AMFI’s September 2026 figures imply a SIP stoppage-to-registration ratio of about 78.5%, or 79% rounded: 49.68 lakh SIPs were discontinued or completed their tenure, compared with 63.26 lakh new registrations. That is lower than the roughly 81.1% implied by August’s counts, extending the monthly decline to five consecutive months. The ratio compares totals recorded in the same month; it does not mean that 79% of September’s new SIPs were cancelled.
What happened in September 2026?
The Association of Mutual Funds in India (AMFI) reported 63.26 lakh new SIP registrations and 49.68 lakh SIPs discontinued or with tenure completed during September 2026. Because registrations exceeded cessations by 13.58 lakh, more SIPs were registered than ceased during the month.
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| September 2026 measure | AMFI figure | What it represents |
|---|---|---|
| New SIP registrations | 63.26 lakh | SIPs registered during the month |
| SIPs discontinued or tenure completed | 49.68 lakh | Combined monthly count of discontinued SIPs and completed tenures |
| Stoppage-to-registration ratio | About 78.5%; 79% rounded | 49.68 lakh divided by 63.26 lakh, multiplied by 100; calculated from AMFI’s counts, not published by AMFI as a ratio |
| SIP contributions | ₹32,490 crore | Aggregate contributions recorded for September |
| Contributing SIP accounts | 1,006.47 lakh | Accounts contributing during September; about 10.06 crore when rounded |
AMFI describes a SIP as a way to invest a fixed amount in a mutual-fund scheme at fixed intervals, such as monthly, rather than investing a lump sum. Its monthly data page provides the underlying September counts and contribution and account figures: AMFI’s monthly mutual-fund and SIP data.
What does the SIP stoppage ratio measure?
For this comparison, the ratio is the number of SIPs discontinued or completing tenure in a calendar month divided by the number of SIPs newly registered in that same month. It offers a way to compare two monthly industry totals. It is not a matched-cohort cancellation rate: the aggregate data do not show whether a SIP ceasing in September began in September or in an earlier month.
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AMFI’s numerator combines discontinued SIPs with SIPs whose tenure was completed. It therefore does not isolate voluntary cancellations, and the published total does not explain why an individual SIP ended. An apparent stoppage may reflect a completed term or another cessation circumstance rather than an investor choosing to cancel.
AMFI says that, under SEBI guidelines, three consecutive failed instalments for daily, weekly, fortnightly and monthly SIP intervals, or two consecutive failed instalments for other intervals, are treated as a SIP having ceased or been discontinued. Those thresholds describe how failed payments are handled; they do not turn the monthly aggregate into an explanation of individual investor decisions.
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How does September compare with recent months?
The Economic Times reported an 81.05% stoppage ratio for August 2026 and described that month as the fourth consecutive decline. AMFI’s August counts—53.82 lakh discontinued or completed SIPs and 66.4 lakh new registrations—imply about 81.1%. Applying the same calculation to September’s AMFI counts gives about 78.5%, below August and consistent with a fifth monthly decline.
| Month | New registrations | Discontinued or tenure completed | Ratio |
|---|---|---|---|
| August 2026 | 66.4 lakh | 53.82 lakh | 81.05% as reported by The Economic Times; about 81.1% from AMFI’s counts |
| September 2026 | 63.26 lakh | 49.68 lakh | About 78.5%, calculated from AMFI’s counts |
The August report also put July’s ratio at 81.87%. The September result continues the direction described in the Economic Times’ August 2026 report; the September percentage itself is a calculation from AMFI’s figures, not an AMFI-published ratio.
For broader historical comparisons, AMFI notes that its historical SIP data includes legacy information revised on 14 May 2025. That matters when interpreting a series spanning the unusually high April 2025 reading: the historical figures include a revision, so the series should not be treated as wholly unmodified data.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do contributions and account totals add?
SIP contributions were ₹32,490 crore in September 2026, compared with ₹32,297 crore in August 2026 and ₹29,361 crore in September 2025, according to AMFI. The reported 1,006.47 lakh contributing SIP accounts equal approximately 10.06 crore when rounded. AMFI chief executive Venkat Chalasani likewise cited 10.06 crore contributing accounts alongside September’s contributions in comments reported by The Economic Times on 12 October 2026.
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These figures give context to the scale of SIP activity, but they do not establish why any particular SIP stopped, whether the same investors contributed more, or whether the lower ratio caused contributions to rise. A SIP is an investment method, not a guarantee of returns; the ratio alone says nothing about future market performance or the merits of a particular fund.
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What the decline does—and does not—say
- It says: In September 2026, registrations outnumbered discontinuations and completed tenures, and the derived cessation-to-registration ratio was lower than August’s.
- It does not say: that 79% of September’s new SIPs were cancelled, because the monthly totals do not match registrations to later outcomes.
- It does not identify: whether a ceased SIP was voluntarily cancelled, reached the end of its tenure, or ended for another reason.
- It does not prove: that investors are more disciplined, that market losses prompted closures, or that a future rise or fall in markets is likely.
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