June 25 SIP flows at ₹27,269 Crore; SIP stoppage at 77.8%

11 Jul 2025 , 09:43 AM

TWO MONTHS AFTER THE SIP CLEAN-UP

It is a full 2 months since the AMFI’s SIP folio clean-up exercise was completed. After removing nearly 1.43 Crore defunct SIP folios from the list, the overall SIP folio count came down sharply. However, the overall folios were not unduly impacted as many of the folios shifted from SIPs to lumpsum investments. In last 2 months, 50 Lakh mutual fund folios were added, out of which 30 Lakh were SIP folios, showing a SIP concentration of 60% in folio accretion. The current SIP folios outstandings at 919.33 Lakhs is still lower than the December 2024 peak of 1,032.03 Lakh SIP folios. However, the bounce in last few months is indicative that it will be made up in next few months; leaving SIP more robust and cleaner.

MONTHLY SIP FLOWS CONTINUES TO SET RECORDS

The progressive fall in monthly SIP flows between Dec-24 and Mar-25 was arrested in April; and June shows a new high. Gross SIP flows in June 2025 were 28.3% above June 2024.

Monthly MF Data	Monthly SIP Inflows (₹ Crore)
Jun-24	21,262
Jul-24	23,332
Aug-24	23,547
Sep-24	24,509
Oct-24	25,323
Nov-24	25,320
Dec-24	26,459
Jan-25	26,400
Feb-25	25,999
Mar-25	25,926
Apr-25	26,632
May-25	26,688
Jun-25	27,269

Data Source: AMFI

Gross SIP flows into mutual funds averaged ₹24,113 Crore in FY25; the best in comparison to the previous 8 years. In fact, since October 2024, the monthly gross SIP flows have never gone below ₹25,000 Crore in any month. If you take the average of the gross SIP flows in the first quarter of FY26, it stands at a healthy ₹26,863 Crore.

FY25: NEW PEAK FOR GROSS SIP FLOWS ONCE AGAIN

The table captures month-wise SIP flows into mutual funds since April 2017. Each milestone of an additional ₹1,000 Crore has been highlighted in bold.

Month	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
March		25,926	19,271	14,276	12,328	9,182	8,641	8,055	7,119
February		25,999	19,187	13,686	11,438	7,528	8,513	8,095	6,425
January		26,400	18,838	13,856	11,517	8,023	8,532	8,064	6,644
December		26,459	17,610	13,573	11,305	8,418	8,518	8,022	6,222
November		25,320	17,073	13,306	11,005	7,302	8,273	7,985	5,893
October		25,323	16,928	13,041	10,519	7,800	8,246	7,985	5,621
September		24,509	16,042	12,976	10,351	7,788	8,263	7,727	5,516
August		23,547	15,814	12,693	9,923	7,792	8,231	7,658	5,206
July		23,332	15,245	12,140	9,609	7,831	8,324	7,554	4,947
Jun	27,269	21,262	14,734	12,276	9,156	7,917	8,122	7,554	4,744
May	26,688	20,904	14,749	12,286	8,819	8,123	8,183	7,304	4,584
April	26,632	20,371	13,728	11,863	8,596	8,376	8,238	6,690	4,269

Data Source: AMFI

Here are two takeaways from the 8-year SIP flow data. Milestones have slowed in FY26, but these are early days yet. The average SIP flows in the first quarter of FY26 was at ₹26,863 Crore, so, ₹30,000 Crore gross SIPs may be possible in the second half of FY26.

READING BETWEEN THE LINES OF THE SIP TICKET STORY?

Since FY22, SIP flows have been progressively improving each year; with FY25 being the best full year by a margin.

Financial Year	Gross Annual SIP flows (₹ Crore)	Average Monthly SIP Ticket (AMST)	YOY Accretion in (%)
FY16-17	₹43,921 Crore	₹3,660 Crore
FY17-18	₹67,190 Crore	₹5,600 Crore	53.01%
FY18-19	₹92,693 Crore	₹7,725 Crore	37.95%
FY19-20	₹100,084 Crore	₹8,340 Crore	7.96%
FY20-21	₹96,080 Crore	₹8,007 Crore	-3.99%
FY21-22	₹124,566 Crore	₹10,381 Crore	29.65%
FY22-23	₹155,972 Crore	₹12,998 Crore	25.21%
FY23-24	₹199,219 Crore	₹16,602 Crore	27.73%
FY24-25	₹289,352 Crore	₹24,113 Crore	45.24%
FY25-26	₹322,356 Crore	₹26,863 Crore	11.40%

Data Source: AMFI

If you look at the yoy growth in average SIP ticket size, the FY25 growth is substantially higher than the average of the previous 3 fiscal years. The FY26 growth rate may need more data points as we have annualized 3 months of gross SIP flows. The good news is that, despite the temporary lull, the average monthly SIPs are 11.4% higher over FY25.

SIP FOLIOS ARE NOW CLEANER AND MEANER

SIP folios in June 2025 bounced for the second month in a row; after 4 months of contraction; triggered by the defunct SIP folios clean-up. Gross SIP folio accretions in June 2025 were marginally higher MOM at 61.91 Lakhs. This is the highest gross SIP folio accretion since October 2024. With a sharp fall in the SIP stoppage ratio from 353% in April to 77.8% in June  2025; outstanding SIP folios bounced from 905.57 Lakhs as of May 2025 to 919.33 Lakh folios as of June 2025. The sharp folio contraction between January and April 2025 was due to a reconciliation to clean up legacy dormant SIP folios; which is now done.

What about SIP AUM yoy? Between May 2025 and June 2025, the SIP AUM bounced from ₹14,61,360 Crore to ₹15,30,574 Crore; a bounce of 4.74% on sequential basis. The bounce in the Nifty and Sensex definitely helped the SIP AUM bounce back. The move should now be more secular with most dormant SIP folios out of the system.

SIP STOPPAGE RATIO – MODERATES FROM 353% TO 78%

The gap between gross SIP folios reported by AMFI, and net SIP flows is explained by SIP stoppage ratio. It is the ratio of SIP accounts discontinued to new SIP accounts opened.

Apr-24	May-24	Jun-24	Jul-24	Aug-24	Sep-24	Oct-24	Nov-24
52.24%	88.38%	58.68%	51.40%	57.14%	60.72%	60.91%	79.12%
Dec-24	Jan-25	Feb-25	Mar-25	FY25	Apr-25	May-25	Jun-25
82.75%	109.15%	122.76%	128.27%	75.63%	352.79%	72.12%	77.77%

Data Source: AMFI

Between July and December, SIP stoppage ratio was on an upswing due to uncertainty being at higher index levels. Between Jan-25 and Apr-25, the spike in SIP stoppage ratio was due to the reconciliation between MF registrars and stock exchanges. With the recon done, the SIP stoppage ratio moderated to 72.12% in May and 77.77% in June 2025. That is still high in comparative terms, but that should gradually stabilize as markets become more predictable.

A final word. For FY26, the cumulative SIP stoppage ratio at 151.51% is still largely influenced by the April spike impact. The SIP folio clean-up resulted in extinguishing about 1.43 Crore folios. So, the FY26 data will take some to moderate and be comparable.