As of June 2025, SBI Mutual Fund leads the mutual fund industry in direct plan assets with ₹6.72 lakh crore. This accounts for over 57% of its total AUM. ICICI Prudential MF follows with ₹4.78 lakh crore, making up 49% of total AUM. HDFC MF comes next with ₹3.65 lakh crore, or 43%. Together, these three fund houses manage over 40% of the industry’s total direct assets. Nippon India MF and Kotak MF also play significant roles, managing ₹3.61 lakh crore and ₹2.61 lakh crore in direct assets, respectively. Other noteworthy firms with substantial direct AUM include Aditya Birla Sun Life MF, Axis MF, UTI MF, Tata MF, and Bandhan MF. Zerodha MF leads in the highest proportion of AUM through direct plans with 100%. Unifi MF and Navi MF follow closely, each with around 89%. Angel One MF and Quantum MF also rank high, with about 78% of their assets in direct mode. Overall, the industry’s direct AUM has reached ₹35.39 lakh crore. This represents over 47% of total mutual fund assets, showing the growing preference for direct investing among Indian investors.