look news india
Ahmedabad: Financial year 2024 was the best year for mutual funds. During this period, the assets under management (AUM) of mutual funds was Rs. 14 lakh crore, increasing to Rs. 53.4 lakh crore. According to the Economic Survey presented in Parliament on July 22, the growth of mutual funds in the corresponding period was 35 per cent annually. Mutual funds got a boost from mark-to-market (MTOM) gains and industry expansion.
According to the Economic Survey, retail participation in mutual funds has increased more than through indirect channels. Further, the survey shows that the mutual fund segment currently has 8.4 crore Systematic Investment Plan (SIP) accounts through which investors regularly invest in these schemes. “Annual net SIP inflows have doubled in the last three years. SIP investments in FY21 stood at Rs. 96,000 crore.
While in the financial year 2024, this figure will increase to Rs 2.5 crore. 2 lakh crore. Total SIP assets under management are 35 percent of total mutual fund equity schemes. Thus, mutual fund ownership in the Indian stock market was 9.2 percent as on December 31, 2023, up from 7.7 percent as on December 31, 2021.
Investment through SIP increased to Rs 1,000 crore in June from Rs 21,262 crore in May to Rs 20,904 crore. For the first time in April 2024, monthly investment through SIP crossed the Rs 20,000 crore mark. Apart from this, the total number of folios in the year 2023 will increase from Rs 14.6 crore in FY 2024 to Rs 17.8 crore.
Apart from this, net inflows were seen in all categories of mutual schemes except income or debt schemes in the last financial year. However, the government has given a shock to mutual fund investors through the Finance Act 2023. Under this, debt funds and some categories of non-equity mutual funds were taxed at a higher rate.