Archive · 14 Aug 2026
Indian mutual fund distributors earned ₹27,335 crore in FY25
Some people in India have a job called a mutual fund distributor — they help other people invest their money in mutual funds, and they get paid a little bit of the money, called a commission.
In one year, all these helpers together earned about ₹27,335 crore.
That sounds like a lot, but not everyone earned the same amount.
Big banks earned the most — on average about ₹126.6 crore each.
Big companies that manage people's money also earned a lot.
Small, individual helpers earned much less, only about ₹3 lakh each on average.
The richest 1.5% of helpers took more than three-quarters of all the commission money.
A group called AMFI keeps a public record of how much bigger distributors earn, so anyone can look it up.
This shows that selling mutual funds is a job where a few earn a huge amount while many earn very little.
Mutual fund distributors in India collectively received about ₹27,335 crore in commissions in FY2024-25, spread across roughly 2,06,200 distributors.
Fifty banks took ₹6,330 crore of the pool, averaging about ₹126.6 crore per bank.
Wealth managers and corporate MFDs (1,591 entities) earned ₹11,629 crore, fintech platforms (43 entities) earned ₹458 crore, and AMFI-disclosed individual MFDs (1,474) earned ₹2,689 crore.
The 3,158 AMFI-disclosed entities — roughly 1.5% of all distributors — accounted for about ₹21,106 crore, or 77.2% of total commissions.
An estimated 2,03,042 smaller or non-disclosed distributors shared an estimated ₹6,229 crore, averaging about ₹3.07 lakh each; this figure is a residual estimate, not directly disclosed.
- Who
- Mutual fund distributors in India across five categories: 50 banks, 1,591 wealth managers and corporate MFDs, 43 fintech platforms, 1,474 AMFI-disclosed individual MFDs, and an estimated 2,03,042 smaller or non-disclosed distributors.
- What
- Distribution of ₹27,335 crore in mutual fund commissions in FY2024-25, showing heavy concentration of commission income among the top ~1.5% of distributors.
- When
- FY2024-25 (FY25); the figures were shared publicly on August 13, 2026.
- Where
- India (Indian mutual fund industry).
- Why
- To show how distributor earnings vary by type, scale and channel, and to highlight the transparency of AMFI's commission disclosure database.
Supporters of commission-based (regular) distribution
Advocates of direct mutual fund plans
Regular vs direct mutual fund plans
Supporters of commission-based (regular) distribution
Regular plans bought through distributors keep investors invested longer: 34% of regular SIP assets were held for 5+ years versus only 20% in direct plans, suggesting distributors add value through discipline.
Advocates of direct mutual fund plans
Direct plans avoid distributor commissions, so a larger share of investment returns stays with investors instead of going to middlemen.
Transparency of distributor commissions
Supporters of commission-based (regular) distribution
AMFI's commission disclosure database makes commission details publicly available for distributors above the disclosure threshold, helping investors see what intermediaries earn.
Advocates of direct mutual fund plans
The ~₹6,229 crore paid to over 2 lakh smaller, non-disclosed distributors is only an estimated residual amount, leaving a large part of the commission pool outside direct disclosure.
- Total commission pool (FY2024-25)
- ₹27,335 crore
- Total distributors
- ~2,06,200
- Banks
- 50 entities; ₹6,330 crore (avg ₹126.6 crore each)
- Wealth managers & corporate MFDs
- 1,591 entities; ₹11,629 crore (avg ₹7.31 crore each)
- Fintech platforms
- 43 entities; ₹458 crore (avg ₹10.65 crore each)
- Individual MFDs (AMFI-disclosed)
- 1,474 entities; ₹2,689 crore (avg ₹1.82 crore each)
- Smaller/non-disclosed distributors
- ~2,03,042 entities; ~₹6,229 crore (estimated, avg ~₹3.07 lakh each)
- Top 1.5% share of commissions
- 3,158 entities; ~77.2% (~₹21,106 crore)