 "Mutual Funds, Banking Industry, MF distributors")
Institutional and individual distributors are steadily capturing a larger share of mutual fund (MF) commissions at the expense of banks, as the distributor base continues to expand.
An analysis of MF commission data by Kotak Institutional Equities shows that non-bank distributors accounted for 75 per cent of total commission payouts in 2024-25 (FY25), up from 65 per cent in FY18.
The banking channel’s share has shrunk despite public sector banks holding steady at 9 per cent since FY21. In contrast, foreign and private banks have steadily ceded ground. Foreign banks’ share, once in double digits until FY16, has fallen to
