Monthly systematic investment plan (SIP) contributions have hit a fresh high of ₹19,186 crore, surpassing January’s ₹18,838 crore, a data by Association of Mutual Funds in India stated.
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The equity mutual funds reported an inflow of ₹26,866 crore in February, the highest monthly infusion in 23 months. The latest infusion was about 23 per cent higher than inflows of ₹21,780 crore in January this year, PTI reported.
“As we delve into the Feb 2024 data, we observe that there is a surge in SIP accounts, totalling 8.20 crore with 49.79 lakh new SIP registrations. This underscores investors’ unwavering commitment to disciplined wealth accumulation,” Venkat Chalasani, Chief Executive, AMFI, told PTI.
As per the report, mutual fund received an inflow of ₹1.2 lakh crore last month, almost similar to the one seen in the preceding month. The huge inflow was driven by contributions from the debt-oriented schemes at ₹63,809 crore, ₹26,866 crore and hybrid schemes at ₹18,105 crore.
Melvyn Santarita, analyst, Morningstar Investment Research India, told PTI, that the mutual fund inflow in February this year was the highest since March 2022, when equity-oriented mutual funds witnessed an inflow of ₹28,463 crore. Also, the latest flow marks the 36th consecutive month of net inflows in equity funds. The equity segment was also aided by eight new fund launches during the month which cumulatively garnered ₹8,692 crore, Santarita added.
According to Anand Vardarajan, Business Head, Banking, Institutional Clients, Alternate Products and Product Strategy, Tata Asset Management, equity inflows continue to soar largely led by some NFOs. Notably thematic/sectoral have seen massive interest.
Barring focused funds, which saw an outflow of ₹533 crore, all categories experienced inflow in equity segments.
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The sectoral or thematic funds category saw the highest inflows to the tune of ₹11,263 crore. This was followed by large & midcap category with a net attraction of ₹3,157 crore, small cap ( ₹2,922 crore) and mid cap ( ₹1,808 crore).
