The number
On 1 October 2026 India had 2,346 live mutual fund schemes, run by 55 fund houses. AMFI publishes a daily NAV for 8,653 live scheme codes.
The difference is not a mistake. A "scheme" here is a fund, counted once by its name. A scheme code is one priceable version of it: Direct or Regular plan, Growth or IDCW option, and an IDCW frequency on top. AMFI gives each version its own code and its own NAV.
Live means a NAV published in the last 45 days. Segregated portfolios, the side pockets created when a fund's bond defaults, are left out; there were 170 live codes of those.
The count by category
| Category | Schemes | Scheme codes | Codes per scheme |
|---|---|---|---|
| Equity | 612 | 2,452 | 4.0 |
| Debt | 528 | 2,737 | 5.2 |
| Index funds | 386 | 1,323 | 3.4 |
| ETFs | 356 | 359 | 1.0 |
| Fund of funds | 214 | 748 | 3.5 |
| Hybrid | 202 | 882 | 4.4 |
| Solution-oriented | 42 | 143 | 3.4 |
| Other | 6 | 9 | 1.5 |
| Total | 2,346 | 8,653 | 3.7 |
Debt funds have the most codes per scheme, 5.2, because they offer the most IDCW frequencies. ETFs have almost exactly one each: they trade on an exchange and have no Direct or Regular plan.
Plans times options
This is how 8,653 codes break down by plan and option:
| Growth | IDCW | |
|---|---|---|
| Direct plan | 1,876 | 2,232 |
| Regular plan | 1,822 | 2,286 |
Another 437 codes are missing a plan, an option or both in AMFI's file, most of them ETFs and older schemes.
IDCW codes outnumber Growth codes: 4,571 of the 8,653, or 53%, pay out or reinvest income distributions. Where the frequency is in the name, at least 437 are monthly, 283 quarterly, 277 weekly, 272 daily and 248 annual.
The extreme case is a liquid fund. Edelweiss Liquid Fund has 20 live scheme codes: Direct and Regular plans, a legacy Retail plan, Growth and Bonus options, and IDCW options paid daily, weekly, fortnightly, monthly and annually. It is one portfolio with one manager. LIC MF's Unit Linked Insurance Scheme has 36 codes.
Why the scheme count itself is large
Even counted once each, 2,346 is a lot. SEBI's categorisation rules allow a fund house only one scheme in most categories, such as one large-cap fund and one flexi-cap fund. The exceptions are where the count piles up:
| Sub-category | Schemes |
|---|---|
| Index funds | 385 |
| Sectoral / thematic | 262 |
| Other ETFs | 235 |
| Fund of funds (domestic) | 160 |
| Equity ETFs | 77 |
| Fund of funds (overseas) | 54 |
Index funds, ETFs, fund-of-funds and themes together come to more than 1,100 schemes. Each new index or theme can be a new scheme, and houses keep launching them.
The largest houses run more than a hundred schemes each. ICICI Prudential has the most, 160 schemes across 527 codes, followed by Kotak Mahindra (131), SBI (120), HDFC (118) and Aditya Birla Sun Life (117).
What this does not tell you
More schemes is not more choice. Most of the extra codes are the same portfolio wrapped differently. The choice that matters for most investors is Direct or Regular, and Growth or IDCW; that is four codes, not 8,653 decisions.
Scheme counts depend on the rule. We count a scheme by its normalised name. A renamed fund, or an AMC that spells a plan inconsistently, can nudge the total by a few in either direction. AMFI's own monthly scheme counts use a different basis and will not match exactly.
It is a snapshot. Funds launch every week and a few are wound up. The count on any other day will differ slightly.
Where to go from here
The screener shows Direct Growth plans by default, so each fund appears once. The guides on direct vs regular plans, growth vs IDCW and SEBI's fund categories cover the three splits behind the count. For how many of these schemes are tiny, see funds under ₹100 crore.
Frequently asked questions
How many mutual fund schemes are there in India in 2026?
On 1 October 2026 there were 2,346 live schemes across 55 fund houses, by distinct scheme name. Counted the way AMFI prices them, as separate scheme codes for every plan and option, there were 8,653.
Why are there so many mutual fund schemes?
Mostly because every fund is split into plans and options. Most schemes have a Direct and a Regular plan, each with a Growth option and one or more IDCW options, so one fund becomes four or more codes. IDCW variants alone make up 4,571 of the 8,653 live codes.
Which category has the most schemes?
Active equity, with 612 schemes, followed by debt with 528 and index funds with 386. By sub-category, index funds lead with 385, then sectoral and thematic equity funds with 262.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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