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Below the Commentary on AMFI Data May 2026 by Ms. Suranjana Borthakur, Head of Distribution & Strategic Alliances, Mirae Asset Investment Managers

“May’s AMFI data shows equity inflows at Rs 22,908 crore, a 40% drop from April. The headline looks sharp, but context is everything. Markets corrected meaningfully, with Sensex down 2.5–3% and Nifty off ~2.5%, compounded by geopolitical tension, crude volatility, and FII outflows. Flexi Cap, the industry’s bellwether, saw inflows halve from Rs 10,148 crore to Rs 5,176 crore. Thematic and Value/Contra categories took the biggest hit, as they always do when sentiment softens. But Mid and Small Cap held their ground, which tells you something important: the SIP book is sticky. It is lumpsum that moderated. In Hybrids, Multi Asset Allocation was the standout at Rs 3,929 crore, while BAF bore the sharpest correction within the space. Gold ETF flipped to an outflow of Rs 725 crore after months of strong inflows, classic profit-booking after a sustained rally. The number I keep coming back to is SIP at Rs 30,954 crore. That single data point tells you the structural story is unbroken. Retail India is not running, it is staying, averaging, and compounding. Industry AUM holds steady at Rs 81.05 lakh crore. NFO flows have cooled, and frankly, that is a healthy sign.”

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