Mutual Funds Update: October has been a great month for the mutual fund industry in terms of investment through SIP. Investors are betting big on SIP for the long term. Monthly investment in mutual fund SIPs in October stood at an all-time high of Rs 13,040 crore as against Rs 12976 crore in September.
According to the data of the Association of Mutual Funds in India (AMFI), the regulatory body of the mutual fund sector, since May, the investment through SIP has been above Rs 12,000 crore. It was Rs 12,140 crore in July, Rs 12,276 crore in June and Rs 12,286 crore in May. In April 2022, this figure stood at Rs 11,863 crore.
With this, the total SIP investment in the first seven months of the current financial year 2022-23 has exceeded Rs 87,000 crore. In the financial year 2021-22, the total investment through SIP was close to Rs 1.24 lakh crore.
Amfi Chief Executive Officer (CEO) NS Venkatesh said, “The market is reacting to global conditions and hike in domestic rates. However, despite this ups and downs, mutual fund investors have shown flexibility and continue to invest in SIPs with consistently high contributions.
Mutual fund companies added 9.52 lakh SIP accounts in the month of October, after which the total number of accounts has increased to about 5.93 crore. A total of 31 schemes have been launched during this period in which 28 were open ended and 3 were closed ended. These schemes have raised Rs 5439 crore. According to Amfi, the total asset under management of the mutual fund industry has crossed Rs 39.50 lakh crore.
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