New Delhi, Aug. 20 -- Anyone who has seen the Ganga in the upper reaches of the Himalayas- especially its Bhagirathi portion on its way from Gangotri to Devprayag-and then its more expansive but slower flow in the lower Gangetic plains might struggle to believe that it is the same river. What starts as a sparkling gush of pristine water turns brown as it meanders its way to the sea.

Something similar is happening with domestic flows. The 'Gangotri' (or origin) of capital flows in India in recent years has been the humble but pure Systematic Investment Plan (SIP)-a simple yet powerful means of investment by which savers buy mutual fund units at predetermined intervals, such as every month or even week, so as to maintain the discipline of ...