Top 20 distributors command 56% of the total commission payout

Top 20 mutual fund distributors of India command 56% of the total commission payout given to India’s top MFDs based on AMFI commission disclosure.

The commission disclosure covers close to 1800 MFDs who account for 65% of the total regular plan AUM.

Overall, top 20 MFDs have received gross commission of Rs.6740 crore in FY 2023, a 16% growth compared to FY 2022.

The data reveals that NJ India, SBI and HDFC are the top three mutual fund distributors in terms of gross commission received in FY 2023.

NJ India has received gross commission of Rs.1539 crore in FY 2023. The largest distributor in terms of gross commission saw a 19% growth in its commission income over the last one year.

State Bank of India ranked second with gross commission income of Rs. 905 crore while HDFC Bank continues to occupy the third spot with commission earnings of Rs. 669 crore.

Prudent Corporate Advisory, Axis Bank, ICICI Securities, Kotak Mahindra Bank, Anand Rathi Wealth, HSBC and IIFL Wealth are among others in the top ten list.

Interestingly, a boutique firm run by a few top individual MFDs , Sapient Wealth made it to the list of top 20 MFDs in terms of gross commission. The firm received gross commission of Rs.74 crore in FY 2023, 16% more than the previous year.

Another ND, Wealth India Financial Services or popularly known as FundsIndia also made it to top 20 with gross commission of Rs.76 crore. They replaced Darshan Services and JM Financial.

Let us look at the table to know more about gross commission payout of top 20 distributors.