Driven by record inflows into Systematic Investment Plans (SIPs), the overall mutual funds industry's assets under management jumped to nearly Rs 37 lakh crore in September, registering an over 33 per cent growth compared to the year-ago period, according to Amfi data.

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The overall Assets Under Management (AUM) touched Rs 36.74 lakh crore last month, up from Rs 27.6 lakh crore in September 2020, the data from the Association of Mutual Funds (Amfi) showed on Friday.

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Amfi CEO N S Venkatesh attributed the record AUM to the record inflows into the SIPs which crossed the Rs 10,000-crore milestone for the first time.

This is also reflective of the continued retail investor confidence in mutual funds. Retail investors are preferring mutual funds over low-yielding traditional savings avenue like bank fixed deposits as well as gold and real estate, he added.

The number of SIP accounts grew from 4,32,44,048 in August to 4,48,97,602 in September while the SIP assets rose from Rs 9,923.15 crore in August to Rs 10,351.33 crore last month. The overall SIP assets climbed to Rs 5,44,976 crore in September from Rs 5,26,883 crore in August.

The industry added a whopping 89.15 lakh folios in the first six months of FY22, as against more than 81 lakh folios added in the whole of FY21.

Retail folios -- equity, hybrid and solution-oriented schemes -- at Rs 9,15,36 crore is also at an all-time high, helping the monthly SIP contribution to touch Rs 10,351.33 crore.

Retail AUMs (equity, hybrid, solution oriented schemes) at an all-time high at Rs 17,72,049 crore, now forms 48.23 per cent of the total industry AUMs at Rs 36.73 lakh crore.

On the massive outflows from the system, Venkatesh said this was led by the debt category and that was partly due to a section of institutional investors exiting mutual funds at the end of every quarter.