SIPs hit record high, equity MF inflows jump 56% in March.

Investors continue to show strong commitment to systematic investing despite the stock market selloff last month. Equity mutual funds also saw significant buying, particularly in flexi-cap and small-cap categories.

Systematic Investment Plan (SIP) flows jumped to a record high in March, while equity mutual funds also witnessed healthy demand, according to monthly data released by the Association of Mutual Funds in India (AMFI) today, April 10.

SIP inflows in March came in at ₹32,087 crore, the highest ever, underscoring the growing preference for disciplined, long-term equity investing among Indian households. The figure stood at ₹29,845 crore last month.

Despite heightened volatility driven by geopolitical developments, domestic investors have remained steadfast, continuing to invest with conviction, said Navneet Munot, MD and CEO of HDFC AMC, adding that this structural shift towards systematic investing augurs well for the long-term stability and depth of India’s capital markets.

Meanwhile, net flows into equity mutual funds jumped 56% on a month-on-month basis to ₹40,450 crore from ₹25,977 crore in February, even as geopolitical shocks rattled equity markets. On a year-on-year basis, the inflows rose almost 61% from ₹25,082 crore recorded in March 2025.

Among the 11 equity schemes, flexi-cap funds attracted the highest inflows at ₹10,054 crore. It also marked the second consecutive month of over ₹10,000 crore inflows in the scheme.

Small-cap and mid-cap funds inflows

Small-cap funds attracted the second-highest inflows of ₹6,263 crore, followed by mid-cap funds, which saw investments worth ₹6,063 crore.

Large & mid-cap funds inflows stood at ₹5,307 crore, whereas large-cap funds saw ₹2,997 crore worth of inflows. Multi-cap funds were at ₹2,981 crore, indicating strong investor appetite for diversified strategies amid evolving market conditions.

In contrast, ELSS (tax-saving) and dividend funds witnessed outflows of ₹437 crore and ₹59.21 crore, respectively in March. Value/Contra funds saw the lowest positive inflows at ₹2,155 crore.

Equity Mutual Funds inflows in March

CategoryCategory	Net infNet inflow (in ₹crore)low (in ₹crore)
Multi cap funds	2,981.55
Large Cap Fund	2,997.84
Large & Mid Cap Fund	5,307.25
Mid Cap Fund	6,063.53
Small Cap Fund	6,263.56
Dividend Yield Fund	-59.21
Value Fund/Contra Fund	2,155.55
Focused Fund	2,424.59
Sectoral/Thematic Funds	2,698.82
ELSS	-437.34
Flexi Cap Fund	10,054.12 (Highest)
Total	40,450.26

Source: AMFI monthly data

Nitin Agrawal, CEO, Mutual Funds, InCred Money, said that while flows had moderated in the preceding months, March 2026 numbers provide the required confidence that positive fund flow activity can sustain even in periods of high uncertainty and volatility, a clear reflection of investor maturity.

Optimism around equities is back with a more diversified and deliberate approach to investing, he noted.

Gold ETF inflows fall

Passive investment products continued to see decent traction during the month, with other exchange-traded funds (ETFs) emerging as the largest contributor among passive categories, attracting net inflows of ₹19,802 crore.

Index fund inflow stood at ₹8,168 crore.

Meanwhile, gold ETF recorded net inflows of ₹2,265 crore in March, sharply lower than ₹5,254 crore last month, marking a decline of about 56.9%.

The decline in flows came as relative valuations turned more favourable for equities compared with gold. Meanwhile, Fund of Funds (FoFs) received inflows of ₹530 crore.

Debt funds see outflows

Investor sentiment in debt mutual funds reversed sharply in March, with the category reporting outflows of nearly ₹2.94 lakh crore, compared to inflows of ₹42,106 crore in the previous month.

In the debt fund category, liquid funds accounted for the biggest share of outflows. The category saw outflows of around ₹1.35 lakh crore. Overnight funds also witnessed outflows of around ₹40,228 crore during the month.

Juzer Gabajiwala, Director at Ventura, said that debt funds have had a very muted year with collections dropping nearly 84% from last year as taxation has played a very pivotal role in the investor’s mind while looking at these funds.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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