SEBI has granted approval to Helios Mutual Fund, announces Samir Arora

Helios Capital founder Samir Arora on Thursday said Securities and Exchange Board of India (Sebi) has granted approval to Helios Mutual Fund.

"I am very happy to announce that SEBI has granted approval to Helios Mutual Fund. We need your wishes and support to make this new venture a success," said Arora on X platform.

Investors are betting big on systematic investment plans or SIP to generate long-term wealth with the monthly flow in the mutual fund industry through the route reaching an all-time high of Rs 15,245 crore in July.

Good wishes poured in on the social media platform X after Arora's announcement. 

"Congratulations Samir Sir - Retail investors can finally get into business with Helios Capital," said an X user. 

The record high SIP numbers came despite the equity mutual funds registering a 12 per cent month-on-month decline in inflow to Rs 7,626 crore in July, data with the Association of Mutual Funds in India (Amfi) showed on August 9. "The surge in retail investors' interest in mutual funds has translated into impressive inflow across scheme categories. The star performer this month has been SIP, with an impressive over 33 lakh new SIP accounts registered and a record Rs 15,215 crore of monthly contribution," Amfi CEO N S Venkatesh said.

The monthly SIP contribution in July was way higher than Rs 14,734 crore inflow seen in June and Rs 14,749 crore in May, which was the previous high.  

Interestingly, the inflows through SIPs have been above Rs 13,000 crore since October 2022. With this, the total inflow has reached nearly Rs 58,500 crore in the first four months (April-July) of the current fiscal. This came following an inflow of over Rs 1.56 lakh crore in the preceding financial year (2022-23).