Mutual fund commission roulette spins big: ₹21,000 crore in FY25

Distributors strike it rich as client funds land on winning number

Even as commission-free ‘direct’ plans of mutual fund (MF) schemes gain currency, the MF distribution business continues to thrive. In 2024-25 (FY25), nearly 3,150 leading distributors earned ₹21,107 crore in commissions, with most large distributors reporting a steep jump in income.

 

State Bank of India, NJ IndiaInvest, Prudent Corporate Advisory Services, HDFC Bank, and ICICI Bank topped the charts, collectively pocketing ₹6,775 crore in FY25. 

NJ and Prudent are national distributors of financial products, running extensive sub-broking networks across the country. 

In the previous financial year (2023-24), the Association of Mutual Funds in India estimated total commission income for nearly