Speaking to ET Now, Bakshi said the apparent growth in SIP numbers for December was partly due to the spillover from November, when the month-end holidays pushed registrations to the following months.
“The November figure saw a dip as holidays fell on the 29th and 30th. That flow was captured in December, making growth look higher. Overall, SIP growth is broadly in line with expectations,” he said.
SIP reflects the monetization of momentum savings
Bakshi highlighted that SIP inflows have increased from around ₹26,000 crore at the start of the financial year to around ₹31,000 crore now, underlining the growing financialization of household savings in India.
“Investors have seen the benefits of SIPs, especially during volatile markets. When markets are right, SIP investors accumulate more units instead of reacting emotionally. This behavior strengthens long-term wealth creation,” he said, adding that SIP inflows are likely to increase as more investors enter mutual funds.
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AMFI Data: Mutual fund SIP inflows hit record Rs. 31,002 crore jump
Equity flows tend towards flexicap funds
Total equity mutual fund inflows for the month were around ₹28,000 crore. Within this, flexicap funds emerged as the biggest beneficiaries, attracting around ₹10,000 crore, reflecting a shift away from mid- and small-cap volatility.
“Largecaps have outperformed mid and smallcaps this year, and most fund houses are advising investors to lean towards a relatively stable allocation. That is clearly visible in flexicap flows,” Bakshi said.
Midcap funds saw inflows of around ₹4,000 crore, while large and midcap funds attracted similar amounts. Smallcap fund inflows slowed to around ₹3,800 crore as investors remained cautious amid high volatility in the segment.
Multi-asset and gold funds shine
Bakshi noted strong investor interest in multi-asset allocation funds, which invest in equities, debt and commodities. These funds recorded year-on-year inflows of around ₹ 7,500 crore during the month.
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“Gold and silver have performed very well this fiscal, and multi-asset funds have outperformed many categories in the last six to twelve months. Investors are increasingly using these funds to gain commodity exposure in a diversified structure,” he said.
Interest in gold funds and gold ETFs also increased with consistent unit formation reflecting rising demand for precious metals as part of portfolios.
NFO pace slowed down in 2026
On new fund offers (NFOs), Bakshi said the pace has softened compared to last year, when schemes were launched by new fund houses to meet SEBI-mandated categories, which saw record investment flows.
“Most of the big fund houses have already launched schemes in the permitted categories. Last year there was a surge in sectoral and thematic NFOs, but this year the pace is slower as thematic ideas are attracting less interest,” he said.
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Overall, Bakshi expects the SIP-led investment and diversified fund category to remain a key driver of mutual fund inflows in 2026, even as investors adopt a more measured and risk-aware approach.
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