The mutual fund segment had about 8.4 crore systematic investment plan (SIP) accounts in FY24 against 6.3 crore in FY23 and 5.2 crore in FY22. The outstanding SIP accounts are reported at the end of each financial year.
The SIP contribution in FY24 was reported at Rs 2 lakh crore compared to Rs 1.6 lakh crore in FY23 and Rs 1.2 lakh crore in FY22. The SIP contribution pertains to yearly gross contribution through SIP accounts.
As per the economic survey, the SIP AUM in FY24 was recorded at Rs 10.7 lakh crore against Rs 6.8 lakh crore in FY23 and Rs 5.8 lakh crore in FY22. The SIP AUM is also reported at the end of each financial year.
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A SIP is a systematic approach to investing in mutual funds that involves allocating a small predetermined amount of money for investment in the market at regular intervals.
The assets under management (AUM) of the mutual fund industry went up by Rs 14 lakh crore to Rs 53.4 lakh crore at the end of FY24 registering a growth of 35% on a year on year basis. This growth increase has been boosted by mark-to-market (MTM) gains and expansion of the industry, said the survey.
The survey also highlighted that the mutual fund folios have also increased from 14.6 crore at the end of FY23 to 17.8 crore at the end of FY24. The economic survey also highlighted that except for income/debt-oriented schemes, all other mutual fund categories have witnessed net inflows. The inflows into growth/equity-oriented and hybrid schemes accounted for more than 90% of net inflows into the mutual funds. Among the passive schemes, exchange-traded funds (ETFs) (other than gold exchange-traded funds) witnessed a surge of 37% in net assets in FY24.