Signs of India’s retail investors growing wary have begun to emerge, as rising market volatility — fuelled by US President Donald Trump’s shifting stance on reciprocal tariffs — is prompting many to rethink their investments.

Inflows into the equity mutual fund (MF) segment fell for the third straight month in March to ₹25,082.01 crore, the lowest since April 2024, according to data from the Association of Mutual Funds in India (Amfi). Inflows via systematic investment plans (SIPs), although hovering near all-time highs, have reduced marginally for the third straight month. However, market corrections are normal and India’s long-term growth story remains positive. “There will be specific pockets of opportunity, making active wealth management critical,” said Vaibhav Porwal, Co-founder of Dezerv.