Which distribution channel has the highest net inflows in the MF industry?
Dominance of Individual and Boutique MFDs in Mutual Fund Net Inflows. Individual and boutique Mutual Fund Distributors (MFDs) lead in net inflows within the Mutual Fund industry, as shown by AMFI data analysis.
A detailed examination of the Association of Mutual Funds in India (AMFI) data, focusing on the Assets Under Management (AUM) of top distributors, reveals a striking trend. Individual MFDs and boutique MFD firms, often backed by individual efforts, exhibit a robust net-to-gross inflow ratio.
Significantly, among the top 100 MFDs ranked by their net-to-gross inflows ratio, approximately 98% are either individual MFDs or boutique MFD firms. This pattern underscores the effectiveness of these distributors in creating ‘sticky’ assets, indicating that their clients tend to remain invested for longer durations. Remarkably, in two instances involving individual MFDs – S Ganesh Ramakrishnan and K Chandramouli – the net-to-gross ratio reached 100%, implying zero redemptions throughout the year.
In another interesting observation, 9 MFDs, comprising 4 individual and 5 boutique firms, have achieved a net-to-gross ratio exceeding 90%.
Out of the top 103 MFDs shortlisted based on their net-to-gross ratio, 56 are individual MFDs, and 42 are boutique MFDs. The list also includes diverse players such as 2 banks – Jharkhand Gramin Bank and The South Indian Bank, 1 Non-Depository (ND) – Asset Plus, and 2 stock brokers – Muthoot Securities and Niyama Management & Broking Services, highlighting the varied distribution channels contributing to the Mutual Fund industry’s inflow dynamics.
Here’s the list of top 100 MFDs (mutual fund distributors) in India according to their net inflows.
| Rank | Name | Category | Gross Inflows (Rs. in Cr) | Net Inflows (Rs. in Cr) | Net-to-Gross Ratio | Net AUM as on March 23 |
|---|---|---|---|---|---|---|
| 1 | S Ganesh Ramakrishnan | Individual | 4.99 | 4.99 | 100% | 84 |
| 2 | K Chandramouli | Individual | 0.71 | 0.71 | 100% | 91 |
| 3 | Akshaya Finmart | Boutique MFD | 62.85 | 62.51 | 99% | 49 |
| 4 | Dhanvantri Capital | Boutique MFD | 130.78 | 77.37 | 59% | 10 |
| 5 | Taru Gupta | Individual | 129.49 | 76.30 | 99% | 66 |
| 6 | Arvind Financial Services | Boutique MFD | 0.53 | 0.53 | 98% | 5 |
| 7 | WCA Distribution | Boutique MFD | 171.21 | 164.62 | 96% | 79 |
| 8 | Prime Capital | Boutique MFD | 340.97 | 111.00 | 33% | 251 |
| 9 | Padmanabha H R | Individual | 33.61 | 31.61 | 94% | 316 |
| 10 | Manthan Shah | Boutique MFD | 101.08 | 91.98 | 91% | 118 |
| 11 | Arthfin | Boutique MFD | 89.00 | 79.10 | 89% | 2 |
| 12 | Jharkhand Gramin Bank | Bank | 29.30 | 25.52 | 87% | 114 |
| 13 | Rajesh Handa | Individual | 63.00 | 55.02 | 87% | 62 |
| 14 | Maverick Capital | Boutique MFD | 52.00 | 45.02 | 87% | 90 |
| 15 | SWS Financial | Boutique MFD | 306.11 | 225.99 | 74% | 323 |
| 16 | Sharath F Mascarenhas | Individual | 29.71 | 21.72 | 73% | 76 |
| 17 | Sanjay Sampatlal Gandhi | Individual | 36.51 | 26.16 | 72% | 119 |
