Discontinuation of systematic investment plans climbed to 855,000 in July, the highest in the current financial year, even as the number of new account openings surged to a record of 2.38 million. According to market participants, the SIPs tenure of which got completed were not being renewed but the number of discontinuation would reduce in the coming months amid the rise in the markets and strong returns by equity funds.
In the current financial year, around 2.99 million SIPs got discontinued or tenure of which got completed. D P Singh, chief business officer at SBI MF, said:
