Meghalaya holds the largest mutual-fund pool among the seven northeastern states outside Assam, yet the moment the same money is divided by population the ranking collapses in favour of a much smaller neighbour.
Average assets under management in Meghalaya stood at ₹5,490 crore in February 2026, according to the Association of Mutual Funds in India. That figure places the state ahead of Tripura at ₹3,435 crore, Sikkim at ₹2,691 crore, Nagaland at ₹2,444 crore, Arunachal Pradesh at ₹2,359 crore, Manipur at ₹1,764 crore and Mizoram at ₹1,561 crore. The seven states together held about ₹19,744 crore. Meghalaya alone accounted for nearly 28% of that pool. On absolute size the state looks like the region’s deepest mutual-fund market.
Absolute size is a blunt instrument. Once assets are measured per person the order changes sharply. Sikkim recorded the highest average mutual-fund AUM per capita at ₹39,051. Meghalaya followed at ₹16,394, then Arunachal Pradesh at ₹15,101. Mizoram stood at ₹12,609, Nagaland at ₹10,945, Tripura at ₹8,284 and Manipur at ₹5,472. Sikkim’s total pool is less than half of Meghalaya’s, yet its per-capita figure is more than double. The gap is large enough to make the absolute ranking look incomplete.
The composition of the assets supplies a further distinction. Roughly 67% of Meghalaya’s AUM sat in equity-oriented schemes about ₹3,678 crore -with the remaining 33%, or ₹1,812 crore, in non-equity categories. Arunachal Pradesh showed the strongest equity tilt among the seven, with 81% of its ₹2,359 crore classified as equity-oriented.
Manipur and Tripura were at 76% each, Sikkim at 72%, Nagaland at 66%. Mizoram, the smallest market by absolute AUM, had only 46% in equity-oriented schemes and 54% in non-equity categories. Preference for equity is widespread across the region, but the degree of that preference is not uniform.
When mutual-fund assets are set against the size of each state’s economy the ranking shifts once more. Meghalaya’s average AUM was equivalent to 17% of its state gross domestic product, the highest ratio among the seven states in the February dataset. Nagaland stood at 12%. Arunachal Pradesh and Sikkim were both at 11%. Manipur was at 8%, while Mizoram and Tripura were at 7% each. On this measure Meghalaya looks more significant relative to its own economy than the absolute ranking alone suggests. Larger population and larger absolute AUM do not automatically translate into greater financial depth once the numbers are scaled.
AMFI’s figures remain an asset measure attributed geographically. They do not reveal how many unique residents own mutual funds or what the average household actually holds.
Per-capita AAUM is simply total assets divided by population estimates. That limitation becomes more consequential when the numbers are later placed against SEBI’s separate household surveys on securities-market participation. Absolute leadership is real. Diffusion, concentration and household-level participation are still open questions. The largest pool in the region is not necessarily the most widely held.
