New Delhi, Dec. 1 -- India's mutual fund story is, at its core, one of scale, trust, and transformation. Over the past decade, assets under management have ballooned from about Rs.13 trillion to nearly Rs.799 trillion. Investor folios have multiplied almost sixfold, from 39 million to more than 230 million, powered by digital access and the rise of systematic investing.

Yet as the industry grew, one element didn't shrink as expected: costs. Total Expense Ratios (TERs) for many equity funds remained close to regulatory ceilings, even as scale improved and technology reduced distribution costs. For investors, these sticky expenses quietly drain long-term returns.

But to see how much they matter, you first need to understand what an expens...