Asset management industry trends remain positive. This can be summarized with (1) overall equity inflows (including hybrid) of Rs204bn / Rs1.65trn in Nov’21/ FY22TD, (2) increase in industry SIP from Rs86bn in Apr’21 to Rs110bn in Nov’21 and (3) increase in MF folios from 97.9mn in Mar’21 to 111.7mn in Sep’21. Aggregate flows have also helped AUM growth outperform the broader market indices.