Mutual Fund SIPs Cross Rs 25,000 Crore Mark for First Time in Oct 2024

October 2024 saw a significant milestone in India's mutual fund industry, as the monthly SIP (Systematic Investment Plan) contribution surpassed the Rs 25,000 crore mark for the first time, reaching Rs 25,323 crore. This marks an increase from Rs 24,509 crore in September, showcasing continued growth in investor participation.

The monthly SIP contribution was substantially higher compared to the Rs 16,928 crore recorded in the same period last year. Additionally, the total number of mutual fund folios hit an all-time high of 21.65 crore in October, with retail folios also seeing a record increase, rising to 17.23 crore, up from 16.81 crore in September.

The retail assets under management (AUM), which encompass equity, hybrid, and solution-oriented schemes, stood at Rs 39.19 lakh crore in October, slightly down from Rs 40.44 lakh crore in September. Meanwhile, growth-oriented schemes saw significant inflows, with Rs 41,886.69 crore pouring in during October.

ALSO READ: India Ranks 6th Globally As Patent Filings Double In 5 Years

A record 63.69 lakh new SIP registrations were recorded in October, pushing the total number of SIP accounts to an all-time high of 10.12 crore, compared to 9.87 crore in September. The SIP AUM for the month stood at Rs 13.3 lakh crore.

Commenting on the growth, Venkat Chalasani, Chief Executive of AMFI, said, "October 2024 has demonstrated remarkable momentum in India's mutual fund industry. The 44th consecutive month of positive equity inflows since March 2021 highlights the deepening maturity of Indian investors. We are proud to achieve an all-time high AUM of Rs 67.26 lakh crore and retail folios crossing 17.23 crore.”

He added, “The continued surge in SIP accounts and record SIP contributions emphasize the growing preference for disciplined investing among Indian investors. These milestones reinforce our commitment to making mutual funds the cornerstone of wealth creation for every Indian, as we strive to build a financially inclusive nation.”

ALSO READ: Bombay HC Grants Medical Bail to Jet Airways Founder Naresh Goyal