Maharashtra dominates in new distributor enrollment

By Ravi Samalad |  15-10-19 | 
 
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About the Author
Ravi Samalad is Assistant Manager - Editoral for Morningstar.in.

Maharashtra continues to dominate, when it comes to new enrollment of mutual fund distributors. In September 2019, 31.62% of new AMFI Registration Number (ARN) registrations were from Maharashtra, followed by Tamil Nadu (11.45%), Gujarat (8.16%) and Uttar Pradesh at 5.85%, shows Association of Mutual Funds in India (AMFI) data.

In September 2019, 832 new distributors joined the industry. Majority of them (706) were from individual category.

State-wise New ARN Registration in September 2019

Jharkhand, Orissa, Bihar and Andhra Pradesh were some of the states with the least new enrollments. This indicates there is an untapped potential in such states.

If we look at the geographical concentration of distributors, of the total 1.02 lakh total ARN holders, 55% or 56,009 operate from T30 cities while the remaining 46,323 from B30 cities. Distributors from B30 cities are eligible for higher commissions.

Concentration of assets

Maharashtra has the highest concentration of mutual fund assets at Rs 10.71 lakh crore. Of this, 30% are equity assets while the remaining 70% consists of debt funds. This is because a lot of corporate houses that invest in liquid/overnight funds are headquartered in Maharashtra. Around 32% of the total assets of the industry is concentrated in Mumbai. The second spot is occupied by Karnataka which has 1.86 lakh crore MF assets, followed by Gujarat at Rs 1.78 lakh crore. Karnataka and Gujarat have a good composition of debt and equity assets.

As on September 2019, the industry managed assets worth Rs 24.50 lakh crore.

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