India’s top 25 distributors of regular plans account for 35% of the total monthly SIP inflows, shows the MFDex data. Of the total monthly SIP of Rs.8023 crore, these distributors brought in monthly SIP inflows of Rs.2792 crore in January 2021.
NJ India is the largest distributors of SIPs in India. The national distributors accounted for 21 lakh SIP accounts amounting to Rs.567 crore per month.
Husaini Kanchwala, Product Head - Mutual Funds, NJ India attributes this to consistent efforts of their distributors to promote SIPs and their higher conviction in SIP story. “We have been selling SIPs since 2006. Very few distributors used to distribute SIPs during those days. From the beginning, we focused on goal based selling through SIPs. We strongly believe that SIP book brings in stability to the MFD business. If an MFD has built a SIP book of Rs.50 lakh a month, he will grow his business irrespective of market movement,” he said.
State Bank of India and ICICI Securities followed NJ India in the second and third position. While SBI contributed monthly SIP book of close to 22 lakh totaling Rs.391 crore, ICICI Securities has 55.95 lakh active SIP accounts with monthly inflows of Rs.266 crore.
Among the top ten distributors of regular plans are ICICI Bank, HDFC Bank, Prudent Advisory, Axis Bank, Kotak Mahindra Bank, HDFC Securities and Citibank NA.
Interestingly, Sapient Wealth is the only distribution firm run by individual MFDs in the list of top 25 SIP distributors of regular plans. The distribution firm has monthly SIP book of Rs.29 crore and is ahead of some of the large national distributors.
Pallav Bagaria of Sapient Wealth attributes this achievement to the team work. “All of us work together for the growth of our distribution company. We learn from each other and savea lot of time and energy spent on not so important things. We have utilised this time in acquiring new clients and getting more business from existing clients.”
Overall, the MF industry has received close to 29 lakh monthly SIPs through direct plans amounting to Rs.1004 crore. Among distributors of direct plan, Groww tops the list with monthly SIP book of close to 9 lakh accounts and monthly SIP contribution of Rs.99 crore.
Paytm Money and ET Money followed Groww with monthly SIP contribution of Rs. 76 and Rs.70 crore, respectively.
All in all, India’s top 30 distributors accounted for 50% of the total monthly contribution through SIPs. These distributors contributed Rs.4089 crore in monthly SIP book of the MF Industry.
India’s Top 30 SIP Distributors
|
Distributor |
SIP count |
SIP amount |
|
Direct Plan |
2880180 |
1004 |
|
NJ India |
2096108 |
567 |
|
State Bank of India |
2186994 |
391 |
|
ICICI Securities |
594611 |
266 |
|
ICICI Bank |
598261 |
218 |
|
HDFC Bank |
623407 |
215 |
|
Prudent Corporate Advisory |
824786 |
202 |
|
Axis Bank |
594696 |
197 |
|
Kotak Mahindra Bank |
312806 |
122 |
|
Groww |
889582 |
99 |
|
HDFC Securities |
429365 |
87 |
|
Citibank NA |
29507 |
79 |
|
Patym Money |
493837 |
76 |
|
ETMoney |
373335 |
70 |
|
Geojit Financial |
203826 |
54 |
|
Kuvera |
131082 |
48 |
|
Frontline Securities |
214 |
43 |
|
Karvy Stock Broking |
189062 |
41 |
|
HSBC |
19269 |
38 |
|
Sharekhan |
162033 |
33 |
|
Standard Chartered |
13984 |
31 |
|
Motilal Oswal Financial Services |
103123 |
29 |
|
Sapient Wealth |
27267 |
29 |
|
Bajaj Capital |
90158 |
28 |
|
Axis Securities |
106434 |
25 |
|
Anand Rathi Wealth |
11724 |
24 |
|
IIFL Wealth |
4714 |
21 |
|
Union Bank |
95481 |
20 |
|
IIFL Securities |
153532 |
17 |
|
Aditya Birla Finance |
64022 |
15 |
|
Total |
14303400 |
4089 |
|
Distributor total |
9535384 |
2792 |
|
Direct total |
4768016 |
1297 |
