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An analysis of AUM of mutual fund distributors done by Cafemutual shows that the India’s top 100 individual MFDs manage assets close to Rs.39,000 crore as on March 2023. These MFDs have presence across 32 locations.
The assets under advisory of these individual distributors ranges between Rs.1550 crore and Rs.226 crore.
Majority of these MFDs are from Maharashtra with Mumbai alone contributing 34 top individual MFDs. Pune and Thane contribute 6 and 4 top MFDs, respectively.
Gujarat followed Maharashtra in terms of the total number of top MFDs. The state accounts for 10 top individual MFDs. Karnataka is the third largest state in terms of the top MFDs population. IT hub Bangalore sees 8 individuals making it to the list of top MFDs.
Interestingly, MFDs from small cities also made it to the top 100 list in FY 2023. Among such MFDs are Karan Agarwal (Aligarh), Sukanta Bhattarcharjee (Burdwan), Pankaj Ladha (Kota), Rikhav Desai (Navsari), Durgesh Babariya (Padra) and Probin Agarwalla (Siliguri).
Also, 12 women MFDs made it to the top 100 – Manjula S, Jennifer Mendez, Nonie Kapoor, Rashmi Thukral, Zeenat Jagani, Preeti Kucheria, Shubhangi Pai, Anjana Shah, Mani Sharma, Mukul Kulkarni, Bindu Kumar and Shagun Sutaria.
Here is the complete list of the top MFDs of India:
| Ranking | MFDs | AUM | City |
| 1 | Madhav and Gaurav Ganpule | 1,547 | Pune |
| 2 | Ganesh Shanbhag | 1,242 | Mumbai |
| 3 | Manjula S | 1,041 | Bangalore |
| 4 | Ranjan Panigrahi | 887 | Mumbai |
| 5 | Sadashiv Phene | 851 | Mumbai |
| 6 | Hari Kamat | 836 | Goa |
| 7 | Mukund Seshadri | 708 | Mumbai |
| 8 | Jennifer Mendez | 681 | Goa |
| 9 | Harish Kotian | 672 | Mumbai |
| 10 | Rakesh Pasricha | 618 | New Delhi |
| 11 | Mukesh Dokania | 618 | Kolkata |
| 12 | Divyesh Rach | 616 | Mumbai |
| 13 | Rajbir Singh | 611 | Mumbai |
| 14 | Saibal Biswas | 605 | Kolkata |
| 15 | Anandbir Singh | 577 | Mumbai |
| 16 | Dhananjay Kale | 560 | Pune |
| 17 | Yogesh Shah | 549 | Ahmedabad |
| 18 | Salil Kothari | 546 | Mumbai |
| 19 | Ravindra Oberoi | 514 | Mumbai |
| 20 | Deepesh Arora | 510 | Ahmedabad |
| 21 | Ramkumar Barchha | 509 | Rajkot |
| 22 | Nonie Kapoor | 504 | New Delhi |
| 23 | Ajay N Mishra | 450 | Mumbai |
| 24 | Nayan Saraiya | 439 | Mumbai |
| 25 | Mukesh Kumar | 434 | Bangalore |
| 26 | Rajinder Pal Singh Anand | 431 | Mumbai |
| 27 | Rashmi Thukral | 421 | Varanasi |
| 28 | Zeenat Jagani | 417 | Mumbai |
| 29 | Drumesh Pandya | 414 | Ahmedabad |
| 30 | Priti Kucheria | 413 | Mumbai |
| 31 | Deepanshu Singhal | 396 | New Delhi |
| 32 | Raj Tapan | 372 | Baroda |
| 33 | Shashank Agarwal | 372 | Bangalore |
| 34 | Sharad Gupta | 352 | Gurgaon |
