Even as gross inflows through the systematic investment plan (SIP) route rose 28 percent in 2023-24 (FY24), net SIP inflows grew by a modest 4.9 percent owing to a sharp jump in redemptions.
Mutual funds (MFs) raked in ₹87,971 crore net SIP inflows in FY24 compared to ₹83,873 crore in 2022-23 (FY23).
During the year, gross inflows rose 28 per cent from 1.6 trillion to 2 trillion, while redemptions from SIP accounts went up 54 per cent from ₹72,100 crore to 1.1 trillion, according to data from the Association of Mutual Funds in India (Amfi).
Redemptions from equity schemes were elevated during some phases of FY24 as investors booked profits after an extended run-up in stock prices.
Between April 2023 and July 2023, outflows amounted to 80 percent of gross inflows in equity schemes.
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