SIP contributions hit highest ever of ₹17,073 cr in November

The number of SIP (systematic investment plans) accounts grew to its highest ever at 7.4 crore in November 2023 as compared to 7,30,02,604 in October 2023, according to the latest data released by the Association of Mutual Funds in India (AMFI). The data shows the SIP contribution surged to ₹17,073.30 crore, the highest to date. 

The number of new SIPs registered in November 2023 was 30,80,185, taking the overall SIP AUM value to ₹9,31,333.09 crore as compared to ₹8,59,923.86 crore.

The AMFI data shows a total of 14 schemes were launched in November 2023, in the category of both open-ended and close-ended schemes, raising a total of ₹2,583 crore.

“As we approach the end of another remarkable year, it’s time to celebrate the positive growth and success of the Mutual Fund Industry. The AUM has been increasing steadily, reflecting the growing trust and confidence of investors. The overall AUM stands at 49,04,992.39 crores in November 2023. We believe this trend will continue through December as well and the numbers will continue to remain positive," says NS Venkatesh, CEO, AMFI. 

He added that the SIP contribution, which stood at ₹17,073.30 crore with a total of 7,44,13,903 SIP accounts, was the highest to date. "We reiterate that investors should stay focused on goal-based investing through SIPs.”

With this, the total AUM (assets under management) of the mutual fund industry stood at ₹49,04,992.39 crore in November, while AAUM was at ₹48,74,812.59 crore, up from the net AUM of ₹46,71,687.90 crore and AAUM of ₹47,80,422.43 crore in the previous month.

The mutual fund folios reached an all-time high of 16,18,14,583 in November 2023 as compared to 15,96,46,790 for October 2023.

The retail MF folios (equity + hybrid + solution-oriented schemes) also were at an all-time high of 12,92,21,994 for November 2023 as compared to 12,74,88,003 in October 2023.

The retail AUM were recorded at ₹27,01,321 crore for November 2023, with an average AUM of ₹26,36,163 crore.

G. Pradeepkumar, CEO, Union Asset Management Company, commenting on the latest MF data, says the net flow into equity funds continues to be robust on the back of encouraging macro-economic numbers and corporate earnings growth. 

"While there appears to have been some level of profit booking, the SIP numbers have continued to grow and have hit an all-time high. However, we would advise investors to stagger their investments in small and mid-cap funds in view of the possibility of short-term volatility.”

AMFI covers all the 45 asset management companies registered with SEBI. The association last month had appointed Venkat Nageswar Chalasani as its CEO after NS Venkatesh's tenure ended after two consecutive terms of three years each. Prior to this role, Chalasani served as the deputy managing director at the State Bank of India (SBI) where he spent almost four decades.