New Delhi, June 15 -- India's favoured 'R' word, resilience, has been written all over the country's retail embrace of equity investment. Data published last week by the Association of Mutual Funds in India (Amfi) shows that in May, equity assets held via mutual funds (MFs) rose 1.1% over April's figure to over Rs.36.1 trillion-thanks to net equity inflows of Rs.22,907 crore.

While this was 40% less than April's net intake, it marked the 63rd month of an unbroken positive run. A heroic role was played by 96.4 million systematic investment plan (SIP) accounts that pumped in Rs.30,954 crore-aimed mostly at stocks-last month, a dip of just 1% from April.

However, while SIP inflows held steady, given their opt-out setting that turns them pa...