Lastly, despite 44.7% YTD decline in equity inflows from the cyclical highs of FY18 (net equity inflows of Rs 2.6tn, +154% YoY), SIP inflows have continued at an average monthly pace of Rs 76bn. Recent market uncertainties (global and local) have hit stock prices. We believe CMPs provide attractive entry points for investors. With a total penetration level of just 11% (equity 4%, debt 7%), we believe that Indias mutual fund industry remains under-penetrated. We expect financialisation of savings to grow at 9.7% CAGR over FY18-30E. This provides Asset Management Cos (AMCs) and investors a structural growth opportunity.