24 Nov 2025 | 5 Mins Read
PMS outflows plummet in FY26 as HNIs turn cautious
Flipitmoney
The PMS industry saw a 92% month-on-month net inflow decline in September 2025 to ₹1,139 crore, a sharp reversal from ₹14,789 crore in August. Discretionary PMS saw the sharpest deterioration, with inflows falling to ₹19,290 crore and significant redemptions. Total AUM reached ₹36.28 lakh crore, driven largely by rising stock prices rather than new HNI money.