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Share price of AMC companies today
Share price of asset management companies (AMCs) like HDFC Asset Management Company, Nippon Life India Asset Management (NAM India), Aditya Birla Sun Life AMC and UTI Asset Management Company rallied up to 7 per cent on the BSE in Thursday’s intra-day trade in an otherwise weak market. In comparison, the BSE Sensex was down 0.15 per cent at 84,436 at 09:30 AM.
Shares of NAM India surged 7 per cent to ₹925.95, while, HDFC AMC (₹2,674.95) and UTI AMC (₹1,165.45) soared 5 per cent each and Aditya Birla Sun Life AMC 4 per cent at ₹801 on the BSE.
Why are AMCs in focus on Thursday?
The Securities and Exchange Board of India (Sebi) on Wednesday overhauled the cost framework for the domestic mutual fund (MF) industry, introducing a simplified structure aimed at improving transparency for investors while balancing the impact on asset managers.
The Sebi has revised the MF regulations largely w.r.t. expense ratios and other measures to bring in more transparency. The regulator has scrapped a provision that allowed AMCs to charge an additional 5 basis points which was a transitory measure to offset exit load impact; reduction in the cap on brokerage and transaction costs, with net cash market brokerage falling from 8.59 to 6 bps and derivative transactions from 3.89 to 2 bps; statutory levies like securities transaction tax (STT), CTT, GST, and stamp duty to be excluded from the total expense ratio (TER) limits which shall now be called Base expense ratio (BER) and base expense ratio caps have been broadly reduced by ~10 bps. The proposals will be notified in this fiscal, and will come into effect from April 1, 2026.
Brokerages view on AMCs
At net level, there is likely to be some low to mid single digit impact on yields AMCs earn while some part of it is likely to be passed on to distributors. Removal of additional 5 bps shall adversely impact yields while lower net brokerage cost from 8.59 bps to 6 bps should reduce part of impact. This was proposed at 2 bps in draft which Sebi noted was not feasible as research and brokerage services are bundled. Further, BER has been reduced while statutory levies and brokerage cost to be separately charged shall reduce major part of the impact, ICICI Securities said in a note.
Analysts at JM Financial Institutional Securities believe that while making the charges more transparent for customers, the approved changes also protect the mutual fund ecosystem, which has generated wealth for retail customers and enhanced financial inclusion. The separation of levies while changing the TER structure should counter the impact from removal of exit load, while the cut in brokerages is much lower than initially proposed. Analysts expect the impact on AMCs, distributors and brokers to be very marginal. AMC and wealth management stocks had seen a negative reaction following the draft regulations on October 28, 2025. Given that the final regulations are considerate towards the mutual funds and the brokerages working with them, the brokerage firm expects a positive response from markets.
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