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An analysis of top 100 distributors of India shows that these distributors command 27% of the total industry AUM. Of the total assets of Rs.40 lakh crore as on March 2023, these distributors manage close to Rs.11 lakh crore in the MF industry.
The AUM of top 100 MFDs ranges between Rs.1.44 lakh crore and Rs.1400 crore.
Majority of top distributors in the top 100 list are national distributors. In FY 2023, 39 national distributors made it to the top 100 list.
Interestingly, the second largest distributor segment is wealth boutiques and not banks. Among top 100 MFDs, 23 were wealth boutiques and 19 banks. Wealth boutiques are the distribution firms that cater to HNIs, ultra HNIs and family offices.
Another interesting development is 18 boutique MFD firms made it to the list of top 100. These boutique MFD firms are backed by individual MFDs.
Only 1 individual MFD, Madhav Ganpule has made it to the list of top 100 distributors as on March 2023.
Let us look at the list of top 100 MFDs of India:
|
Sr. No. |
Name of the ARN Holder |
Distributor type |
AUM |
|
1 |
State Bank of India |
Bank |
1,44,301 |
|
2 |
NJ IndiaInvest |
ND |
1,24,025 |
|
3 |
HDFC Bank |
Bank |
96,729 |
|
4 |
Axis Bank |
Bank |
69,697 |
|
5 |
Prudent Corporate Advisory Services |
ND |
53,164 |
|
6 |
ICICI Securities |
Bank |
51,770 |
|
7 |
ICICI Bank |
Bank |
50,447 |
|
8 |
Kotak Mahindra Bank |
Bank |
40,693 |
|
9 |
HSBC |
Bank |
22,421 |
|
10 |
Julius Baer Wealth Advisors (India) |
Wealth Boutique |
20,851 |
|
11 |
Anand Rathi Wealth |
Wealth Boutique |
20,562 |
|
12 |
Standard Chartered Bank |
Bank |
18,926 |
|
13 |
IIFL Wealth |
Wealth Boutique |
17,080 |
|
14 |
Aditya Birla Finance |
ND |
13,271 |
|
15 |
JM Financial Services |
ND |
12,009 |
|
16 |
Bajaj Capital |
ND |
11,936 |
|
17 |
IIFL Wealth Prime |
Wealth Boutique |
11,844 |
|
18 |
Batlivala & Karani Securities India |
ND |
11,240 |
|
19 |
HDFC Securities |
ND |
10,816 |
|
20 |
Deutsche Bank AG |
Bank |
10,668 |
|
21 |
Scripbox.Com India Pvt Ltd |
Boutique MFD |
9,636 |
|
22 |
Wealth India Financial Services Pvt Ltd |
ND |
9,260 |
|
23 |
Bank Of Baroda |
Bank |
9,174 |
|
24 |
Mata Securities India |
ND |
9,170 |
|
25 |
Sapient Wealth Advisors And Brokers |
Boutique MFD |
8,842 |
|
26 |
Geojit Financial Services |
ND |
8,043 |
|
27 |
SPA Capital Services |
ND |
6,918 |
|
28 |
Motilal Oswal Wealth |
Wealth Boutique |
6,873 |
|
29 |
Pioneer Client Associates |
Wealth Boutique |
6,761 |
|
30 |
Sharekhan |
ND |
6,213 |
|
31 |
Centrum Wealth |
Wealth Boutique |
5,864 |
|
32 |
IIFL Securities |
ND |
5,811 |
|
33 |
Canara Bank |
Bank |
5,601 |
|
34 |
Darshan Services |
ND |
5,577 |
|
35 |
Bluechip Corporate Investment Centre |
Boutique MFD |
5,497 |
|
36 |
AUM Capital Market |
Wealth Boutique |
5,270 |
|
37 |
IDBI Bank |
Bank |
4,977 |
|
38 |
Motilal Oswal Financial Services |
ND |
4,643 |
|
39 |
Union Bank of India |
Bank |
4,448 |
|
40 |
KNS Money |
