The Association of Portfolio Managers in India saw a 36% rise in members by May 2026. While fee income fell by 10%, the organization maintains a strong financial position with accumulated reserves of nearly ₹13 crore. Investors should note these figures as APMI continues to tighten compliance and cybersecurity standards for the PMS industry.
Detailed Coverage
The Association of Portfolio Managers in India (APMI) reported a significant expansion in its reach, with total membership climbing to 388 by May 2026, up 36% from 285 in March 2025. This growth reflects an increasing number of entities registering within the Portfolio Management Services (PMS) space, an industry that remains under close oversight by the Securities and Exchange Board of India (SEBI).
Financial Performance and Operational Costs
Despite the growth in members, the association’s annual report for the fiscal year ended March 31, 2026, revealed a 10% decline in total fee income, which stood at ₹6.15 crore. The primary income drivers included portfolio manager fees at ₹4.41 crore and distributor registration fees at ₹1.47 crore. To diversify income, APMI introduced new revenue streams, including system usage fees of ₹25.6 lakh and API charges of ₹1.4 lakh.
While income saw a slight dip, expenditures grew by 64% to ₹3.37 crore during the year. This rise in spending was largely attributed to higher employee-related costs and an increase in events aimed at industry coordination. Nevertheless, APMI managed to record a surplus of ₹2.98 crore for FY26. The organization’s financial health appears stable, with total accumulated reserves reaching ₹12.92 crore. A significant portion of these funds is held in mutual fund investments, which rose to ₹12.66 crore, reflecting a conservative approach to managing the association's liquidity.
Compliance and Industry Standards
APMI has been actively working to align the PMS sector with SEBI's evolving regulatory framework. A key focus for the past year was cybersecurity, where the association collaborated with Elytra Security Private Limited. This partnership resulted in the creation of fourteen standardized policy templates designed to meet SEBI's Cyber Resilience Framework requirements. These templates provide a benchmark for portfolio managers, helping them navigate complex data protection and security obligations.
Additionally, the association expanded its educational reach by partnering with the National Institute of Securities Markets (NISM) to launch three specialized learning modules. These modules are tailored for professionals working in PMS sales, operations, and cybersecurity. APMI also played a role in standardizing internal processes, including procedures for handling death-related cases and onboarding new clients. The next important event for the association is the upcoming Annual General Meeting in July 2026, where five seats on the board of directors are set to be contested, marking a transition in leadership and organizational oversight.