Flows into systematic investment plans (SIPs) touched a fresh record Rs 29,361 crore in September, with 92.5 million accounts contributing to it, data released by the Association of Mutual Funds in India (Amfi) on Friday showed.
However, the inflows into equity schemes fell 9% month on month to Rs 30,422 crore even as the benchmark equity indices snapped their two months fall and rose by more than half percent. Debt schemes outflow totalling to Rs 1.02 lakh crore led to Rs 42,815.65 crore outflow from open-ended schemes across categories.
Sustained Retail Faith
“The moderation in monthly (equity) flows, appears cyclical rather than structural, coming after exceptionally strong inflows in July and August, said Nehal Meshram, Senior Analyst – Manager Research, Morningstar Investment Research India
Venkat N Chalasani, Chief Executive, AMFI, said: “The mutual fund industry maintained its growth momentum in September, with total assets rising to ₹75.61 lakh crore despite temporary outflows linked to advance tax payments. Equity funds witnessed positive inflows for the 55th consecutive month, reflecting investors’ confidence in equities as a long-term asset class.”
He added that addition of over 3 million new folios, taking the total to beyond 250 million, underscores the widening reach and trust in mutual funds as a key vehicle for wealth creation.
Safe-Haven Rush
Passive funds garnered Rs 18,094.6 crore inflow, an increase of 65.4% as investors rushed to gold and silver ETFs, both of these categories recorded their all-time high inflows of Rs 8,363 crore and Rs 5,342 crore respectively, a rise of 282% and 203%.
Meshram explained that Gold ETFs witnessed a resurgence in safe-haven demand in September 2025, reflecting a combination of global risk aversion and tactical positioning ahead of major central bank policy reviews. “Investors turned to gold as a reliable store of value amid heightened geopolitical tensions, volatile markets, and a stronger U.S. dollar,” she added.
The growing appetite towards precious metals was also seen in multi-asset allocation funds as inflows into this category rose by 41% month-on-month to Rs 4,982.21 crore. According to Kartik Jain, MD & CEO, Shriram AMC, global macro factors like anticipated interest rate cuts, stubborn inflation, slowing global growth, and persistent geopolitical tensions are driving investors towards safe-haven assets. “Fresh investments by central banks in gold and silver, coupled with record flows in bullion ETFs, further reinforce this demand,” he said.
Nine new fund offers during the month mobilized Rs 1,959 crore. Overall, the net assets under management of the industry rose to Rs 75.61 lakh crore in September from Rs 75.19 lakh crore in August and SIP AUM was Rs 15.52 lakh crore.
Vikas Gupta, CEO & Chief Investment Strategist at OmniScience Capital said, the majority of retail investors again demonstrates the recency bias. “This behavioural error seems rewarding in the short term and punishes the portfolios in the long run,” he added.