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An analysis of business data of mutual fund distributors released by AMFI shows the top 100 MFDs account for 24% of the total net inflows of the MF industry.
Our analysis shows that the top 100 MFDs received net sales of Rs.85,000 crore, which is 24% of the total net inflows of Rs.3.55 lakh crore of the MF industry in FY 2024.
NJ IndiaInvest, SBI and HDFC Bank are the top performers in terms of net sales in FY 2024.
NJ IndiaInvest topped the list of top performers in terms of net sales by bringing in Rs.11,940 crore to the MF industry. The ND retained 28% of its gross business as net sales during the last financial year.
SBI and HDFC Bank occupy the next two spots with net sales of Rs.10,023 crore and Rs.7,596 crore, respectively. While SBI saw 11% of its total gross inflows as net sales, such a figure was 13% for HDFC Bank.
Batlivala & Karani Finserv and Prudent Corporate Advisory capture the 4th and 5th positions with net sales of Rs.5,992 crore and Rs.5,557 crore, respectively. The former converted 17% of its gross business into net sales whereas the latter saw 26% of its gross business as net sales.
Other players in the top 10 list include Anand Rathi Wealth, HDFC Securities, ICICI Securities, Kotak Mahindra Bank and IDFC First Bank.
In terms of the proportion of net sales to gross business, Drumesh Pandya and Akshaya Finmart have the highest proportion of net sales to the gross business. They received 95% of their total gross sales as net sales in FY 2024.
Indira Enterprises, Midas Finserv and Dhanvantri Capital Services are the other players with the highest proportion of net sales to gross inflows.
Interestingly, of the top 100 distributors in terms of net sales, 7 are individual MFDs – Drumesh Pandya, Sidhaba Mahapatro, Eesha Gupta, Umesh Adhyaru, Kruti Krunal Garala, Surendra Dugar and Mukund Seshadri.
Here is the list of top 100 MFDs based on net sales.
|
Ranking |
Distributor |
Gross sales in Rs. crore |
Net sales in Rs. crore |
Proportion of net sales to gross inflows |
|
1 |
NJ IndiaInvest |
42240 |
11940 |
28% |
|
2 |
State Bank of India |
90098 |
10023 |
11% |
|
3 |
HDFC Bank |
59925 |
7596 |
13% |
|
4 |
Batlivala & Karani Finserv |
34801 |
5992 |
17% |
|
5 |
Prudent Corporate Advisory Services |
21039 |
5557 |
26% |
|
6 |
Anand Rathi Wealth |
19585 |
2937 |
15% |
|
7 |
HDFC Securities |
6269 |
1981 |
32% |
|
8 |
ICICI Securities |
18857 |
1979 |
10% |
|
9 |
Kotak Mahindra Bank |
25849 |
1805 |
7% |
|
10 |
IDFC First Bank |
3193 |
1224 |
38% |
|
11 |
Phonepe Wealth Broking |
2321 |
1188 |
51% |
|
12 |
IIFL Securities |
3545 |
1167 |
33% |
|
13 |
Standard Chartered Bank |
9003 |
1143 |
13% |
|
14 |
Darshan Services |
10312 |
1110 |
11% |
|
15 |
Ask Wealth Advisors |
7291 |
1061 |
15% |
|
16 |
Hongkong & Shanghai Banking Corporation |
9642 |
1045 |
11% |
|
17 |
JM Financial Services |
16494 |
980 |
6% |
|
18 |
360 ONE Distribution Services |
39885 |
948 |
2% |
|
19 |
Valueplus Technologies |
1493 |
941 |
63% |
|
20 |
AUM Capital Market |
49319 |
926 |
2% |
|
21 |
Bank Of Baroda |
9023 |
779 |
9% |
|
22 |
Motilal Oswal Financial Services |
2755 |
722 |
26% |
|
23 |
Yogesh Shah Securities |
4948 |
681 |
14% |
|
24 |
Aditya Birla Finance |
106708 |
602 |
1% |
|
25 |
3I Wealth |
1851 |
584 |
32% |
|
26 |
Motilal Oswal Wealth |
9625 |
584 |
6% |
|
27 |
Spark PWM |
1442 |
575 |
40% |
|
28 |
PLC Securities |
2295 |
514 |
22% |
|
29 |
