Account additions in equity mutual funds zoom

The April-Sept period witnessed the opening of 5 mn new equity accounts, taking the overall tally to 45.8 mn

Equity mutual funds (MFs) have added 27,000 new accounts a day in the first six months of 2017-18. This is the fastest pace of account addition in the equity segment since 2008.

The April-September period witnessed the opening of five million new equity accounts, taking the overall tally to 45.8 million. The period saw nearly three million additions of systematic investment plan (SIP) accounts.

Akin to recurring bank deposits, SIPs are a tool used to invest a fixed amount every month or a quarter in a mutual fund scheme.

"It's a clear reflection of increasing penetration and popularity of mutual funds. I think