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Despite stiff competition from direct platforms, national distributors like NJ India, ICICI Securities and SBI remain the top choice for SIP investors. Their dominance reflects in the April CAMS MFDex data which shows that the three of them account for 20% of the monthly SIP inflows.
While NJ India has built the highest monthly SIP book at Rs.838 crore, ICICI Securities and SBI have monthly SIP books of Rs.837 crore and Rs.669 crore, respectively.
Overall, the top 20 distributors account for more than half of the total SIP inflows of the industry. In fact, of the total gross monthly SIP inflows of Rs.11,900 crore in April 2022, the top 20 distributors contributed close to Rs.6400 crore.
Please note that the MFDex report is released by CAMS and thus the data is only from CAMS-serviced AMCs. According to the RTA, the report tracks 92% of the MF industry.
Top 20 distributors with highest contribution in SIP inflows:
|
Distributor |
SIP Amount |
SIP Amount (April 2021) |
Change |
|
NJ IndiaInvest |
838 |
703 |
135 |
|
ICICI Securities |
837 |
313 |
524 |
|
State Bank of India |
669 |
471 |
198 |
|
Paytm Money |
633 |
91 |
542 |
|
Groww |
574 |
143 |
431 |
|
ICICI Bank |
416 |
234 |
182 |
|
Axis Bank |
372 |
212 |
160 |
|
Prudent Corporate Advisory Services |
370 |
247 |
123 |
|
ET Money |
305 |
87 |
218 |
|
Kotak Mahindra Bank |
276 |
133 |
143 |
|
HDFC Bank |
258 |
243 |
15 |
|
HDFC Securities |
177 |
102 |
75 |
|
Geojit BNP Paribas Financial Services |
145 |
64 |
81 |
|
Wealth India Financial Services |
119 |
NA |
— |
|
Kuvera |
103 |
62 |
41 |
|
HSBC |
74 |
49 |
25 |
|
Sharekhan |
72 |
39 |
33 |
|
Zerodha Broking |
68 |
NA |
— |
|
Motilal Oswal Financial Services |
65 |
34 |
31 |
|
Citibank N.A |
51 |
NA |
— |
*Numbers are in Rs crore
Online investment platforms win the numbers game
The picture is very different if we look at the SIP count. Groww and Paytm Money now occupy the top two spots with a massive surge in their SIP account numbers.
As of April 2022, Groww's live SIP count stood at 36.8 lakh. At the same time, Paytm Money's SIP figure was 34 lakh. SBI with 32 lakh SIPs and NJ India with 30 lakh SIPs occupy the next two positions.
A year back, SBI had the highest SIP count at 25.7 lakh. NJ India and Groww had the next highest SIP numbers.
Top 20 distributors with highest SIP count:
|
Distributor |
SIP Count (April 2022) |
SIP Count (April 2021) |
Change |
|
Groww |
36,79,935 |
10,00,522 |
26,79,413 |
|
Paytm Money |
33,99,941 |
6,02,708 |
27,97,233 |
|
State Bank of India |
32,65,469 |
25,69,631 |
6,95,838 |
|
NJ IndiaInvest |
30,15,052 |
25,62,691 |
4,52,361 |
|
ICICI Securities |
15,52,545 |
6,84,243 |
8,68,302 |
|
Prudent Corporate Advisory Services |
14,52,646 |
9,80,492 |
4,72,154 |
|
ET Money |
12,99,807 |
4,50,248 |
8,49,559 |
|
Axis Bank |
12,12,802 |
6,16,579 |
5,96,223 |
|
ICICI Bank |
9,58,456 |
6,17,043 |
3,41,413 |
|
HDFC Bank |
8,57,513 |
6,78,674 |
1,78,839 |
|
Kotak Mahindra Bank |
8,27,607 |
3,29,920 |
4,97,687 |
|
HDFC Securities |
6,77,769 |
4,27,159 |
2,50,610 |
|
Wealth India Financial Services |
4,20,966 |
NA |
— |
|
Geojit BNP Paribas Financial Services |
3,60,287 |
2,16,995 |
1,43,292 |
|
Sharekhan |
3,19,975 |
1,79,039 |
1,40,936 |
|
ClearTax |
2,93,641 |
NA |
— |
|
Fisdom |
2,64,701 |
NA |
— |
|
Kuvera |
2,24,509 |
NA |
— |
|
Zerodha Broking |
2,23,193 |
NA |
— |
|
Motilal Oswal Financial Services |
2,02,356 |
97,892 |
1,04,464 |
