The ratio of mutual fund systematic investment plans (SIPs) discontinued or completing their tenure to new SIP registrations rose to 116.7% in October, indicating that more SIPs ceased or completed their tenure than were newly registered during the month, according to data released by the Association of Mutual Funds in India (AMFI).
The ratio is calculated by comparing the 59.12 lakh SIPs discontinued or completing their tenure in October with 50.68 lakh new registrations.
In September, the corresponding figures were 49.68 lakh and 63.26 lakh, putting the ratio at 78.6%.
The October figure does not mean that 116.7% of SIP investors stopped investing.
It compares the number of SIPs discontinued or completing their tenure with new registrations during the month. AMFI’s data also does not establish why these SIPs ceased.
What does AMFI count as a discontinued SIP?
According to AMFI’s footnote, SIPs with three consecutive failed instalments in the case of daily, weekly, fortnightly and monthly frequencies are treated as ceased or discontinued. For other frequencies, two consecutive failed instalments are considered.
New SIP registrations declined to 50.68 lakh in October from 63.26 lakh in September, while discontinued or completed SIPs increased to 59.12 lakh from 49.68 lakh.
The number of contributing SIP accounts also edged lower to 9.99 crore in October from 10.06 crore in September.
SIP contributions remain above ₹32,000 crore
Despite the rise in the calculated stoppage ratio, monthly SIP contributions remained above ₹32,000 crore for the third consecutive month. Investors contributed ₹32,160 crore through SIPs in October, marginally lower than ₹32,490 crore in September but 8.9% higher than ₹29,529 crore in October 2025.
SIP assets under management stood at ₹17.68 lakh crore at the end of October, accounting for 21.2% of the mutual fund industry’s total AUM. This was lower than ₹17.86 lakh crore in September, while SIP AUM was up 8.8% year-on-year, AMFI data showed.
Nirav Karkera, Head of Research and Fund Manager at W by Groww, said investors were neither panicking nor euphoric, with equity allocations holding steady despite weakness in mid- and small-cap stocks. He said SIPs continued to contribute meaningfully, while lump-sum investments had not seen a rush of inflows.
Venkat Chalasani, CEO, AMFI, said nearly 10 crore SIP accounts contributed ₹32,160 crore in October, with contributions rising 8.9% year-on-year.
Mutual fund industry’s AUM rises
The mutual fund industry’s net AUM increased to ₹83.39 lakh crore in October from ₹82.64 lakh crore in September. The industry added 15.80 lakh folios during the month, taking the total to 28.78 crore.
Equity mutual funds recorded inflows of ₹32,994 crore in October, marking the 68th consecutive month of net inflows, AMFI said.
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