The mutual fund industry has added 8,189 new distributors in the first six months of FY2017-18. As a result, the total number of individual ARN holders has increased to 77,525 as on September 2017, shows AMFI data.
Experts say that growing popularity of mutual funds has attracted many people to take up mutual fund distribution as a profession.
Suresh Soni, CEO, DHFL Pramerica Mutual Fund says that increased awareness of mutual funds has encouraged people to become mutual fund distributors. “The increase in the number of distributors is encouraging as it will help increase the reach of mutual funds. However, we have a long way to go as the industry needs many more individuals to take up mutual fund distribution to grow.”
Seconding Suresh Soni, Vishal Kapoor, CEO, IDFC Mutual Fund says that the good performance of mutual funds has attracted many people to become MF distributors. “Healthy performance of equity funds has generated interest among investors. This has created demand for the product among people. Secondly, new individuals are entering this profession as they have seen existing distributors benefitting from mutual fund distribution. In my view, the trend is likely to continue in the future,” says Vishal.
If we include EUINs holders, the industry has added 25,000 new distributors. Overall, the industry has 2.07 lakh ARN and EUIN holders as on September 2017.
