Lowest SIP A/Cs opened in Nov ’23 in last five months

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November 2023 saw highest ever monthly SIP inflows of Rs 17,073 crore but the number of new accounts at 30.8 lakh was the least in five months. Experts have said that consumers were focused more towards consumption rather than investment in the said month due to the ongoing festive season in the country. This has led to fall in new account openings to five month low levels in November. Moreover, inflow in equity mutual funds too dropped by 22 per cent month-on-month to Rs 15,536 crore in November. “Diwali festivities and bank holidays probably affected equity net flows in November,” Manish Mehta, Head of Sales, Marketing & Digital Business at Kotak Mutual Fund, said.

SIP AUM too reached its all-time high levels of Rs 9.31 lakh crore in the industry. It was not too far ago in August 2023 that the record of opening of highest number of new monthly SIP accounts was created in the country. August 2023 had seen record opening of 35.92 lakh accounts. As a result, net AUM of mutual fund industry too had reached all time high levels. It was Rs 46.63 lakh crore. Although, new AUM continues to maintain all time high level record in November too with total AUM reaching Rs 49.04 lakh crore.

The aggregated SIP accounts currently stand at 7.44 crore in the country.