Mutual Funds Add 40 Lakh New Investors In FY23
The mutual fund industry has added close to 1.5 crore new investors in the last two years.
‘Mutual Funds Sahi Hai' tagline seems to be working to draw new investors.
Over 40 lakh individuals registered with mutual funds in fiscal 2022-23, according to the Association of Mutual Funds in India. That's the second biggest addition after one crore new investors started buying mutual funds in 2021-22—a year when stocks surged after the pandemic crash and the benchmark Nifty 50 scaled new records.
The total number of PAN cards registered with the mutual fund industry as of March 31 stood at 3.77 crore, up from 3.37 crore a year earlier.
Inflows via systematic investment plans also rose to a record Rs 14,276.1 crore in March, according to AMFI data.
The number of SIPs currently active with mutual funds stood at 6.36 crore at the end of March, with assets under management of Rs 6.83 lakh crore.
Most of these SIPs have been running for less than two years. As many as 38% have been running for less than a year, with another 24% have been operational for under two years.
Sill, SIPs started over five years ago only accounted for 11% of the total number, their assets under management formed nearly a quarter of the whole.