New SIP accounts at a record high in June amid market rally

ET Intelligence Group: Investors are opening new SIP accounts at a record pace to participate in the market rally at a smaller ticket size. New SIP account registrations reached a record high of 2.78 million in June 2023, data from the Association of Mutual Funds in India (AMFI) show. It surpassed the previous high of 2.68 million in September 2021.

On an average, about 2.12 million new SIP accounts per month were opened over the past 12 months taking the cumulative addition to 26 million. The average ticket size of these accounts dropped to ₹2,214 in June compared with ₹3,304 five years ago.

The net SIP account registrations were 1.25 million in June, the highest in 18 months. The total SIP accounts reached 67 million. Consistent inflows and the current rally in the stock market have lifted the average portfolio value of SIP accounts to ₹1.2 lakh, the highest in twenty months.

The SIP inflows were above ₹14,000 crore for the second consecutive month in June. As a result, the 12-month cumulative SIP inflows were at a record ₹1.6 lakh crore. A combination of inflows and capital appreciation helped the assets under management (AUM) of the SIP-linked funds to hit ₹7.9 lakh crore in June.