In our last note we talked about Mutual Fund commissions and since then have been notified (thanks, alert reader!) about an obvious incongruence.

The original data says Axis Bank’s AUM was more than 63,000 cr. but the net inflows were only 1,000+ cr. How can that have resulted in an increase of more than 57,000 cr. of AUM?

It’s quite likely they’ve missed a decimal point. If that is true, AUM drops to 6300 cr. which then brings us this graph:

We could modify the rest but remember, this is an assumption that the base data was off by a decimal. It might be totally wrong. We don’t know, so we request that you ignore the Axis Bank data. Apologies. This is official data and we have no other data source but we should have noticed this!


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