At first glance, the numbers appear contradictory. More investors are stopping their mutual fund SIPs than starting new ones, yet monthly SIP inflows are touching record highs. In March 2026, the SIP stoppage ratio crossed 100%, meaning the number of SIP accounts discontinued or completed exceeded fresh registrations, for the first time in recent memory. But in the same month, SIP inflows hit an all-time high of Rs 32,087 crore. The trend continued in April. Inflows remained above Rs 31,000 crore even as the stoppage ratio stayed above 100%. The data raises an obvious question: if more SIPs are being closed than opened, who is driving these record numbers?