MFs see 8.5 mn new millennial investors in FY19-FY23 on awareness campaign
Mutual fund industry witnessed an influx of 84.8 lakh new millennial investors in the last five financial years (FY19- FY23), cornering 54 per cent share of the new investor base, on the back of massive awareness campaigns, conducive market conditions and digital access, according to a report by CAMS.
Apart from these factors, simplified KYC and concerted intermediation and advisory too encouraged new millennials to invest in mutual funds.
Overall, 1.57 crore new investors joined the industry between 2018-19 and 2022-23, as per the report released by mutual fund transfer agency Computer Age Management Services (CAMS) on Thursday pointed out.
According to the report, millennials have been the dominant segment among the new investors who entered mutual funds in the last five years with their share percentage peaking to 57 per cent in FY20.
"Despite the market volatility and uncertainty through FY23, investors' confidence to enter mutual funds remained sound and millennials continued