New Delhi, April 22 -- Mutual fund investors are facing a double whammy - not only are returns lower because of the recent decline in the stock markets but asset management companies have also increased their expense ratios, the fee charged to them.

Of 618 direct equity mutual fund schemes (those that do not have a distribution commission), 62% increased their total expense ratios from September 2024 - when the indices started to fall - to March 2025, according to a Mint analysis. The analysis showed that 21% of the schemes reduced their expense ratios and 17% maintained the same rate.

The total expense ratio (TER) is a measure of the costs of managing and operating a mutual fund and is paid by those who invest in it. Typically, asset m...