Inflows into equity oriented mutual fund schemes may have seen a fall in 2025, the first time since the sharp fall witnessed during the pandemic in 2020. Industry players attribute this to lower market returns of the past two years as well as to New Fund Offers (NFOs) not having done exceptionally well in 2025. However, they are positive on the growth going ahead as inflows into SIPs (systematic investment plans) continue to rise. According to data from Association of Mutual Funds in India, the inflows into equity mutual fund schemes from January to November this year were `3.22 lakh crore as against a peak of Rs 3.94 lakh crore in 2024.