Asset management, wealth, broking & exchanges.

Asset management, wealth, broking & exchanges is India's capital-markets services industry: the fee-earning layer built on top of ₹72 lakh crore of mutual-fund assets, ₹480 lakh crore of listed equity, ₹12 lakh crore of managed wealth and roughly ₹4,000 lakh crore of annual exchange turnover, rather than those stocks and flows themselves. It generated an estimated ₹1.2 lakh crore of GVA (0.4% of national GVA) on a ₹1.4 lakh crore fee pool in FY26, with exchanges and depositories, though the smallest by headcount, earning roughly a third of industry profit. Growth has compounded at about 13% a year since FY05 (accelerating to 17% after FY15) on the financialisation of household savings — SIPs, demat account growth and rising mutual-fund penetration (21% of GDP, versus 130% in the US) — though broking revenue is cyclical and fell in FY26 for the first time in six years after the FY25 derivative curbs cut retail options volumes about 40%. The base case projects GVA of ₹2.0 lakh crore by FY30 and ₹3.6 lakh crore by FY35 as mutual-fund AUM rises toward 24-28% of GDP and fee rates continue to compress, with the main risks being regulatory: fee caps, TER cuts, F&O restrictions and the pricing of the NSE's near-monopoly.

Estimated industry GVA

1.2 ₹ lakh crore · FY26

Fee pool

1.4 ₹ lakh crore · FY26

Profit pool

0.55 ₹ lakh crore · FY26

Mutual-fund AUM

72 ₹ lakh crore · FY26

Mutual-fund AUM as % of GDP

21 % · FY26

Managed wealth

12 ₹ lakh crore · FY26

PMS assets

8 ₹ lakh crore · FY26

AIF committed capital

14 ₹ lakh crore · FY26