The mutual fund (MF) sector added 1.9 million Systematic Investment Plan (SIP) accounts in the first nine months of 2015-16. This took the SIP count to 9.2 mn at end-December 2015 from 6.7 mn a year ago, a rise of 37 per cent.
The SIP accounts’ count was 7.3 mn at end-March 2015, meaning a monthly rise of roughly 200,000 SIPs, in a period when Indian equities went through a particularly turbulent phase, sliding 6.7 per cent.
SIP numbers had declined to 6.2 mn in March 2014 from seven mn a year earlier, before showing a steady rise from December 2014.
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