Vikas Khemani of Carnelian Asset Management has been appointed Chairman of the Association of Portfolio Managers in India (APMI). Along with Vice-Chairman Sandeep Jethwani, the leadership will prioritize transparency and technology to support the growing portfolio management sector, which held Rs 43.3 lakh crore in assets as of June 2026.
The Association of Portfolio Managers in India (APMI) has appointed new leadership to guide the industry body, with Vikas Khemani of Carnelian Asset Management & Advisors taking over as Chairman and Sandeep Jethwani of Dezerv as Vice-Chairman. This change comes as the portfolio management services (PMS) sector in India continues to expand rapidly, with total assets under management (AUM) reaching Rs 43.3 lakh crore by June 2026.
APMI acts as the representative body for SEBI-registered portfolio managers, serving as a bridge between the industry and market regulators. The new leadership team aims to improve operational standards, governance, and transparency for individual investors. For investors, this shift is relevant as the organization plays a direct role in creating best practices and industry standards that individual portfolio managers are expected to follow.
Vikas Khemani, who leads Carnelian Asset Management, and Sandeep Jethwani, co-founder of Dezerv, bring distinct backgrounds to the organization. Khemani’s firm is known for equity-focused strategies, while Dezerv operates with a strong digital-first model for portfolio management. Their appointments suggest a focus on integrating technology to make PMS more accessible and transparent for the growing number of high-net-worth investors.
The PMS sector has seen significant growth in recent years, with the number of SEBI-registered portfolio managers more than doubling since 2020. This rapid expansion brings challenges, such as the need for standardized reporting and clear investor communication. Investors often rely on APMI standards to understand the risks associated with different investment strategies and to ensure that portfolio managers follow regulatory requirements.
While APMI itself does not manage funds or carry direct stock market risk, the policies it advocates for have a direct impact on how portfolio managers operate. A focus on technology and governance, as pledged by the new team, could lead to better digital reporting tools and clearer disclosure norms for clients in the future.
The primary focus for investors to track moving forward will be any new regulatory guidelines or industry standards introduced by the APMI board. These updates often influence how portfolio managers report performance data and communicate strategy changes, which are important factors for individuals assessing the quality of their portfolio management services.