This study aimed to investigate the impact of mutual funds on the growth of equity market capital in India. Using data from 2001 to 2022, the study employed a descriptive research approach to examine its objectives. The results indicate a long-term relationship between mutual fund subscription, mutual fund redemption, and Indian equity market capital growth. The study found a positive impact of mutual fund subscription on the growth of Indian equity market capital, suggesting that increased mutual fund investments can push equity market investments higher. Additionally, mutual fund redemption was found to have an impact on Indian equity market capital growth. However, the study noted that despite mutual fund redemption, equity market capital growth remained constant, indicating strong contributions from retailers and institutional investors. The study concluded that mutual fund investments play a significant role in the growth of Indian equity market capital, and both subscription and redemption can impact it in the long run. Overall, this study provides insights into the dynamics of the Indian equity market and its relationship with mutual fund investments.