Equity mutual fund inflows fell 25% MoM to ₹424 billion in August 2025, mainly due to weak NFO activity, JM Financial said. NFO inflows dropped to ₹22 billion from ₹109 billion in July. While SIP flows stayed steady at ₹282.7 billion, thematic and small-cap funds saw sharp declines. Debt MFs witnessed outflows of ₹18 billion.