New Delhi, Aug. 29 -- Mutual fund inflows via Systematic Investment Plans (SIPs) reached a towering Rs.31,961 crore in July-marking five consecutive months above the Rs.30,000 crore mark and 65 straight months of net positive equity flows, according to Amfi.

While these record-setting figures are widely celebrated as proof of a deeply ingrained saving culture, a closer examination reveals a troubling trend among smaller investors.

Over the past financial year, the number of accounts contributing between Rs.500 and Rs.1,000 fell by nearly 1.4 million-the first decline in years. Accounts in the sub- Rs.500 category remained flat, while higher-value brackets expanded. The headline numbers continue to set records only because larger contrib...