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SBI Funds Management

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GMP* · 8-Jul 11:55
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GMP Trend*

Daily grey market premium (₹). Unofficial.

06 Jul 202607 Jul 2026
Latest GMP: — 2 sessions

Subscription (times)

Latest per-category subscription.

QIB 0.07x
BHNI 1.25x
SHNI 1.36x
RII 0.59x
Employee 0.99x
Total 0.60x

About SBI Funds Management

The company was incorporated in 1992 and received SEBI's approval to act as the asset management to SBI Mutual Fund in 1993. The company became a joint venture in 2004 when Societe General Asset Management S.A. acquired a 37% stake. The company's promoters are State Bank of India, Amundi India Holding and Amundi Asset Management, creating a unique competitive advantage that distinguishes it from both standalone domestic asset managers and other bank-affiliated AMCs in India. The company serves a large unique investor base of 16.05 million as of December 31, 2025 in its mutual fund business and manages a diversified portfolio of 126 mutual fund schemes across equity and equity-oriented, debt, arbitrage, ETFs, index and overseas fund-of-funds, and liquid and overnight schemes.

www.sbifunds.com/investor-relations ↗

Strengths

  • Largest Asset Management Company in India
    The company is India's largest AMC by mutual fund QAAUM as of December 31, 2025, with a market share of 15.4% and lowest operating expense ratio of 0.08% among top 10 AMCs.
  • Leading Institutional Asset Management Platform
    The company operates India's largest PMS platform with 39.0% market share and largest SIF platform with 61.0% market share as of December 31, 2025.
  • Market-Leading SIP Franchise
    The company holds 16.09% market share by live SIP count with 15.76 million live SIPs, demonstrating strong investor stickiness and retention.
  • Dual Parentage Advantage
    The company benefits from SBI's domestic franchise with 96+ million YONO users and Amundi's global expertise managing €2.4 trillion in assets globally.
  • Strong Investment Team and Capabilities
    The company has 70 investment professionals with average tenure of 8.94 years and covers over 400 companies representing 80% of BSE 500 by market cap.
  • Pan-India Multi-Channel Distribution
    The company maintains 130,296 MFDs including 120,748 IFAs and reaches 97.87% of India's pin codes with strong B-30 penetration of 23.16% of total MAAUM.
  • Robust Technology Infrastructure
    The company processes 1.12 million transactions monthly with 94.29% digital execution rate and InvesTap app with 3.78 million registered users.
  • Strong Financial Performance
    The company achieved revenue CAGR of 29.01% from ₹21,615.86 million in Fiscal 2023 to ₹35,977.57 million in Fiscal 2025 with profit after tax CAGR of 37.70%.

Risk Factors

  • Dependence on QAAUM and Management Fee Revenue
    The company's revenue is primarily derived from management fees calculated as a percentage of QAAUM, which stood at ₹29,040.26 billion as of December 31, 2025. Any decline in QAAUM due to market volatility, investor redemptions, or shifts in composition from higher-fee to lower-fee products could significantly impact revenues and profitability.
  • Dependence on Indian Capital Markets Performance
    The company's business is significantly dependent on Indian capital market performance, with close correlation between market returns and mutual fund industry growth. Any prolonged market downturns, increased volatility, or loss of investor confidence could result in QAAUM decline, reduced investor confidence, and higher redemptions.
  • Scheme Performance Risk and Investor Redemptions
    Poor performance relative to benchmarks could lead to investor redemptions, particularly from institutional investors. As of December 31, 2025, 11 schemes with ₹1,220.91 billion QAAUM (15.20% of total mutual fund QAAUM) ranked in the bottom quartile based on three-year performance.
  • QAAUM and Revenue Concentration Risk
    The company's top 5 schemes account for 43.41% of total mutual fund QAAUM and top 10 schemes account for 59.95% as of December 31, 2025. Any adverse developments affecting these concentrated schemes could have disproportionate impact on overall assets, revenues, and profitability.
  • Liquidity Risk in Debt and Money Market Schemes
    The company faces liquidity risks in debt schemes with ₹1,766.36 billion QAAUM (14.13% of total). Inability to meet redemption requests due to insufficient liquid assets or inability to sell securities at reasonable prices could result in investor dissatisfaction and regulatory action.
  • Extensive Regulatory Compliance and SEBI Oversight
    The company is subject to extensive SEBI regulations with new SEBI Mutual Funds Regulations 2026 effective April 1, 2026, introducing Base Expense Ratio framework and reduced fee caps. Non-compliance could result in regulatory penalties, suspension of registration, or operational restrictions.
  • Distribution Network Dependence and Channel Risk
    The company relies on extensive distribution network including 130,296 MFDs and SBI's branch network. Any disruption in distribution channels, deterioration in relationships with key distributors, or regulatory changes affecting distributor compensation could adversely affect ability to attract investors.
  • Fee Pressure from Regulatory Changes
    SEBI Mutual Funds Regulations 2026 will reduce management fee income through lower Base Expense Ratio caps and elimination of additional 5 basis points from exit loads. This will require the company to absorb certain expenses previously charged to schemes, reducing profitability.
  • Legal Proceedings and Regulatory Actions
    The company and promoters face various legal proceedings with aggregate amounts of ₹1,485.53 million against the company and ₹1,132,197.25 million against promoters. Adverse outcomes could result in financial liabilities, operational restrictions, and reputational damage.
  • SBI Trademark Dependency and Intellectual Property Risk
    The company does not own the 'SBI' trademark and pays royalty expenses of ₹381.50 million (5.19% of total expenses) for nine months ended December 31, 2025. Termination of trademark license agreement or inability to use SBI brand could significantly affect business prospects and financial performance.

Objects of the Issue

  • Offer for Sale by Selling Shareholders
    The company intends to carry out an Offer for Sale of up to 203,709,239 Equity Shares of face value of ₹1 each by certain Selling Shareholders.
  • Achieve Benefits of Listing
    The company aims to achieve the benefits of listing the Equity Shares

Issue Details

Shares / Lot
26
Bid Qty (min–max)
26 – 0
Refund
20 Jul 2026
Credit to Demat
20 Jul 2026
ISIN
INE640G01020
CIN
U65990MH1992PLC065289
Registered Office
9th Floor and Unit No. 1002, 1003 and 1004 of 10th Floor, Crescenzo, C – 38 & 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
Prospectus ↗

Management

Nand Kishore CEO
Grey Market Premium (GMP) is unofficial, indicative data sourced from grey-market dealers via InvestorGain. It is not published by NSE, BSE, SEBI or the issuer, is highly volatile, and must not be treated as investment advice.