SEBI Chairman Tuhin Kanta Pandey said that the relatively patient behaviour by mutual funds as anchor investors compared to FPIs is an encouraging indication of the role long-term domestic institutional capital can play in Indian markets. He was addressing the AMFI Annual General Meeting. Prioritising Investor Outcomes While calling increasing participation of Indian households in mutual funds encouraging, Pandey added that the success of the mutual fund industry cannot be measured only by assets under management but by investor outcomes, which he believes would define the next phase for the industry. He asked the industry to focus on deepening participation, adding that the next generation of investors will increasingly come from smaller towns, first -time investors and under-represented segments.