This is step zero. An emergency fund isn't an investment — it's the insurance that protects your investments from being sold at the worst possible moment because the car broke down.
Tier 1 (1 month): savings account — instantly available at 2 a.m. Tier 2 (the rest): a sweep-in FD or a liquid mutual fund, earning 6–7% and redeemable in a day.
Emergencies cluster with market crashes — layoffs happen in downturns, exactly when equity is down 30%. An emergency fund in stocks is a fund that shrinks precisely when you need it.
Job loss, medical event, urgent home/vehicle repair — yes. Sale on flights, new phone, "great dip to buy" — no. A separate account (not your salary account) keeps it out of temptation's reach.
Once the fund is full, redirect the same monthly amount straight into your SIPs. You've already proven you can save it; now let it compound. Refill the fund first any time you draw it down.