While monthly contribution through SIPs has remained close to the Rs 8,000 crore-mark, industry participants suggest there has been a cut in the average ticket size.
This could be gauged from the monthly decline in SIP contribution, which was 2.4 per cent lower at Rs 7,927 crore. This is the third month in a row to have witnessed a dip in SIP flows.
The SIP book is now 8 per cent lower than March’s peak of Rs 8,641 crore.
In addition, industry participants say the introduction of stamp duty on purchase of MF units may also impact flows hereon.
“Earlier, investors could be advised to park their surplus in liquid funds, and a systematic transfer plan (STP) could be initiated to a suitable equity scheme. However, investors may now shy away from such arrangements as stamp duty charges would be applicable on the liquid fund purchase and the STP,” Sheth pointed out.
A stamp duty of 0.005 per cent is applicable from July 1 on any purchase of MF schemes. Industry executives say that while investors are shying away from making fresh allocations to equity schemes, there has been some pick-up in direct stock allocations among retail investors.
“Investors are looking at stock-specific opportunities, with sharp corrections in several quality stocks. Brokerages have also been reporting a spike in opening up of new demat accounts,” said the CEO of a fund house.
In June, net flows to equity schemes
were 95 per cent lower than May, at Rs 240 crore. This was the worst month for equity schemes in over four years.
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