Equity mutual fund inflows in India dipped 9% month-on-month to ₹30,421 crore in September 2025, as investors partially booked profits following strong market gains. Analysts indicate that redemptions rose across large-cap and thematic funds. Many asset management companies temporarily increased cash and debt holdings to preserve liquidity. Despite the moderation, overall participation in SIPs and passive index funds remains steady. Experts view this as a healthy correction rather than a reversal, given rising retail penetration and the broader growth in long-term investment behavior.