First half of FY 2022-23 sees a 27% decline in the no. of new SIP accounts

AMFI data shows that the MF Industry registered 56.04 lakh new SIP accounts in the first six months of FY 2022-2023. However, the new SIP count was 76.44 lakh during the same period last year. This signifies a 27% decline in the current fiscal.

In FY 2022-2023, September 2022 recorded the highest new SIP count of 12.16 lakh, followed by 11.29 lakh in April 2022. On other months, the new SIP count was less than 10 lakh each.

As on September 2022, there were 5.84 crore SIP accounts with an AUM of Rs. 6.35 lakh crore, which formed close to 16% of the Industry AAUM of Rs. 39.88 lakh crore.

Experts attribute this to market volatility, no NFOs during April-September 2022 and discontinuation of pooled account.