Do you know who are the top 100 individual MFDs of FY 2024?

An analysis of AMFI data done by Cafemutual shows that the top 100 individual MFDs of the mutual fund industry manage assets of close to Rs. 49,000 crore in March 2024. These distributors saw a 26% growth in assets compared to the preceding financial year.

Our analysis reveals that Pune’s Madhav and Gaurav Ganpule, Mumbai’s Ganesh Shanbag and Ranjan Panigrahi are the three largest individual mutual fund distributors of the MF industry in FY 2024.

Gaurav Ganpule is the largest individual MFD of India with AUM of Rs.1900 crore in FY 2024. His AUM grew by 22% from Rs.1547 crore in FY 2023.

Ganesh Shanbhag occupies the second position with AUM of Rs.1500 crore in FY 2024. He also witnessed a 20% growth in AUM over the last one year.

Another Mumbai MFD Ranjan Panigrahi commands the third position in the MF industry with AUM of Rs. 1250 crore in FY 2024.

Mumbai’s Sadashiv Phene and Mukund Sheshadri capture the fourth and fifth spots, respectively.

Among the other top 10 MFDs as on March 2024 are Hari Kamat (Panaji, Goa), Jennifer Mendez (Mapusa, Goa), Sandeep Borse (Thane), Harish Kotian (Mumbai), Ajay Mishra (Mumbai) and Mukesh Dokania (Kolkata).

In terms of highest growth, Sandeep Borse, Ajay Mishra and Ranjan Panigrahi witnessed highest growth in terms of AUM. While Sandeep assets grew by over Rs.780 crore, Ajay and Ranjan witnessed AUM growth of over Rs.380 crore and Rs.370 crore, respectively.

In percentage terms growth, Sandeep Borse (734%), Eesha Gupra (100%) and Ajay Mishra (84%) had the fastest growth.

Interestingly, 12 new MFDs – Sandeep Borse (Thane), Eesha Gupta (Agra), Jigna Parsana (Rajkot), Jitendra Jaiswal (Delhi), Bhaskar Saha (Siliguri), Yogendra  Doshi (Surat), Tejas Shah (Mumbai), Pihas Parikh (Ahmedabad), Pawan Agrawal (Bilaspur), Aditya Joshi (Mumbai), Ashish Golecha (Chennai) and Mukesh Kumar Joshi (Ahmedabad) made it to the list of top 100 this year.

In addition, 7 MFDs in the list are from small cities. Among such MFDs are Karan Agarwal (Aligarh), Probin Agarwalla (Siliguri), Rikhav Desai (Navsari), Sukanta Bhattarcharjee (Burdwan),  Durgesh Babariya (Padra) , Manoj Shankar (Rajura) and Pawan Agrawal (Bilaspur).

Also, 11 women MFDs made it to the top 100 – Jennifer Mendez,  Manjula S, Nonie Kapoor, Preeti Kucheria,  Zeenat Jagani, Eesha Gupta, Rashmi Thukral, Sneha Bhoj, Jigna Parsana, Shubhangi Pai and Anjana Shah.

Overall, these MFDs have presence across 33 locations. Majority of these MFDs are from Maharashtra with Mumbai alone contributing 32 individual MFDs. Pune, Thane and Nashik contribute 6, 5  and 1 top MFDs, respectively.

Gujarat followed Maharashtra in terms of the total number of top MFDs. The state accounts for 15 top individual MFDs. West Bengal is the third largest state in terms of the top MFDs population. It sees 9 individuals making it to the list of top MFDs.

The assets under advisory of these individual distributors range between Rs.1900 crore and Rs.280 crore.

Let us look at the top 100 individual MFDs.

Source: AMFI