SIP numbers have been robust despite all the ups and downs we saw in the last few months. Even FII outflows haven't been able to scare retail investors. Do you sometimes get surprised by domestic investing behaviour?

Growth is increasingly coming from B-30 cities. What trends are you seeing in terms of broadening the investor base in India?

While gross SIP inflows look spectacular, the SIP stoppage ratio often tells a different story. What is the current healthy equilibrium, and how is AMFI educating investors to avoid stopping SIPs during market dips?

Have there been discussions with SEBI on how this will pan out?

At an industry level, do you have any targets for growth in investor base and AUM for the next five years?

Amid heavy FII outflows, SIPs have acted as a cushion to protect share prices from crashing. Do you think the role of SIPs is being underappreciated in making markets safer, even for direct equity investors?

The earlier narrative was that people were withdrawing bank deposits to invest in mutual funds. Now the narrative is that FIIs are getting an easy exit because of domestic mutual fund buying. Mutual fund industry seems to always be on the receiving end.

What would be your message to a first-time investor whose portfolio might be seeing negative returns for the first time?

Investors now have a plethora of options — active funds, ETFs, passive funds, and now SIFs. With so many ETFs and new fund categories being launched, is this becoming a problem of plenty for small retail investors?

Active mutual funds have been successful in India for a long time. Now we are seeing two new trends — passives (index funds and ETFs) and SIFs. Where do you see these two areas growing?