| 18 | Prabal Biswas | Individual | 15.57 | 10.77 | 69% | 108 |
| 19 | Ashwani Tiwari | Individual | 27.13 | 18.64 | 69% | 116 |
| 20 | Kumaraswamy C.V | Individual | 30.79 | 20.93 | 68% | 121 |
| 21 | Tejas Bharatkumar Shah | Individual | 87.87 | 59.68 | 68% | 192 |
| 22 | Rashmi Rajendra Pachare | Individual | 17.66 | 11.98 | 68% | 127 |
| 23 | Arvinder Singh Bindra | Individual | 67.71 | 45.44 | 67% | 190 |
| 24 | Nilesh N.Shah | Individual | 25.61 | 17.18 | 67% | 169 |
| 25 | Subhankar Bhowmick | Individual | 18.13 | 12.01 | 66% | 136 |
| 26 | Mithun Avinash Jathal | Individual | 62.03 | 40.84 | 66% | 105 |
| 27 | AM Investment Advisors and | Boutique MFD | 69.10 | 45.31 | 66% | 172 |
| 28 | Gopi Kishan Agarwal | Individual | 70.13 | 45.66 | 65% | 292 |
| 29 | Marina Wealth | Boutique MFD | 459.57 | 295.27 | 64% | 391 |
| 30 | Nilesh M Rokadia | Individual | 16.80 | 10.67 | 64% | 108 |
| 31 | Truvisory | Boutique MFD | 46.83 | 29.65 | 63% | 114 |
| 32 | Bhagavathalu Ramakrishna Sanjay | Individual | 18.44 | 11.52 | 62% | 93 |
| 33 | Brijesh Gupta | Individual | 38.82 | 24.06 | 62% | 161 |
| 34 | Virtue Online Services Pvt. Ltd. | Boutique MFD | 33.73 | 20.77 | 62% | 81 |
| 35 | Sriram Suryanarayanan | Individual | 36.90 | 22.41 | 61% | 144 |
| 36 | Mayank Arvindbhai Vashi | Individual | 19.25 | 11.69 | 61% | 93 |
| 37 | Sneha Mohan Bhoj | Individual | 438.15 | 266.03 | 61% | 348 |
| 38 | Abacus Corporation | Boutique MFD | 117.69 | 70.81 | 60% | 719 |
| 39 | Ashish N Shah | Individual | 28.06 | 16.88 | 60% | 134 |
| 40 | Real Investment | Boutique MFD | 43.20 | 25.96 | 60% | 99 |
| 41 | Chetan Mohanlal Mutha | Individual | 27.60 | 16.56 | 60% | 107 |
| 42 | Asset Plus | National | 614.42 | 367.73 | 60% | 541 |
| 43 | Finfreedom33 | Boutique MFD | 99.01 | 59.23 | 60% | 843 |
| 44 | Wise Turtle Finserv | Boutique MFD | 181.86 | 108.41 | 60% | 30 |
| 45 | Bode Financial Services | Boutique MFD | 9.69 | 5.78 | 60% | 97 |
| 46 | Diaz Invest | Boutique MFD | 38.08 | 22.69 | 60% | 122 |
| 47 | Outlook Asia Capital | Boutique MFD | 37.76 | 22.44 | 59% | 247 |
| 48 | Bhaskar Saha | Individual | 47.63 | 28.27 | 59% | 222 |
| 49 | Gopal Chulani | Individual | 43.22 | 25.62 | 59% | 158 |
| 50 | AD Investments | Boutique MFD | 14.61 | 8.60 | 59% | 125 |
| 51 | Josveen J Menezes | Individual | 31.07 | 18.28 | 59% | 147 |
| 52 | Pratap Chandra Sahoo | Individual | 23.87 | 13.93 | 58% | 171 |
| 53 | Madhav Arora | Individual | 14.42 | 8.41 | 58% | 95 |
| Rank | Name | Category | Gross Inflows (Rs. in Cr) | Net Inflows (Rs. in Cr) | Net-to-Gross Ratio | Net AUM as on March 23 |
|---|---|---|---|---|---|---|
| 54 | Bliss Capital | Boutique MFD | 141.45 | 81.82 | 58% | 178 |
| 55 | Narain Fortune Investment | Boutique MFD | 31.20 | 17.96 | 58% | 206 |
| 56 | Fortune Investment Services | Boutique MFD | 54.75 | 31.23 | 57% | 181 |
| 57 | Savin S | Individual | 47.91 | 27.29 | 57% | 150 |
| 58 | Mridula Chadda | Individual | 24.92 | 14.19 | 57% | 149 |
| 59 | Suman Gupta | Individual | 45.41 | 25.85 | 57% | 163 |
| 60 | Inest | Boutique MFD | 62.70 | 35.67 | 57% | 126 |
