The number of new SIPs (systematic investment plans) registered in October stood at 9.35 lakh — the slowest addition in six months. Between May and September, 10 lakh new SIPs were added every month, contributing to the assets of mutual funds. However, in October, the numbers have slipped slightly.
A senior executive from the leading fund house said while equity markets saw a sharp correction in September and October, inflows into equity and contribution through SIPs remained strong. “However, we saw a decline in the number of new SIPs registered. If the weakness in the markets persists, more SIPs may be discontinued because investors are upset with the negative returns,” the executive explained.
