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MAAUM slightly declines on a MoM basis to INR76.7t; SIP at INR283b

* In Aug’25, total ADTO grew 9% MoM to INR416t. While cash activity inched up 1% MoM, F&O activity jumped 9% MoM, based on ADTO.

* Retail participation experienced mixed growth across segments, with retail cash ADTO declining ~8% MoM to INR372b, while the retail futures and options premium ADTO witnessed 5% MoM growth to INR565b.

* The commodity market achieved a new peak, backed by crude volatility and rising prices of precious metals. Volumes grew 6% MoM to INR80.2t across key commodities, with ADTO at INR4t. However, the premium-to-notional turnover ratio saw a MoM decline.

* Demat additions moderated MoM to 2.5m in Aug’25 (3.0m in Jul’25). IPO activity gained significant momentum with 17 IPO offerings, the highest since Sep’24.

* MF MAAUM dipped slightly MoM in Aug’25 to INR76.7t (up 16% YoY), with equity AUM at INR33.3t (-0.7% MoM). SIP flows declined MoM to INR283b (INR285b in Jul’25).

* The industry posted MoM growth in total ADTO, broadly led by a 9%/6% rise in Options Notional ADTO/Futures ADTO. A slight MoM dip in equity flows led to a MoM decline in MF AAUM. An increase in volatility due to geopolitical pressures led to a strong rise in commodity volumes. We expect that a stable growth trajectory for volumes and rising retail participation should support the performance of market intermediaries. However, a further tightening of F&O regulations, if any, is a key concern in the short term. Stable MF flows and SIP trajectory will bode well for AMCs.

Equity: F&O activity surges, while cash remains stable MoM

* Total ADTO grew 9% MoM in Aug’25 to INR416t, driven by 9% MoM growth in notional F&O ADTO to INR415t. Option premium ADTO witnessed strong growth of 15% MoM to INR645b after declining for the last 2 months. Cash ADTO was broadly flat MoM at INR1t. 

*The growth in option premium was aligned with a 5% MoM decline in retail futures and premium ADTO. Retail cash ADTO witnessed a MoM decline of 8%.

* In the cash segment, NSE retained its dominant position with a 91% market share in Aug’25, while BSE’s market share increased MoM to 9% (7% in Jul’25). In F&O, BSE’s market share continued to rise MoM and was at 43% in terms of notional turnover (40% in Jul’25), while the premium turnover market share grew to 26.6% (from 22.3% in Jul’25).

Commodities: Continued volume growth led by precious metals

* Total volumes on MCX grew 6% MoM to a new high of INR80.2t in Aug’25 (up 77% YoY), with ADTO crossing INR4t for the first time (from INR3.3t in Jul’25). Option volumes rose 8% MoM to INR73.2t, while futures volumes fell 12% MoM to INR7t. 

* Growth in options ADTO was aided by 38%/84%/9% MoM growth in gold/silver/ crude oil ADTO, offset by a 14% MoM decline in natural gas ADTO. However, the option premium fell 11% MoM to INR711b, reflecting a premium-to-notional turnover ratio of ~1.15%. 

* In commodity futures, ADTO declined owing to a 2%/10%/24% MoM dip in gold/natural gas/copper

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