E-Paper
Mutual fund investments: Lucknow tops investor numbers, Kanpur second in U.P.
In the 40 lakh crore mutual fund market the investment from Lucknow alone is ₹26,000 crore while the contribution of Kanpur is ₹20,000 crore.
In Uttar Pradesh, the state capital holds the first place when it comes to investment in mutual funds. Kanpur is slightly behind in the second place, according to the report of Association of Mutual Funds, India, released recently. On the national level Lucknow is 12th and Kanpur 14th.
In the 40 lakh crore mutual fund market the investment from Lucknow alone is ₹26,000 crore while the contribution of Kanpur is ₹20,000 crore.
Lucknow has 9.66 lakh mutual fund folios followed by 7.21 lakh in Kanpur. The mutual fund folio is a unique number that identifies account linked to a fund. A new folio is generated for a new investment.
In this list, Uttar Pradesh has 11 cities figuring among those investing maximum in mutual funds. Besides Lucknow and Kanpur, Varanasi has 3.02 lakh folios, Agra and Prayagraj have 2.74 lakh folios, 1.87 lakh in Meerut, 1.44 lakh in Gorakhpur, 1.15 lakh in Moradabad, 1.09 lakh in Bareilly, 86,250 in Aligarh and 72,100 in Jhansi.
In February alone, 3,500 SIPs opened in Kanpur and 4,400 in Lucknow.
Rajeev Singh, who owns Shri Wealth Curator, said the stagnation in the real estate sector and soaring gold prices have pushed the general class towards the share market. During the Covid period, only the share market was open and “we saw the number of investors reach 6.5 lakh from four lakh in a matter of months,” he said.
