schemes through the systematic investment plan (SIP) route scaled a new all-time high mark at just over Rs 15,800-crore in August as nearly 36 lakh new SIP accounts were opened during the month, also a new peak.
As India’s fundamental factors gave enough comfort to investors about the strength of the economy and the markets, they continued to invest in MF schemes with a long-term view, industry players said.
In August, as 35.9 lakh new SIP
were opened, the total number inched closer to the 7-crore mark, data released by Amfi, the fund industry trade body showed. Total assets managed by the MF industry within these SIP accounts also inched up to 8.5 lakh crore, another new all-time peak. The total assets of the MF industry also jumped to a new life-high mark at Rs 46.9 lakh crore, AMFI data showed.
, CEO, Amfi, said that the record SIP contribution was a testimony of Indian investors’ long-term approach to building wealth by investing through small ticket sized SIPs. “Economic growth is expected to improve, and the markets are expected to grow.” Also, the successful completion of the G20 summit in India has generated positive sentiments for the country and its economy among global investors, he said.