• Retail flows: Record SIP inflows support the view that Indian retail investors are becoming more sensible, which Feroze attributed partly to investor education spending of more than $1 billion since 2013. Equity active and passive net flows were described as greater than the SIP figure, with lumpsum flows also healthy.
• Liquid funds: The ₹95,000 crore outflow in September was called predictable: corporates typically withdraw cash from liquid funds at quarter-ends, especially in March and September.
• Gold ETF timing: Feroze said investors have often bought gold after prices rose and sold when prices were lower: April 2024 saw a ₹400 crore outflow when gold was ₹66,000 per 10 grams, while January 2026 saw a ₹24,000 crore inflow at an average price of ₹1,70,000 or ₹1,80,000. He said January buyers had still lost about 10-15%, and cautioned against reading much into gold ETF purchases.
• SIP outlook: He expects SIP inflows to keep rising despite further market consolidation, projecting ₹45,000 to ₹55,000 crore by September '28, with ₹49-50,000 crore a reasonable estimate. He noted that the Nifty was flat from October 2021 to October 2023 while SIPs rose 80%.