According to a press release by Association of Portfolio Managers in India (APMI), the number of FPI Portfolio Management Services (PMS) clients marked a 6.5% MoM decline in April 2026. The number of FPI clients also saw a 7.7% YoY decline. FPI assets in PMS also marked a 13.7% YoY decline.
Domestic Cushion
Further, the total PMS client base reduced by 3,738 in April 2026. The total PMS client base stands at 2.12 lakh, marking a 9.2% YoY increase. 95.7% of the total clients are invested in discretionary mode where the fund manager has full autonomy to take investment and trading decisions. Domestic investors account for 91% of the client base and 95% of the total PMS AUM.
The non-EPFO PMS assets stood at Rs 10.48 lakh crore in April 2026. On a YoY basis, the non-EPFO AUM has increased by 17%.
Distribution Boom
The number of portfolio managers in India marked an increase from 495 to 517 in FY26. Portfolio manager count has grown 2x in the last six years from 255 in FY20. Similarly, the number of individual PMS distributors also saw a 2x increase from 9,219 to 18,191 during the course of FY26. April also saw 713 new individual distributor registrations.