Gross monthly inflows into mutual fund (MF) schemes through the systematic investment plan (SIP) route, which grew nearly 16 per cent to ₹14,276 crore in March this year, is likely to touch ₹17,000-18,000 crore a month by the fiscalend, reported Business Line.
The total inflows were close to ₹12,328 crore in March 2022.
According to NS Venkatesh, Chief Executive, Association of Mutual Funds in India (AMFI), the number of unique folios is likely to increase by around 20 per cent to touch 4.54.8 crore by end FY24, from 3.964 crore folios currently.
AMFI, along with other stakeholders, is working on creating awareness about the various schemes and products available through seminars and workshops, particularly in Tier II, III, IV and V towns.
“We expect gross inflows to increase to ₹17,000 18,000 crore a month by the end of the current financial year,” Venkatesh said.
The average assets under management of the Indian mutual fund industry in March 2023 was over ₹40 lakh crore.
The AUM as on March 31 was about ₹39lakh crore, AMFI data said. Tier II and III towns currently account for around 30 per cent of the AUM, which is expected to grow on the back of rising consumer awareness, he said.