The Indian mutual fund industry is one of the most significant segments of the financial services sector. It plays a vital role in mobilizing household savings and channelizing them into productive investments across equity, debt, money market, and hybrid securities. Mutual funds provide an opportunity for investors to participate in professionally managed portfolios, even with relatively small investments. They promote financial inclusion, encourage disciplined savings, and contribute to the development of capital markets. The industry has witnessed remarkable growth due to economic liberalization, regulatory reforms, technological advancements, rising financial literacy, and increased participation from retail and institutional investors. A mutual fund is an investment vehicle that pools money from numerous investors and invests the collected funds in diversified financial instruments according to predetermined investment objectives. The investments are managed by professional fund managers who aim to maximize returns while maintaining an appropriate level of risk. Investors receive units proportional to their investments, and the value of these units is reflected in the Net Asset Value (NAV) of the scheme. The history of the Indian mutual fund industry can be divided into several phases. The first phase began in 1963 with the establishment of the Unit Trust of India (UTI) by an Act of Parliament. UTI remained the sole mutual fund institution in India for over two decades and played a pioneering role in promoting collective investment among Indian households. During this period, the industry remained under government control with limited competition. The second phase commenced in 1987 when public sector banks and financial institutions such as the State Bank of India, Canara Bank, Punjab National Bank, Life Insurance Corporation (LIC), and General Insurance Corporation (GIC) were permitted to establish mutual funds. This increased competition and expanded the industry's reach. The third phase began in 1993 with the entry of private sector and foreign mutual funds following the economic reforms of 1991. The Securities and Exchange Board of India (SEBI) introduced the SEBI (Mutual Funds) Regulations, creating a comprehensive regulatory framework. Several domestic and international asset management companies entered the market, leading to product innovation and improved service quality. The fourth phase started after 2003 with the restructuring of UTI and the establishment of UTI Mutual Fund under the SEBI regulatory framework. Since then, the industry has