You have not grasped the basic concept of SIP. The idea is to average your price over a business cycle, in stead of trying to time the market. People who advised you to invest in equity or equity related MF, perhaps forgot to tell you that you should be in it for long, i.e. be an investor, not a specualtor. So trying to judge the performance of the SIP over one year is rather naive. One business cycle in India should be at least 4.5 years, and that is a reasonable time frame to evaluate equity investments, and more so an SIP.
