SIP INFLOWS GROW 50% IN ONE YEAR
Inflowinto mutual funds (MFs) through systematic investmentplans (SIPs) has hit another historic high in September. The sector collected ~5,516 crore during the month as the number ofSIP accounts touched 16.6 million, compared with 13.5 million at the beginning of this financial year. Ayear before, the sector got less than ~3,700 crore. In a year, SIP monthly contribution has increased byabout50%. According to sector officials, every month ~250-300 crore worth SIPs were added and this trend would continue. With this, the current financial year is likely to surpass ~7,000 crore of consistent and steady investment son a monthly basis by March. This means a massive ~84,000 crore of stickyinflows into MFs everyyear.
CHANDAN KISHORE KANT takes a look