Stock investments are subject to market risks and historically, flows into equity mutual funds tend to taper off when risks are perceived to be high. But, ever since the systematic investment plan (SIP) phenomenon gained momentum, some of these long-established norms are being tested.Smaller investors are continuing to invest in the market through SIPs, resulting in a net positive inflow into equity funds. But here is the troubling bit. High net worth individuals (HNIs) are increasingly redeeming their mutual fund holdings. Latest data from the Association of Mutual Funds in India shows that SIPs have garnered about ₹8,278 crore in November.