HDFC Asset Management’s chief executive, Navneet Munot, reassured market participants on Wednesday that a recent dip in systematic investment plan (SIP) inflows should not be overstated, citing a robust long‑term trajectory for retail investing in India. The CEO emphasized that regular contributions are increasingly becoming a routine financial practice for households, while digital platforms are playing a pivotal role in attracting new investors.
Addressing the first‑quarter FY27 earnings conference, Munot cautioned against reading too much into month‑to‑month volatility. He pointed out that the aggregate industry SIP inflow has expanded from roughly ₹3,000 crore a decade ago to nearly ₹31,800 crore today, a growth that has persisted through the pandemic, market corrections and geopolitical uncertainties.
Drawing a parallel with the maturation of the U.S. 401(k) system, Munot described systematic investing in India as having evolved into a savings habit rather than a mere product. He noted that approximately 75 % of net equity inflows now arrive through SIPs, signalling a structural shift in retail participation. While a sustained bear market could dampen new SIP registrations, the overarching trend, he added, remains firmly intact.
The CEO highlighted the rising influence of fintech distributors. Five years ago, these partners contributed almost nothing to mutual‑fund sales; today they are a significant channel, particularly for SIPs. HDFC AMC’s strategy is to work across all distribution networks, focusing on expanding SIP inflows without privileging any single avenue. Banks continue to grow, yet their relative market share has moderated as newer channels—including fintech—have expanded more rapidly.
June 2026 industry SIP inflows reached ₹31,800 crore. SIP assets under management surged to ₹17.7 lakh crore, and the number of active SIP accounts climbed to 9.78 million, underscoring the persistent expansion of systematic investing.
Within the quarter, HDFC AMC’s systematic transactions—encompassing SIPs and systematic transfer plans (STPs)—amounted to ₹4,810 crore in June, up from ₹4,010 crore a year earlier and ₹4,880 crore in March. The fund house processed 1.72 million systematic transactions during the month and held a systematic book of ₹2.33 lakh crore by month‑end. Munot noted that HDFC AMC has accelerated its systematic business faster than the broader industry by promoting SIPs across banks, distributors and fintech platforms.
As of June 30, direct investments comprised 44.5 % of HDFC AMC’s assets under management, followed by mutual‑fund distributors at 23.3 %, national distributors at 22.6 %, and banks at 9.6 %—including HDFC Bank’s 5.1 %. The firm serves investors through more than 110,000 empanelled distribution partners and 280 offices, 196 of which are located in cities beyond the top 30.
Munot also remarked that data indicates investors who use distributors tend to stay invested longer than those who invest directly, though it remains too early to determine whether the newer fintech‑led cohort will exhibit similar retention patterns.