The top seven Asset Management Companies, the NSE and Centre for Investment Education and Learning have joined hands to add 50,000 new mutual fund distributors over the next three years.

The initiative will be carried out through ExpertMFD, a first of its kind move by seven mutual funds including Aditya Birla Sun Life Mutual Fund, Axis MF, ICICI Prudential MF, L&T MF, Nippon India MF, SBI MF and Sundaram MF, which manage over two-third of total mutual fund industry AUM.

ExpertMFD has built a holistic infrastructure to create financial entrepreneurs and mutual fund distributors through its platform, which will offer end-to-end support to anyone who wants to make a career as a financial distributor.

The only requirement to join the mutual fund industry is to have a robust understanding of the subject. Besides having the flexibility to work from home, the mutual fund distribution job offers recurring income opportunity.

The mutual fund industry, which manages Rs 32 lakh crore assets, currently has just one distributor for every 17,000 investors indicating a massive growth opportunity. Top individual mutual fund distributors earn over Rs 1 crore in annual gross commissions.

Himanshu Vyapak, Managing Director, CIEL, said there are about 2.3 crore unique mutual fund investors in India. Still, the growth of mutual fund distributors has not kept pace with the growth of assets in the industry.

Besides mutual fund, the platform will train the distributors on other financial products in the second phase, he added.

The industry is ready for next-level growth with Rs 100 lakh crore AUM in the next ten years. The industry’s success will depend on how the distributor network is expanded with a clear focus on rural India, said mutual funds in a joint statement.

Mukesh Agarwal, CEO, NSE Indices said the collective knowledge, business acumen, skilling capability and transaction engine would help new distributor from onboarding to business generation on one platform,” he added.

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