India’s exchange traded fund (ETF) industry has crossed a major milestone. According to news agency ANI, Zerodha Fund House says that by October 2025, the assets under management (AUM) under ETFs will exceed Rs 10 lakh crore. The total AUM of the industry has doubled in the last 3 years. The Indian ETF ecosystem has also seen a sharp increase in trading activity, Zerodha fund house said in a recent statement.
ETF trading volume increased more than 7 times. It was Rs 51,000 crore in the financial year 2019-20, while it increased to Rs 3.83 lakh crore in the financial year 2024-25. This momentum continued in the current financial year 2025-26 also. In the first 6 months of 2025-26 alone i.e. April-September 2025, ETF trading volume crossed Rs 3.2 lakh crore. Zerodha Fund House said that higher liquidity has helped in tight spreads, better price discovery and easier trade execution for investors. Retail participation has emerged as a major growth driver.
ETF investor accounts
The number of ETF investor accounts increased more than 8 times in 5 years. In November 2020, this number was around 41 lakh, while by November 2025 the folios will exceed 3 crore. This growth has been supported by greater investor awareness and easier access through digital investment platforms. Equity ETFs are more dominant. 25 lakh new folios have been added in the last 12 months.
By November 2025, gold and silver ETFs together accounted for about 15 percent of total ETF AUM. In the last one year, AUM under gold ETFs doubled to more than Rs 1 lakh crore. AUM of silver ETFs increased four times to more than Rs 49,000 crore.
Vishal Jain, CEO of Zerodha Fund House, says that crossing the Rs 10 lakh crore AUM mark is a historic moment for the Indian ETF sector. Zerodha Fund House is an asset management company, which is a joint venture between Zerodha Broking Limited and CASE Platforms Private Limited.