MFs add 7 mn accounts in 5 months of FY23 as awareness, digital access rise
With increase in digital access and growing awareness about mutual funds, asset management companies (AMCs) have added close to 70 lakh investor accounts in the first five months of the current fiscal, bringing the total to 13.65 crore.
This came following an addition of 3.17 crore investor accounts in 2021-22 and 81 lakh accounts (or folios in mutual fund parlance) in 2020-21, data with the Association of Mutual Funds in India (Amfi) showed.
The sharp increase in mutual fund (MF) folio count implies that a lot of new investors are coming into the capital markets and are embracing mutual funds as their preferred vehicle for investing.
"Demonetisation led financialisation of household savings, further propelled by pandemic led lockdown, generational shift in risk appetite and saving pattern, systematic investment plans becoming way of life and a long term structurally bullish market are primary reason for increasingly larger number of investors investing in mutual funds," said Akhil