Systematic Investment Plans (SIPs) continued to add net accounts in January 2026 despite heightened market volatility, even as churn remained elevated with a large share of new registrations offset by maturities and discontinuations during the month.
Data released by Association of Mutual Funds in India showed that the total number of SIP accounts increased to 10.29 crore in January, up from 10.11 crore in December, translating into a net addition of around 18–19 lakh accounts. During the month, 74 lakh new SIP accounts were registered, while about 55 lakh SIPs were discontinued or matured, resulting in an SIP stoppage ratio of 74 per cent, lower than 85 per cent in December. A stoppage ratio below 100 per cent indicates that new SIP registrations exceeded closures during the month.
Commenting on the trend, AMFI Chief Executive Venkat Chalasani said January was marked by “extreme volatility in the markets, particularly due to actions by the US government and the imposition of new tariffs,” which triggered a risk-averse mood across global markets, including India.
Despite the volatility, SIP participation remained largely resilient. The number of contributing SIP accounts rose to 9.92 crore in January from 9.79 crore in December, while monthly SIP contributions remained flat at Rs 31,002 crore. However, SIP assets under management declined to Rs 16.36 lakh crore from Rs 16.63 lakh crore, largely due to mark-to-market losses amid equity market corrections. SIP assets continued to account for around 20.2 per cent of the mutual fund industry’s total AUM.
Chalasani said the moderation should be viewed in the context of external headwinds rather than a structural shift in investor behaviour. He added that disciplined, long-term investing through SIPs is expected to remain intact despite near-term volatility.
Equity Inflows Moderate, Debt And Hybrid Funds Gain
Equity mutual fund inflows declined to Rs 24,029 crore in January, down 14 per cent month-on-month from Rs 28,054 crore in December. Across equity categories, flexicap funds remained the preferred choice, attracting Rs 7,672 crore in inflows. Midcap funds and large & mid-cap funds followed with inflows of Rs 3,185 crore and Rs 3,181 crore, respectively.
Smallcap funds saw inflows of Rs 2,942 crore, while ELSS funds recorded outflows of Rs 593 crore during the month. On a sequential basis, focused funds posted a sharp 47 per cent rise in inflows to Rs 1,556 crore.
Debt funds saw a strong turnaround, recording Rs 74,827 crore of inflows in January 2026, snapping a two-month outflow streak that had seen combined withdrawals of Rs 1.58 lakh crore in November and December 2025. On a year-on-year basis, however, debt fund inflows were 42 per cent lower than the Rs 1.28 lakh crore recorded in January last year.
Hybrid funds also witnessed a strong rebound, with inflows rising 61 per cent month-on-month to Rs 17,356 crore in January, compared with Rs 10,755 crore in December. On a year-on-year basis, hybrid fund inflows nearly doubled, up 98 per cent from Rs 8,767 crore in January 2025.