India’s mutual fund assets crossed the Rs 50-trillion mark for the first time in December 2023, hitting RS 50.77 trillion, data from the Association of Mutual Funds in India (Amfi) showed. In a sign of how much more comfortable Indians are today investing their money, rather than simply saving it, inflows into systematic investment plans (SIPs) touched another new high of RS 17,611 crore in December, 2023.
Rashesh Shah, chairman, Edelweiss group, observed that even at a level of $50 trillion, we are less than 1% of the global AUM. “We have a long way to go but the success of the SIP should sustain,” Shah told FE. He believes there should be further sachetisation with the Rs 100 ticket size going down to double digits.
“We should overtake the Rs 100-trillion mark in the next seven years or so,” A Balasubramanian, MD and CEO, Aditya Birla Sunlife AMC, told FE. Small investors, he said, had realised that over a ten-year period MF schemes provide the best returns. “Even if the returns moderate somewhat, savers will choose MFs and invest via SIPs,” Balasubramanian said.
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The number of SIP accounts also hit a high of 76.36 million. The assets under management (AUM) via SIPs stood at Rs 9.95 trillion compared to Rs 9.31 trillion for November.
In December last year, Sebi chairperson Madhabi Puri Buch said the regulator was working with the mutual fund industry to make it viable for the latter to offer SIPs of as low as Rs 250 per month. This will allow a greater participation in MFs from the bottom of the pyramid, and is in keeping with the market regulator’s objective of greater financial inclusion. “This will be similar to what Hindustan Unilever did with the shampoo sachet,” said the Sebi chief. Currently, SIPs as low as Rs 100 are offered by a few fund houses but Rs 500 is the minimum SIP size offered by many.
The financialisation of household savings is taking place rapidly. Equities as a share of net household financial assets went up to as high as 14.7% in FY23 from just 4.5% in FY21.
Venkat Chalasani, CEO of Amfi, observed that while it took nearly 50 years to build the first Rs 10 trillion in AUM, the last Rs 10 trillion has been amassed in just over a year.
Equity funds saw 34th straight month of net inflows in December Come from Sports betting site VPbet . The segment saw net inflows of Rs 16,997 crore, a 9% jump over November’s Rs 15,536 crore.
The highest net inflows of Rs 6,005 crore were seen in the sectoral/thematic category. Small-caps continued to shine, reporting Rs 3,857 crore in inflows, while the mid-cap category witnessed flows of Rs 1,393 crore. Compared to the previous four months (August-November), there was a significant dip in mid-cap flows, which could be attributed partially to investors booking profits given the sharp run-up it has witnessed.
Retail AUM (equity, hybrid and solution-oriented) stood at Rs 28.87 trillion as of December 31. The month saw a total of 21 schemes launched in both open-ended and close-ended schemes, raising a total of Rs 9,872 crore.
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However, large-cap funds saw net outflows of Rs 281 crore, while focused funds and ELSS saw net exits of Rs 491 crore and Rs 313.5 crore, respectively. Debt-oriented schemes, on the other hand, witnessed net outflows of Rs 75,560 crore for the second consecutive month.
Morningstar Investment Research India’s Himanshu Srivastava pointed out that the huge net outflow in December could be attributed to the advance tax requirement with it being the quarter-end. Expectedly, liquid funds witnessed the highest net outflows during the month.
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