The number of new systematic investment plans (SIPs) in mutual funds jumped sequentially in December while SIP inflows also gained, in a possible sign of a turnaround in India’s mutual fund industry that is facing outflows from equity funds amid a record rally in the markets.
Data from the Association of Mutual Funds in India (Amfi) showed that more than 1.42 million SIPs were registered in December, up 34% from November’s 1.06 million SIPs. At the same time, the number of discontinued SIPs rose to 776,000 in December from 724,000 in November, but the magnitude of jump was lower than the growth in fresh SIPs.
