NJ India, SBI Bank and Axis Bank are the top three mutual fund distributors who received highest gross commission in FY 2020-21.
AMFI data on commission disclosure shows that NJ IndiaInvest remained the top distributor with highest gross commission of Rs.874 crore; 12% higher than what it earned in FY 2020.
With 30% rise in gross commission income, SBI became the second largest mutual fund distributor in FY 2021. Axis Bank, which was at the second spot in FY 2020, slipped to the third spot as its gross commission income declined 5% to Rs.393 crore.
Next in the list were HDFC Bank, ICICI Securities, Prudent Corporate, ICICI Bank, Kotak Mahindra, CITI Bank and Anand Rathi.
Among top 20 MFDs, Darshan Services, which occupied the 11th spot, was a new entrant to the list. The MFD earned Rs.92 crore in commission in FY 2021 as compared to Rs.17 crore in FY 2020.
Overall, the gross commission earned by the top 20 distributors rose 8% to Rs.3,923 crore. In FY 2020, they received gross commission of Rs.3,619 crore from mutual funds.
These top 20 distributors accounted for 60% of the total gross commission paid to top MFDs.
|
Top 20 FY 2021 |
Top 20 FY 2020 |
||
|
Distributor |
Commission |
Distributor |
Commission |
|
NJ IndiaInvest |
874 |
NJ IndiaInvest |
777 |
|
State Bank of India |
489 |
Axis Bank |
416 |
|
Axis Bank |
393 |
State Bank of India |
375 |
|
HDFC Bank |
344 |
HDFC Bank |
294 |
|
ICICI Securities |
264 |
ICICI Securities |
278 |
|
Prudent Corporate Advisory Services |
263 |
Prudent Corporate Advisory Services |
230 |
|
ICICI Bank |
227 |
ICICI Bank |
186 |
|
Kotak Mahindra Bank |
173 |
Kotak Mahindra Bank |
159 |
|
Citibank N.A |
107 |
Anand Rathi Wealth Services |
115 |
|
Anand Rathi Wealth |
99 |
Citibank N.A |
114 |
|
Darshan Services |
92 |
IIFL Wealth Management |
100 |
|
IIFL Wealth Finance |
89 |
HSBC |
100 |
|
HSBC |
85 |
Standard Chartered Bank |
76 |
|
Standard Chartered Bank |
77 |
Julius Baer Wealth Advisors (India) |
73 |
|
Julius Baer Wealth Advisors (India) |
71 |
Bajaj Capital |
72 |
|
Bajaj Capital |
65 |
Karvy Stock Broking |
67 |
|
Karvy Stock Broking |
60 |
Pioneer Client Associates |
52 |
|
JM Financial Services |
59 |
JM Financial Services |
51 |
|
Geojit Financial Services |
48 |
Geojit Financial Services |
44 |
|
HDFC Securities |
44 |
Wealth India Financial Services |
39 |
|
Total |
3,923 |
Total |
3,619 |
*All numbers are in Rs crore
