India's mutual fund industry has clocked a new record -- it has seen Rs 53,200 crore (Rs 532 billion) in new net inflows in the first 11 months of this financial year, up 364 per cent from Rs 11,478 crore (Rs 114.78 billion) in the same period of the previous financial year.

As a result, the mutual fund industry's assets under management (defined as inflows and the value of its units) grew by a scorching 85 per cent in the first 11 months of this financial year.

The previous record was a growth rate of 65 per cent, in 1999-2000, when inflows grew by a modest 17.2 per cent.

Association of Mutual Funds in India (AMFI) data show that the industry's assets under management were Rs 1,46,400 crore (Rs 1,464 billion) on February 29, 2004, an 85 per cent jump over the assets under management of Rs 79,464 crore (Rs 794.64 billion) on March 31, 2003.

In absolute terms, the assets under management increased by Rs 66,940 crore (Rs 669.40 billion) in the first 11 months of 2003-2004.

The previous highest-ever rise was in 1999-2000 when the industry's assets under management increased by Rs 45,000 crore (Rs 450 billion).

Apart from new inflows, price appreciation accounted for Rs 13,720 crore (Rs 137.20 billion) of the increase in assets under management, thanks to the stock market boom.

The market value of the investments made by equity schemes appreciated by around Rs 7,200 crore (Rs 72 billion), while the value of debt funds appreciated by around Rs 6,500 crore (Rs 65 billion).

Strikingly, a large part of the new net inflows came to debt funds. The inflows to debt funds shot up by a huge 282 per cent. Equity funds saw an inflow of Rs 5,868 crore (Rs 58.68 billion), as against a net outflow of Rs 946 crore (Rs 9.46 billion) in 2002-2003.

Of the fresh inflows of Rs 53,200 crore, Rs 7,000 crore (Rs 70 billion) came into new schemes floated during the year and Rs 48,000 crore (Rs 480 billion) flowed into existing schemes.

Income and liquid schemes accounted for 89 per cent of the fresh inflows. Equity schemes got around Rs 6,000 crore (Rs 60 billion), of which only Rs 777 crore (Rs 7.77 billion) was generated by four new equity oriented schemes.

The UTI mutual fund continued to be the leader in the mutual fund industry with an asset base of Rs 19,771 crore (Rs 197.71 billion) as on February 29, 2004.

Prudential ICICI ranked second in the list, with assets of Rs 16,193 crore (Rs 161.93 billion). Following it are Templeton Mutual fund (Rs 15,714 crore -- Rs 157.14 billion), HDFC Mutual fund (Rs 15,437 crore -- Rs 154.37 billion) and Birla Sunlife (Rs 9,308 crore -- Rs 93.08 billion).

HDFC Mutual fund recorded the biggest rise in assets at Rs 8,955 crore (Rs 89.55 billion), followed by Prudential ICICI at Rs 7,124 crore (Rs 71.24 billion). Templeton posted a Rs 6,922 crore (Rs 69.22 billion) rise in assets, UTI mutual fund Rs 6,255 crore (Rs 62.55 billion) and Reliance Capital mutual fund Rs 3,972 crore (Rs 39.72 billion).