent for Viksit Bharat,' reflecting the industry's ambition to align mutual fund growth with India's goal of becoming a developed nation.
What role does SEBI see for the mutual fund industry in India's development?
SEBI sees the mutual fund industry playing three roles: enabling transparent, cost-efficient household wealth creation; providing stable domestic capital for economic growth; and exercising stewardship as a significant shareholder in listed companies.
What did ASSOCHAM's S.K. Jindal say at the summit?
ASSOCHAM National Council on Commodity Markets and Investments Chairman S.K. Jindal said the mutual fund industry has a pivotal role in mobilising household savings into productive investments. He emphasised that disciplined savings and efficient capital allocation are essential for achieving India's development goals.
