Increase in investor awareness and confidence in mutual funds have contributed to a 92% rise in registrations of new Systematic Investment Plan in the last financial year, a top official of CAMS Asset Management Services said.

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A Systematic Investment Plan allows customers to invest in mutual funds, creating wealth over a long period of time.

"Retail investors took to SIP route as the preferred option, leading to 1.15 crore new SIP registrations in FY2018, nearly 92% increase over the previous year," city-based CAMS Asset Management Services, Deputy CEO, Anuj Kumar, said.

"During the last three years, the Mutual Fund SIP growth has been noteworthy," he said in an interaction.

Elaborating, Kumar said monthly SIPs contribution doubled to over Rs 7,000 crore in March 2018 as against Rs 3,000 crore registered in April 2017.

"We also saw a healthy pick-up in the ticket size from about Rs 3,546 two years ago to Rs 3,850 (currently)," he said.

The contribution to SIP from Tier II to III cities was about 45%,offering a huge market opportunity, he said.

About the reasons for the rise in SIP registrations, the CAMS deputy CEO attributed it to the increasing investor awareness and confidence in mutual funds.

"The mutual funds (industry), Association of Mutual Fund India and the intermediaries have all contributed to build the awareness. SIP is a superior way to get the best returns from the volatile equity asset class," he said.

On initiatives taken by CAMS Asset Management Service to educate new customers about SIP, he said the company promotes the basics of SIP through short video presentations in social media platforms.

"CAMS has supported several new product innovations around SIP with the technology build and service design. Step- UP SIP, Top-UP SIP, multiple SIPs with single payment instruction are some of the initiatives serviced by CAMS," he said.

He said the company has added nearly 45 lakh new SIP registrations in the past six months, up from 38 lakh clocked during the same period of the previous year.

To a query on areas that offer growth, Kumar said the company would leverage 'technology', 'innovations in financial technology' and through payments and settlements.

"CAMS has been investing ahead of business needs with the promise that availability and access will lead to growth. We have a presence in 280 locations and continue to expand our footprint," he said.

CAMS recently launched 'digiSIP', a Mutual Fund SIP with speed, convenience and offering digital experience.

Referring to it, Kumar said, the company launched digiSIP on its website www.Camsonline.Com through which SIPs can be set up via the digital mode in seven days significantly reducing the lead time by 30 days.

Distributors can set up 'digiSIP' in just four steps for their clients while existing investors can use pre-filled date and complete the SIPs in just a "few clicks", he said.

CAMS digiSIP is designed to bring a transformation change to conventional way the SIP has been set up and processed, he added.