SIP inflows surged to US$ 2.3 billion (Rs. 18,838 crore) in January, active accounts rose by 1.7 crore: Geojit Report
- IBEF
- February 19, 2024
In January 2024, Systematic Investment Plan (SIP) inflows soared to a record high of US$ 2.3 billion (Rs. 18,838 crores), marking the seventh consecutive month with inflows surpassing US$ 1.8 billion (Rs. 15,000 crores) and the twenty-ninth consecutive month with inflows exceeding US$ 1.2 billion (Rs. 10,000 crores), as per a report by Geojit. This robust performance highlights investors' sustained confidence in SIPs, with a notable rise in the number of SIP accounts, reaching a record high of 7.92 crore. Active SIP accounts saw a significant uptick, rising by approximately 1.7 crore compared to the previous year, indicating a surge of 27.4%.
The average size of a SIP stood at an estimated US$ 28.66 (Rs. 2,379), reflecting a robust year-on-year growth of 6.7%, according to Geojit. January 2024 also witnessed a remarkable surge in new SIP registrations, reaching a record-breaking 51.8 lakhs, marking an impressive 47% increase from the three-month average. Conversely, SIP discontinuations totaled 23.8 lakhs, surging by 29.6% from the three-month average. This resulted in a staggering net SIP addition of 28.1 lakhs, setting an all-time high and surging by an exceptional 65.9% from the three-month average, underscoring growing traction and investor confidence in SIPs. The SIP segment achieved a remarkable milestone as its Assets Under Management (AUM) reached US$ 124.1 billion (Rs. 10.3 lakh crore) for the first time, showcasing a notable year-on-year increase of 52.4% in January 2024. This highlights the growing prominence of SIPs in the investment landscape, representing 19.5% of the total AUM, reflecting a substantial share of investor portfolios.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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