New accounts opened by systematic investment plan (SIP) investors moderated in June as 12-month rolling returns turned negative for the first time in two years. Even the discontinuity in SIPs rose.

New SIP registration stood at 1.79 million, compared with nearly 2 million seen in May, reveals the data by the Association of Mutual Funds in India (Amfi).

Since June 2021, new SIP registration has always been upwards of 2 million each month.

“This is the cautiousness which has come to the SIP account holder. In the past three months, the market was highly volatile, showing some downward trend. Unsurprisingly, SIP investors turned careful. We would suggest SIP investors not to time the market and continue to focus on goal-based investment,” says N S Venkatesh, chief executive, Amfi.

SIPs discontinued or whose tenure got over also rose to 1.14 million — the highest since January.