Seven Banks are Among Top-10 Mutual Fund Commission Earners

As per the latest disclosure of commission and expenses made by the industry body – Association of Mutual Funds in India (AMFI), there are seven banks among the top-ten distributors list in terms of commissions paid to them.

When it comes to earning commissions from sale of mutual funds of various fund houses, seven banks including HSBC, HDFC Bank, Citibank, Standard Chartered Bank, Axis bank, ICICI bank and Kotak Mahindra Bank are among the top-ten distributors recorded an increase in the payments made to them.

Compared to the previous list of top-ten distributors, there has been only one change among these seven banks with ICICI being replaced by SBI in the top-ten list. SBI is the only bank that witnessed a major decline in the mutual fund distribution payments made to it.

According to AMFI, there are 269 mutual fund distributors, who were collectively paid about Rs 1,860 crore as commission and expenses for sale of mutual fund products during the year 2011-12. There was an increase in distribution payments against the collective payment amount of Rs 1,697 crore for the year 2010-11.