Boutique MFD |
4,403 |
|
41 |
Indusind Bank |
Bank |
4,292 |
|
42 |
Russell Credit |
ND |
4,277 |
|
43 |
Ask Wealth Advisors Private |
Wealth Boutique |
4,235 |
|
44 |
Citibank N.A |
Bank |
4,120 |
|
45 |
Srividya Enterprises |
ND |
3,889 |
|
46 |
Nuvama Wealth and Investment |
ND |
3,745 |
|
47 |
IDFC First Bank |
Bank |
3,657 |
|
48 |
Integrated Enterprises (India) |
Boutique MFD |
3,465 |
|
49 |
Tata Securities |
ND |
3,077 |
|
50 |
Eastern Financiers |
ND |
3,075 |
|
51 |
Sanctum Wealth |
Wealth Boutique |
3,068 |
|
52 |
SMC Global |
ND |
2,996 |
|
53 |
Shagun Sutaria Stock Broking |
ND |
2,930 |
|
54 |
Mahindra & Mahindra Financial Services |
ND |
2,836 |
|
55 |
Pranitya Wealth |
Boutique MFD |
2,785 |
|
56 |
Fisdom |
Boutique MFD |
2,703 |
|
57 |
Barclays Securities (India) |
ND |
2,667 |
|
58 |
DBS Bank |
Bank |
2,662 |
|
59 |
Axis Securities |
ND |
2,657 |
|
60 |
Yes Bank |
Bank |
2,649 |
|
61 |
Avendus Wealth Management |
Wealth Boutique |
2,593 |
|
62 |
Credit Suisse Securities India |
Wealth Boutique |
2,591 |
|
63 |
AM Unicorn Professional |
Boutique MFD |
2,529 |
|
64 |
Three Cube |
Boutique MFD |
2,519 |
|
65 |
Sundaram Finance |
ND |
2,465 |
|
66 |
Edge Investment Services |
ND |
2,278 |
|
67 |
Wealth First Port Folio Managers |
Boutique MFD |
2,274 |
|
68 |
Blue Edge Associates |
Wealth Boutique |
2,229 |
|
69 |
Anand Rathi Shares and Stock Brokers |
ND |
2,191 |
|
70 |
Cholamandalam Securities |
ND |
2,033 |
|
71 |
Symphonia Wealth |
ND |
1,990 |
|
72 |
Arete Capital |
Wealth Boutique |
1,985 |
|
73 |
AD Naik Wealth |
Boutique MFD |
1,977 |
|
74 |
Equirus Wealth |
Wealth Boutique |
1,911 |
|
75 |
MFA Capital |
Boutique MFD |
1,903 |
|
76 |
Barjeel Geojit Financial Services |
ND |
1,869 |
|
77 |
LGT Wealth |
Wealth Boutique |
1,866 |
|
78 |
TrustPlutus Wealth (India) |
Wealth Boutique |
1,844 |
|
79 |
Alpha Capital |
Wealth Boutique |
1,837 |
|
80 |
J R Laddha Financial Services |
Wealth Boutique |
1,790 |
|
81 |
Angel One |
ND |
1,776 |
|
82 |
Ventura Securities |
ND |
1,766 |
|
83 |
MFA Wealth |
ND |
1,754 |
|
84 |
Beyond Life |
Wealth Boutique |
1,692 |
|
85 |
Kotak Securities |
ND |
1,676 |
|
86 |
Kredere Wealth |
Wealth Boutique |
1,656 |
|
87 |
Jain Privy |
Boutique MFD |
1,586 |
|
88 |
Stock Holding Corporation of India |
ND |
1,574 |
|
89 |
Pine Wealth |
Boutique MFD |
1,565 |
|
90 |
RBL Bank |
Bank |
1,555 |
|
91 |
Madhav and Gaurav Ganpule |
Individual MFD |
1,547 |
|
92 |
Incred Wealth |
Wealth Boutique |
1,524 |
|
93 |
Bharat Bhushan And Co |
Boutique MFD |
1,505 |
|
94 |
Capital League |
Boutique MFD |
1,436 |
|
95 |
Chadha Investment Consultant |
Boutique MFD |
1,425 |
|
96 |
SKP Securities |
ND |
1,423 |
|
97 |
Tata Capital Financial Services |
ND |
1,409 |
|
98 |
Complete Circle |
Wealth Boutique |
1,393 |
|
99 |
Leader Care Finance |
Boutique MFD |
1,381 |
|
100 |
Jhaveri Securities |
ND |
1,370 |
|
Total |
10.85 lakh crore |
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