India | Brokers, Asset Mgrs & Exchanges Equity Research MF May-26: Lump-sum Flows Fall, While SIPs Remain Steady In May'26, net equity flows (ex arb & NFOs) declined to Rs289bn (0.7% of op AUM vs 1.4% in Apr), lowest in 12 months. While SIP flows were up 16% y-y (flat m-m) to Rs310bn, lump-sum flows turned negative, likely indicating profit-booking post the Apr'26 market rebound. New SIP registrations (5.4mn) outpaced closures (5.2mn), while contributing a/cs remained stable. Equity NFOs remained muted at R ...