51 lakh SIPs were stopped in April. So why did SIP inflows still hit ₹31,115 crore?

51.29 lakh SIPs were stopped or completed in April 2026, compared to 50.71 lakh new SIPs registered. That pushed the SIP stoppage ratio above 100% for the second month in a row.

But here's what caught my attention:

SIP inflows still reached ₹31,115 crore, one of the highest monthly figures ever recorded. Which suggests the story may be more nuanced than "retail investors are quitting."

A stopped SIP doesn't necessarily mean an investor has exited the market. It can mean SIPs that completed their tenure, SIPs that matured, SIPs that were cancelled.

At the same time, markets have been relatively flat for months, and that's usually when investor patience gets tested the most. Ironically, these are often the periods when SIPs accumulate the most units because prices aren't running away.

The data seems to show two things happening at once more SIP accounts are being stopped or completed. Large amounts of money are still flowing into mutual funds every month.

So the question is are investors losing conviction, or are fewer investors simply investing larger amounts?