Incred Wealth And Investment Services |
2201 |
487 |
22% |
|
30 |
Wise Turtle Finserv Llp |
1162 |
463 |
40% |
|
31 |
Indira Enterprises |
539 |
452 |
84% |
|
32 |
Drumesh H.Pandya |
468 |
447 |
95% |
|
33 |
Wealth First Port Folio Managers |
2695 |
447 |
17% |
|
34 |
La Creme De La Creme Services |
795 |
429 |
54% |
|
35 |
Geojit Financial Services |
2169 |
427 |
20% |
|
36 |
Scripbox.Com |
15782 |
407 |
3% |
|
37 |
Tata Capital |
1047 |
400 |
38% |
|
38 |
MFA WEALTH |
860 |
390 |
45% |
|
39 |
CD Equisearch |
855 |
374 |
44% |
|
40 |
Kredere Wealth Partner |
950 |
350 |
37% |
|
41 |
RNB Corporate Services |
4036 |
350 |
9% |
|
42 |
Value One Up Distribution |
1542 |
347 |
23% |
|
43 |
Dharni Capital Services |
1332 |
320 |
24% |
|
44 |
Sridhaba Mahapatro |
582 |
311 |
53% |
|
45 |
WealthyIN Customer Services |
575 |
307 |
53% |
|
46 |
Angel One |
985 |
307 |
31% |
|
47 |
KNS Money |
2378 |
305 |
13% |
|
48 |
Pranitya Wealth |
1947 |
303 |
16% |
|
49 |
Prime Capital MF Distributors |
511 |
300 |
59% |
|
50 |
LGT Wealth India |
2601 |
296 |
11% |
|
51 |
Beyond Life Financial Services |
654 |
296 |
45% |
|
52 |
Equirus Wealth |
2682 |
285 |
11% |
|
53 |
Bank of India |
3263 |
285 |
9% |
|
54 |
Anand Rathi Share And Stock Brokers |
3087 |
283 |
9% |
|
55 |
Sift Capital |
964 |
274 |
28% |
|
56 |
DBS Bank India |
1240 |
271 |
22% |
|
57 |
Canara Bank |
3107 |
269 |
9% |
|
58 |
Eesha Gupta |
824 |
268 |
32% |
|
59 |
AU Small Finance Bank |
462 |
263 |
57% |
|
60 |
P H Finserv |
2559 |
259 |
10% |
|
61 |
Pentacle Empress |
483 |
257 |
53% |
|
62 |
Yatish Financial Services |
739 |
254 |
34% |
|
63 |
A D Naik Wealth |
813 |
248 |
30% |
|
64 |
Dalal & Broacha Stock Broking |
1888 |
245 |
13% |
|
65 |
Turtlemint Mutual Funds Distributors |
469 |
243 |
52% |
|
66 |
Imperial Value Services |
435 |
240 |
55% |
|
67 |
Madhuvan Securities |
1198 |
235 |
20% |
|
68 |
Dhanvantri Capital Services |
340 |
234 |
69% |
|
69 |
Sharekhan |
2163 |
231 |
11% |
|
70 |
Bandhan Bank |
537 |
220 |
41% |
|
71 |
Symphonia Wealth |
1039 |
217 |
21% |
|
72 |
MIDAS FINSERVE |
277 |
215 |
77% |
|
73 |
Yes Bank |
1479 |
214 |
14% |
|
74 |
Jhaveri Securities |
1078 |
208 |
19% |
|
75 |
Rajaram Management Services |
383 |
202 |
53% |
|
76 |
Sapient Finserv |
2957 |
196 |
7% |
|
77 |
Umesh Chandrakant Adhyaru |
289 |
192 |
66% |
|
78 |
Samyag Financial Services |
299 |
191 |
64% |
|
79 |
Autus Wealth |
609 |
187 |
31% |
|
80 |
ZFunds Distribution |
537 |
184 |
34% |
|
81 |
MFA Capital |
716 |
182 |
25% |
|
82 |
Providential Platforms |
403 |
175 |
43% |
|
83 |
WMG Wealth |
415 |
172 |
41% |
|
84 |
Cedrus Consultants |
430 |
172 |
40% |
|
85 |
Wealth India Financial Services |
2293 |
169 |
7% |
|
86 |
Excellence Wealth Lab |
1327 |
168 |
13% |
|
87 |
Kruti Krunal Garala |
268 |
167 |
62% |
|
88 |
Samvardhini Financial Services |
316 |
166 |
53% |
|
89 |
Konfido Syndicate |
881 |
166 |
19% |
|
90 |
Sajag Securities |
311 |
164 |
53% |
|
91 |
Arvo Wealth Advisors |
304 |
163 |
54% |
|
92 |
Eastern Financiers |
1487 |
162 |
11% |
|
93 |
Wealthcube Endeavours |
433 |
160 |
37% |
|
94 |
Alpha Capital |
729 |
157 |
22% |
|
95 |
Pentagraph Partners |
340 |
153 |
45% |
|
96 |
Blue Edge Associates |
1035 |
149 |
14% |
|
97 |
Akshaya Finmart |
154 |
146 |
95% |
|
98 |
Surendra Kumar Dugar & Co |
1973 |
145 |
7% |
|
99 |
Fermat Prime Enterprises |
658 |
144 |
22% |
|
100 |
Mukund Seshadri |
433 |
143 |
33% |
|
Total average |
707584
|
85187
|
12% |
