Mutual Fund Update: Amidst the spectacular boom in the stock market, there has been a tremendous jump in the number of investors investing through Systematic Investment Plan (SIP) in the month of May. In May 2023, the number of new SIP registrations stood at 24.7 lakhs while in April 19.56 lakh new SIPs were registered. That is, 5 lakh more people have opened SIP accounts in May.
On one hand, there has been a huge jump in the registration of new SIP (Systematic Investment Plan) in the month of May. But along with this, 14.19 lakh SIP accounts have also been closed by the people. This is when the asset under management of mutual funds has reached Rs 43.2 lakh crore with an increase of 3.8 percent. Redemption of Rs 31,100 crore has been seen in the month of May, which is 36.6 percent more than the previous month. While the total investment in equity schemes has come to Rs 34,100 crore, which is 21 percent more. According to DP Singh, Deputy MD, SBI Mutual Fund, the number of registrations of new SIPs is more than the number of closures, which shows the confidence of investors. He said that ease of cancellation process in online mode is also one of the reasons.
In the month of May, investors have invested Rs 14,749 crore through SIP in mutual funds, which was Rs 13,728 crore in April. 14,276 crore in March. After investing through SIP, the total inflow in this mode has increased to Rs 7.53 lakh crore, which was Rs 7.17 lakh crore in the previous month.
The AUM of equity mutual funds has reached Rs 16.56 lakh crore in May with a jump of 4.5 per cent. Which was Rs 15.84 lakh crore in April. It is believed that due to the 2.6 percent jump in the benchmark index Nifty, this increase in AUM has been seen.
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