| 35 | D Muthukrishnan | 350 | Chennai |
| 36 | Rajat Bhargava | 349 | Gurgaon |
| 37 | Sneha Mohan Bhoj | 348 | Mumbai |
| 38 | Hemant Powale | 343 | Thane |
| 39 | Deepak | 340 | Ludhiana |
| 40 | Sachin Parekh | 339 | Mumbai |
| 41 | Prakash Lohana | 339 | Baroda |
| 42 | Karan Agarwal | 334 | Aligarh |
| 43 | Bimal Panchamia | 334 | Mumbai |
| 44 | Vivek Mahajan | 333 | Amritsar |
| 45 | Pranjal Wagh | 321 | Mumbai |
| 46 | Rajeev Murarka | 310 | Ranchi |
| 47 | Jignesh Shah | 310 | Surat |
| 48 | Yashwant Rathod | 306 | Pune |
| 49 | Probin Agarwalla | 306 | Siliguri |
| 50 | Nimish Unadkat | 304 | Mumbai |
| 51 | Laxmi Narayan Gupta | 304 | Lucknow |
| 52 | Parimal Ade | 301 | Pune |
| 53 | Arun Lagu | 300 | Thane |
| 54 | Rajendra Pachare | 299 | Mumbai |
| 55 | Asit Bhansali | 299 | Mumbai |
| 56 | Rikhav Desai | 297 | Navsari |
| 57 | Dipankar Das | 295 | Kolkata |
| 58 | Abhimanyu Sharma | 294 | Bangalore |
| 59 | Sandeep Gupta | 293 | Rajkot |
| 60 | Birendra Kumar | 293 | Patna |
| 61 | Gopi Kishan Agarwal | 292 | Howrah |
| 62 | Mohit Beriwala | 291 | Kolkata |
| 63 | Vatsal Shah | 284 | Mumbai |
| 64 | Jayesh Salvi | 283 | Navi Mumbai |
| 65 | Naresh Karpe | 277 | Pune |
| 66 | Dhanesh Shah | 277 | Mumbai |
| 67 | Shubhangi Gopal Pai | 277 | Thane |
| 68 | Manoj D Shankar | 269 | Kottayam |
| 69 | Bindu N Kumar | 269 | Bangalore |
| 70 | Vishal Bharat Modi | 266 | Thane |
| 71 | Anjana Shah | 265 | Mumbai |
| 72 | Kumud Dedhia | 259 | Mumbai |
| 73 | Mukul Kulkarni | 259 | Nashik |
| 74 | Bharat Gosar | 258 | Mumbai |
| 75 | Varughese Mathai | 258 | Bangalore |
| 76 | Sandeep Chhajer | 254 | Kolkata |
| 77 | Dipak Kumar Das | 248 | Kolkata |
| 78 | Shagun Sandeep Sutaria | 248 | Ahmedabad |
| 79 | Jiten Karnani | 247 | Mumbai |
| 80 | Suraj Prakash | 246 | Bangalore |
| 81 | Sukanta Bhattacharjee | 246 | Burdwan |
| 82 | Anil Khera | 243 | New Delhi |
| 83 | Darshan Parekh | 241 | Mumbai |
| 84 | Abhinav Mehta | 239 | Jodhpur |
| 85 | Gautam Rathore | 238 | Udaipur |
| 86 | K P Venkatarama Krishnan | 237 | Chennai |
| 87 | Jitendra Jaiswal | 237 | New Delhi |
| 88 | Abhenav Khettry | 237 | Kolkata |
| 89 | Sridhaba Mahapatro | 236 | Hyderabad |
| 90 | Mihirkumar Vijaybhai Kaji | 235 | Surat |
| 91 | Durgesh D Babariya | 234 | Padra |
| 92 | Mani Sharma | 232 | New Delhi |
| 93 | Chandulal L Vasa | 232 | Mumbai |
| 94 | Nikul C Parmar | 229 | Mumbai |
| 95 | Palani Dhamodar | 228 | Bangalore |
| 96 | Yezdi Framroz Langrana | 228 | Mumbai |
| 97 | Hemant Satyavan Shah | 227 | Pune |
| 98 | Vinit Chandulal Vasa | 227 | Mumbai |
| 99 | Pankaj Ladha | 227 | Kota |
| 100 | Joseph Elias Menezes | 226 | Mumbai |
| Total | 38959 | 32 |
