Net inflows into equity mutual funds (MFS) surged 17 per cent sequentially to a record high of ₹40,608 crore in June, supported by a ₹14,370 crore mop up by 11 new equity fund offerings (NFOS) during the month.
Gross inflows from the systematic investment plan (SIP) route, which rose to a new high of ₹21,262 crore, also boosted net inflows, shows data from the Association of Mutual Funds in India (Amfi).
According to MF executives, the inflows were also boosted by lump sum investments on June 4 as the equity market saw a sharp decline.
"SIP flows, NFO collections and lump sum purchases on days when markets witnessed correction led to record flows in equity," said Manish Mehta, national head-sales, marketing & digital business - Kotak Mahindra AMC.
"As confidence grows, repeat investments and word of mouth are leading to this movement in flows and industry growth," he added.
This story is from the July 10, 2024 edition of Business Standard.
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This story is from the July 10, 2024 edition of Business Standard.
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