Equity mutual fund inflows declined 9% to ₹30,421 crore in September after weeks of volatility and rotating sentiment. However systematic SIP inflows continue hitting new peaks, indicating that retail participation remains structurally firm even in risk-off periods. AMCs say flows are now far more diversified by age cohort and tier-2 cities than during the 2022-23 bull phase. Historically this SIP stability has provided drawdown cushion in local markets and kept redemption risk lower, reinforcing India’s retail investor depth as a long-term competitive capital pool advantage globally.