The industry added its highest number of distributors in FY27 so far in July, with 1,226 individual and 181 non-individual distributors joining the ecosystem
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India’s portfolio management services (PMS) industry continued to expand in July, with assets under management (AUM) rising 2 percent month-on-month to approximately ₹44.11 lakh crore, according to the July 2026 PMS Industry Compendium released by the Association of Portfolio Managers in India (APMI).
The PMS client base grew 1.3 per cent during the month to approximately 2.23 lakh accounts. On a year-on-year basis, both AUM and the client base grew about 11 per cent. Since the start of FY27, AUM has risen 4.3 per cent, while the client base has expanded 5.2 per cent.
Distributor additions
The industry added its highest number of distributors in FY27 so far in July, with 1,226 individual and 181 non-individual distributors joining the ecosystem.
“The PMS industry has reached a scale where its next phase must be defined by greater and wider investor participation, coupled with greater ease of investing,” APMI Chairman Vikas Khemani said.
The number of SEBI-registered portfolio managers also reached 534, the compendium said.
Capital flows also strengthened, with total PMS net inflows rising to ₹4.66 lakh crore in July from ₹3.55 lakh crore in June. Discretionary services accounted for the bulk of the inflows at ₹4.62 lakh crore, while non-discretionary services recorded net inflows of ₹3,797 crore.
The discretionary segment accounted for 84.7 per cent of total AUM and 95.5 per cent of the client base. Among service categories, co-investment recorded the highest monthly AUM growth at 10.2 per cent, followed by advisory at 3 percent, non-discretionary at 2.9 per cent and discretionary at 1.8 per cent.
Domestic investors remained the core of the industry, accounting for 91 percent of the client base and 95 per cent of total AUM. Plain debt remained the largest asset class, accounting for 83 per cent of the PMS book.
Published on August 21, 2026
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