India Asset Management Steady flows continue

Research evidence excerpt

India Asset Management Steady flows continue

12 May 2026

Equities

Diversified Financial Srvcs India Asset Management

Steady flows continue India

◆ E&H inflows (ex-arbitrage) for the industry grew by c4% m-o-m Rahil Shah*

in April’ 26, indicating c14% y-o-y AUM growth through inflows Analyst, India Financials

HSBC Securities and Capital Markets (India) Private Limited

rahil.shah@hsbc.co.in

◆ Sequential moderation was seen in SIP contributing accounts +91 22 6628 3719

and gross SIP flows, possibly impacted due to market volatility Abhishek Murarka*

Senior Analyst, India Financials

◆ NAM outperformed peers in April 2026; Sustained pressure HSBC Securities and Capital Markets (India) Private Limited abhishek.murarka@hsbc.co.in

on equity markets can increase growth risks for the sector +91 73049 07567

Gaurav Sharma*

Net flows remained steady: Total AAUM for the industry grew by c18% y-o-y and 3% Analyst, India Financials

m-o-m in Apr’26 (vs 19% y-o-y in Mar’26). AAUM growth for E&H funds grew by c19% y- gaurav11.sharma@hsbc.co.in

o-y (similar to Mar’26 levels). Net flows in E&H funds (ex-arbitrage) grew by 3.6% m-o-m +91 22 2268 2011

growth driven by uptick in hybrid funds. Equity flows declined by 5% m-o-m, impacted by

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

the lower number of new fund offers. Overall, the E&H flows suggest c13-14% y-o-y not registered/ qualified pursuant to FINRA regulations

annualised growth in E&H AUM (ex-arbitrage) through flows, compared to c13% in FY26.

Flow behaviour in E&H AUM (ex-arbitrage) remained largely similar to FY26 with higher

traction in flexi cap, mid cap and small cap funds. Net flows in passive funds moderated

sharply in April’26 (down 35% m-o-m), impacted by normalisation of flows in gold ETFs.