SIP flows achieve a historic milestone, crossing the ₹ 20,000 crore mark for the first time.

Summary –

In approximately eighteen months, the monthly SIP contribution has doubled, soaring from Rs 10,000 crore in September 2022 to Rs 20,000 crore. In April 2024, the number of MF SIP accounts reached a record high of 8.70 crore, compared to 8.39 crore in March 2024.

In April, mutual fund SIP contributions surged to an unprecedented level of Rs 20,371.47 crore, marking a 6% increase from Rs 19,270.96 crore in March and Rs 13,728 crore during the same period last year.

In roughly eighteen months, the monthly SIP contribution has doubled, rising from Rs 10,000 crore in September 2022 to Rs 20,000 crore. In April 2024, the number of mutual funds SIP accounts reached a peak of 8.70 crore, compared to 8.39 crore in March 2024. Additionally, mutual fund folios hit an all-time high of 18.14 crore in April.

In April, 63,64,907 new SIPs were added, bringing the mutual fund SIP AUM to Rs 11,26,128.67 crore, up from Rs 10,71,665.63 crore in March. Moreover, retail mutual fund folios, encompassing equity, hybrid, and solution-oriented schemes, surged to a record high of 14,53,57,892 in April, surpassing the 14,24,42,823 recorded in March.

In April, the retail mutual fund AUM, encompassing equity, hybrid, and solution-oriented schemes, amounted to Rs 32,82,225 crore, with an average AUM of Rs 32,48,053 crore. The average AUM (AAUM) for mutual funds in April rose to Rs 57,01,358.87 crore, compared to Rs 55,00,727.56 crore in March.

As per a press release by AMFI, approximately 93% of mutual fund accounts hold either KYC Validated or KYC Registered status, with only 3% categorized under 'KYC Hold' status.

Venkat Chalasani, Chief Executive of AMFI, remarked, "The Mutual Fund Industry has attained unprecedented heights, with Net AUM reaching Rs 57.26 lakh crores and SIP accounts reaching 8.70 crore. Achieving a historic SIP contribution of Rs 20,371.47 crores, elevating SIP AUM to Rs 11.26 lakh crores, along with 63.65 lakh new SIP registrations, reflects investor confidence."

He added, "Regarding the KYC norms effective from April 2024, the mutual fund industry is actively tackling concerns to ensure a streamlined process. Collaborating with AMCs, distributors, and other stakeholders, we are dedicated to facilitating a seamless KYC validation process for all, thereby upholding the integrity and accessibility of mutual fund investments for everyone."

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Source - https://economictimes.indiatimes.com/news/international/business/uk-exits-recession-with-better-than-expected-0-6-gdp-growth/articleshow/110000529.cms