News

Inflows double for India equity funds

Inflows, India, equity funds, data, Association of Mutual Funds of India,  Amfi, equity, mutual funds, JuneData from the Association of Mutual Funds of India (Amfi) has revealed a doubling of inflows into equity mutual funds during June. Inflows grew from IR3,240.30 crore in May to IR8,637.49 crore the following month. The boost in inflows has been ascribed to the growth of the country’s retail investment sector and the use of systematic investment plans (SIPs). The Amfi data showed a sharp increase in the number of SIP accounts, which grew from 6,65,37,033 to 27,78,507 between May and June. "The impressive increase of 29%in retail AuM on an annualised basis and 25% in average assets under management indicates a positive trend of net retail inflows,” said Amfi chief executive N.S Venkatesh. “As we look ahead, the record-breaking number of SIP registrations reflects a strong belief in India's growth story.” ©2023 funds global asia

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