APMI 3rd Annual Conference 2026 brings industry together to discuss the future of India`s PMS landscape
The Association of Portfolio Managers in India (APMI), the industry body representing Portfolio Management Services (PMS) companies in India, hosted its 3rd Annual Conference 2026 in Mumbai, bringing together the regulator, portfolio managers and industry stakeholders to discuss the evolving PMS landscape and opportunities for the industry. Mr. Tuhin Kanta Pandey, Chairman, SEBI, was the Chief Guest at the conference.
Themed ‘The future of India’s PMS landscape’, the conference followed approval of a new regulatory framework for portfolio managers on September 24, 2026. The framework introduces the Portfolio Managers Route for Investing in Mutual Fund Units (PRIM), allowing portfolio managers to offer direct mutual fund plans, ETFs, index funds and SIFs with a minimum investment of ?25 lakh.
Against this backdrop, the conference featured discussions on digital infrastructure and how portfolio managers can respond to changing investor expectations and build capabilities for the next phase of growth. These initiatives are designed to provide portfolio managers with relevant services, resources and platforms while supporting the continued development of the PMS ecosystem.
The APMI Single Registration Framework (SRF) was launched to introduce a single, industry level registration framework for PMS distributors, making the PMS Distribution ecosystem more efficient, transparent and scalable. The event also marked the launch of several other APMI initiatives, including APMI AML Services, APMI Vista, APMI Advantage and the revamped APMI website.
Addressing the conference, Tuhin Kanta Pandey, Chairman, SEBI, said, “The PMS industry has changed considerably. Excluding PF and EPFO assets, the AUM of portfolio managers have grown to about Rs 9.2 lakh crore by August 2026 from around 1.4 lakh crore at the end of FY16. The number of registered portfolio managers has also increased significantly from around 200 a decade ago to 530 today, while discretionary PMS clients have grown nearly five-fold from 46,000 to around 2.2 lakh. As an industry matures, regulation too must mature. It must also enable innovation, remove unnecessary friction and make compliance easier without compromising investor protection. The new PMS framework has four broad objectives: development of the PMS industry, ease of compliance, consolidation and simplification of the regulatory framework, and removal of redundant provisions.”
Vikas Khemani, Chairman, APMI, said, “This year's event comes after a defining moment. SEBI has recently overhauled PMS regulations; this forward-looking move enables wider expansion of product offerings and allows greater sophistication in investment style. As our nation’s prosperity rises, the wealth creation needs of our clients are rapidly evolving. They demand customisation and sophistication; above all, they demand transparency and accountability. As we look ahead, our collective mandate is very clear. We must deepen investor awareness, strengthen distribution, aggressively adopt technology and push the boundaries of governance. Our distribution registration portal has made registration easy and digital, with 23,000 distributors already engaged with us. We want to adopt international best practices while crafting solutions built specifically for Indian reality.”
Sandeep Jethwani, Vice Chairman, APMI, said, “The PMS industry is entering an important phase of growth, with the new regulatory framework creating opportunities for greater product innovation and wider participation. Technology will play an increasingly important role in improving investor experience, operational efficiency and transparency. As the industry evolves, building investor trust through transparency, strong governance and greater awareness will remain critical. APMI will continue to work with the industry and other stakeholders to strengthen the PMS ecosystem and support its sustainable growth.”
The event also featured ‘Mumbai Speaks’, a discussion that brought together industry voices to examine the changing investment landscape, evolving investor expectations and the opportunities shaping the future of PMS. The session also explored how the industry can balance greater investment flexibility with strong governance, transparency and investor protection.
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