MFs get over `67K cr from SIPs in FY18
SIPs (systematic investment plans) can be attributed to the strong performance of equity schemes and investor education initiated by Amfi and mutual fund houses, said Satish Menon, executive director, Geojit Financial Services.
He said Sebi reducing the mutual fund expense ratio to 5 basis points from 20 basis points along with recent market corrections will create a lucrative environment for investing through the SIP route in the market. As per the latest data, on an average, the mutual fund industry added about 9.70 lakh SIP accounts each month in 2017-18 as against an average of 6.27 lakh in the previous financial year.
The industry had garnered Rs 7,119 crore last month through SIPs as compared to Rs 4,335 crore collected in March 2017. Moreover, the average SIP size was Rs 3,375 per month last fiscal. Currently, mutual funds have about 2.11 crore SIP accounts.