Looking at ways to enhance your business & career? Log onto streetsahead.in to upgrade yourself!
MF News IFAs are the SIP kings

IFAs are the SIP kings

According to CAMS data, IFAs have created over 11 lakh new SIP accounts between January and June 2017.
Team Cafemutual Sep 11, 2017

IFAs are truly the SIP kings as they have createdthe highest number of SIP accounts.

The latest CAMS data, which covers 63% of the industry AUM shows that mutual fund distributors and distributors empanelled with national distributors have created11.19 lakh new SIP accounts in the first six month of the calendar year i.e. between January and June 2017.

While mutual fund distributors have created 5.50 lakh new SIP accounts, national distributors such as NJ India and Prudent who partner with distributors under sub-broking model added over 5.60 lakh folios in January-June 2017.

Surprisingly, IFAs have added more SIP accounts in B15 cities than T15 cities. The CAMS data shows thatIFAs have created 3.06 lakh SIP folios in B15 cities compared to 2.51 lakh SIP folios in T15 cities.

On the other hand, national distributors have created 2.58 lakh SIP folios in B15 compared to 3.04 lakh SIP accounts in T15 cities.

The data shows that both IFAs and NDs account for 60% (30% each) of new SIP accounts.

Mumbai-based distributor Amol Joshi of Plan Rupee says that many IFAs cater to retail clients who are salaried employees. These salaried employees are comfortable contributing small amounts every month through SIP instead of lumpsum amount, he says.

Banks account for 22% of new SIP registrations with 4.20 lakh SIP accounts. While private banks have created 2.40 lakh SIP accounts, their PSU counterparts registered close to 1.90 lakh new SIP accounts in January-June 2017.

However, in B15 cities, PSU banks have created 1.39 lakh SIP folios compared to 1.14 lakh SIP folios of private banks.

Overall, the mutual fund industry has created close to 18 lakh SIP accounts in CAMS serviced fund houses.

Source: CAMS

Click to clap
0 Comment
Be the first to comment.
Wish to stay on top of your game? Get daily tips, ideas and articles to grow your business.
Subscribe to Cafemutual Newsletter.