SEBI regulatory changes impacting yields
Removal of 5bps exit load will impact equity-oriented AUM; TRS slab revision affects larger schemes; brokerage reduced to 6bps from 12bps (average was ~8.5bps).
NAMINDIA / Q3-FY26 / risks
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Nippon Life India Asset Management · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Flexi cap and small cap market share pressure
Flexi cap category has seen strong flows from other players; NAM-INDIA was a late starter with their fund in 2021. Small cap fund continues to not accept lumpsum flows due to stretched valuations; net sales positive but directionally inflows declining.
SIP flow growth could plateau
Management acknowledged that if investors see negative or no growth in portfolios over 2-3 years, SIP flow growth can slow (though not go negative). Thematic/sectoral schemes have seen slowdown correlation.
ETF yield mix shift with gold/silver growth
Gold and silver ETF AUM growing rapidly (combined crossed INR 1 trillion). While gold yields ~60bps and silver ~30bps, the overall blended ETF yield is ~20bps, which is lower than equity yields of ~53bps. Growing gold/silver proportion could pressure blended yields.