| 61 | Paras Prime Wealth | Boutique MFD | 48.61 | 27.61 | 57% | 74 |
| 62 | Shivam Kaura | Individual | 14.75 | 8.37 | 57% | 89 |
| 63 | Green Hedge | Boutique MFD | 33.79 | 18.98 | 56% | 85 |
| 64 | Bhavesh Indravadan Gandhi | Individual | 27.40 | 15.35 | 56% | 181 |
| 65 | Jash Financial | Boutique MFD | 38.54 | 21.58 | 56% | 109 |
| 66 | Akshay Finserve | Boutique MFD | 90.27 | 50.52 | 56% | 123 |
| 67 | Sandeep S Borse | Individual | 50.79 | 28.42 | 56% | 106 |
| 68 | Muthoot Securities | NBFC | 499.59 | 278.99 | 56% | 641 |
| 69 | Tuhin Jana | Individual | 18.59 | 10.38 | 56% | 92 |
| 70 | Ashis Podder | Individual | 31.90 | 17.77 | 56% | 110 |
| 71 | CG Associates | Boutique MFD | 30.27 | 16.81 | 56% | 147 |
| 72 | Mitesh Suresh Chafadkar | Individual | 16.17 | 8.96 | 55% | 146 |
| 73 | Money Lancer Investments | Boutique MFD | 48.32 | 26.69 | 55% | 166 |
| 74 | Jain Bros | Boutique MFD | 45.20 | 24.82 | 55% | 169 |
| 75 | Sangeeta Milind Chitnis | Individual | 44.55 | 24.29 | 55% | 154 |
| 76 | Niyama Management & Broking Services | Stock broker | 212.16 | 115.62 | 54% | 151 |
| 77 | Parul Vipul Gandhi | Individual | 197.04 | 107.06 | 54% | 84 |
| 78 | RM Asset Cart | Boutique MFD | 76.04 | 41.32 | 54% | 389 |
| 79 | Diwakar B Desai | Individual | 18.51 | 10.04 | 54% | 135 |
| 80 | Assetvilla Financial Services | Boutique MFD | 17.94 | 9.73 | 54% | 79 |
| 81 | Amit Mansukhlal Surpuriya | Individual | 17.73 | 9.54 | 54% | 102 |
| 82 | Investpro Financial Services | Boutique MFD | 99.18 | 52.96 | 53% | 240 |
| 83 | Ramkrishna Jalinder Gaikwad | Individual | 19.95 | 10.63 | 53% | 104 |
| 84 | Wealthy World Pathways | Boutique MFD | 65.11 | 34.66 | 53% | 94 |
| 85 | Jaishankar Natarajan | Individual | 9.86 | 5.23 | 53% | 99 |
| 86 | Dhaval Mahendra Desai | Individual | 13.02 | 6.91 | 53% | 101 |
| 87 | Teamgm Investmart | Boutique MFD | 49.55 | 26.26 | 53% | 144 |
| 88 | Intygritty Moneytree | Boutique MFD | 107.00 | 56.63 | 53% | 190 |
| 89 | New Vision Enterprises | Boutique MFD | 41.35 | 21.74 | 53% | 186 |
| 90 | Vr Aiyappan | Individual | 110.29 | 57.95 | 53% | 171 |
| 91 | Suba Shares | Individual | 24.65 | 12.95 | 53% | 125 |
| 92 | Sachin Shashikant Parekh | Individual | 88.34 | 46.39 | 53% | 339 |
| 93 | Buckspeak | Boutique MFD | 70.93 | 37.24 | 52% | 232 |
| 94 | Horizon Financial Services | Boutique MFD | 24.92 | 13.01 | 52% | 98 |
| 95 | Rajesh Falor | Individual | 27.68 | 14.42 | 52% | 161 |
| 96 | Shree Investment | Individual | 20.30 | 10.56 | 52% | 96 |
| 97 | Alok Agrawal | Individual | 20.53 | 10.67 | 52% | 128 |
| 98 | Pankaj Ladha | Individual | 108.45 | 56.32 | 52% | 227 |
| 99 | Srinivas Rao Kasinathuni | Individual | 23.45 | 12.17 | 52% | 93 |
| 100 | The South Indian Bank Ltd | Bank | 182.56 | 94.50 | 52% | 395 |
| 101 | Capital Mines Moneymart | Individual | 63.93 | 33.06 | 52% | 101 |
| 102 | Blueant | Boutique MFD | 94 | 49 | 52% | 321 |
| 103 | BM Fiscal | Boutique | 102 | 53 | 52% | 86 |
Ganesh Kumar
https://finplay.in/Mutual Fund Expert and Stock Market Enthusiast. Indian Stock Markets to the Moon 🚀