NJ India, SBI and HDFC are top three distributors in terms of gross commission

NJ India, SBI and HDFC were the top three mutual fund distributors in terms of gross commission received in FY 2022.

Data released by AMFI shows that NJ India received gross commission of Rs.1300 crore last financial year. The ND managed an average AUM of Rs. 1.10 lakh crore as on March 2022.

State Bank of India ranked second with gross commission income of Rs. 735 crore. 97% of this amount (Rs. 712 crore) came from only one fund house — SBI MF.

HDFC Bank rose to the third spot with commission earnings of Rs. 580 crore, the data shows. It received 24% of this amount (Rs. 140 crore) from its associate mutual fund — HDFC MF.

Axis Bank, Prudent Corporate Advisory and ICICI Securities were next in the list.

Among other banks with large proportion of gross commission received from associate fund house were Axis Bank and ICICI Bank. While Axis Bank received 59% of the total commission (Rs. 319 crore of Rs. 538 crore) from Axis MF, ICICI Bank derived 68% of its commission earnings from its associate mutual fund ICICI Prudential MF.

ICICI Securities saw 16% of its gross commission coming from ICICI MF.

Bank of Baroda was the only new entrant in the top 20 list. The bank received Rs. 70 crore commission for over Rs. 7,000 crore assets under advisory in FY 2022.

Karvy Stock Broking was the only absentee as the company sold its business to Prudent Corporate Advisory.

*in Rs crore

SBI has highest AUM

State Bank of India has maintained its top standing on the AUM front. The bank's average AUM in FY 2022 stood at Rs. 1.20 lakh crore, which is 28% higher than the FY 2021 average AUM of Rs. 97,000 crore. NJ India, HDFC Bank, Axis Bank and ICICI Bank were the distributors in the top 5 highest AUM list.