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MFDs brought in 44 lakh new SIPs in FY 2021-22 as against 21 lakh SIPs in FY 2020-21, a massive growth of 17%, shows a report released by IDFC Mutual Fund.
The 107% growth resulted in a higher share of MFDs (17%) in the total SIP registrations compared to FY 2021 (15%).
Overall, the industry added 2.70 crore new SIPs in FY 2022. While every sales channel witnessed a significant rise in their SIP numbers, MFDs and fintech firms registered double the number of SIPs in FY 2022 as against FY 2021. New SIP registrations by fintech firms including RIAs went up by 120% to reach 1 crore new SIP accounts.
National distributors and direct AMC websites witnessed a growth of 78% and 82% respectively in new SIP registrations.
This is the second-straight year when MFDs have seen tremendous growth in SIP registrations. In FY 2021, they had added 79% more SIPs (21 lakh accounts) than in FY 2020.
