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A total of 185 new funds (both open and close-ended) were launched, also known as NFOs (new fund offers) in fiscal 2024 raising a total of whopping ₹66,364 crore, shows the AMFI data
Inflows to mutual funds via systematic investment plans spiked in the fiscal year 2023-24, rising from ₹13,700 crore in April 2023 to ₹19,271 crore in March 2024, signifying a rise of 40 per cent.
Mutual fund folios hit an all-time high of 17.78 crore in March 2024. Retail MF folios also reached a new high of 14.24 crore in March 2024, compared to 13.94 crore in February 2024.
The number of new SIPs registered in March was at 42,87,117. SIP contribution stood at an all-time high of Rs 19,270.96 crores in March as against Rs 19,186.58 crores in February.
Amar Deo Singh of Angel One says: "The investor base in the mutual fund industry has an enormous growth potential. Investors capitalize on market volatility and profit-taking. RBI is likely to cut rates in 1H 2024. SIP contributions have surpassed Rs 18000 cr. Retail is the new backbone for equity markets."