More SIPs Stopped Than Started This Year. So Why Did SIP Inflows Hit a Record?

In March and April 2026, India's SIP stoppage ratio crossed 100%, meaning more SIP accounts were discontinued than new ones registered. In those same months, total SIP inflows hit a record high, ₹32,087 crore in March alone. How can both be true? The stoppage ratio counts accounts, not money. A large batch of SIPs from the 2023-24 boom simply completed their tenure this year. Meanwhile, existing large SIPs kept contributing, and new registrations tended to be bigger tickets, keeping total inflows strong even as account count churned. SIP AUM actually hit a record share of total mutual fund industry assets in this same period. So this wasn't investors fleeing in panic. But it's not purely a non-event either. A stoppage ratio this elevated, sustained for months, does suggest real hesitancy alongside the natural tenure endings. $ICICIBANK is a useful reference here, one of the most heavily held stocks across SIP-linked large-cap funds, so this account churn directly touches funds most retail investors already hold. The takeaway. Before reacting to a scary ratio, check whether the money is actually leaving the system or just the account count is shifting.