Whalesbook
Portfolio Management Services (PMS) saw a dramatic 92% drop in net inflows in September 2025, falling to ₹1,139 crore from ₹14,789 crore in August. This occurred despite PMS Assets Under Management (AUM) reaching an all-time high, indicating that the growth was largely due to market gains, not new investor money. High Net Worth Individuals (HNIs) showed caution, leading to the biggest discretionary PMS outflow of FY26.