MF industry adds 10,000 new distributors, shows growth of 14% in FY17
DSIJ Intelligence / 03 Jul 2017
As per the report titled “Quantum leap beckons” released by the AMFI and CRISIL, in FY17, around 10,000 new distributors were added by mutual fund industry against 8,800 in the FY16, showing the growth of 14 per cent.
As per the report titled “Quantum leap beckons” released by the AMFI and CRISIL, in FY17, around 10,000 new distributors were added by mutual fund industry against 8,800 in the FY16, showing the growth of 14 per cent.
According to the report, in the FY17 the numbers of distributors rose to 85,918 in comparison to 75,554 in FY16. If employees of distribution firms holders were included, then the number of distributors soared to 1.91 lakh, out of which around 82,000 are the individual distributors while 1.08 lakh are employees of distribution firms as on May 2017.
The report highlights that the total number of distributors has doubled in last six years. However, the figure for the total MF distributors is much lower than that of 20 lakh insurance agents.
The report further states that 30 per cent of the distributors belong to Maharashtra, Madhya Pradesh and Chhattisgarh.
Almost 16 per of the distributors are based in Rajasthan and Gujarat while Bihar and Jharkhand hold lower distribution base with 5 per cent.
In order to pull more distributors, AMFI has changed the process from paper to online base in order to bring ease in the process for new registration and renewal for mutual fund distributors.
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