Over 29,500 individuals join MF distribution business in FY 2026

MFD Registrations — FY 2026 Snapshot

The mutual fund distribution industry continued to witness healthy growth in FY 2026 with strong additions across individual, corporate, and employee distributor categories.

Steady New Additions

The industry added 29,536 new individual MFDs in FY 2026, nearly matching FY 2025’s 29,555 additions. On average, around 2,450 individuals joined every month, with July 2025 recording the highest monthly additions at 2,919.

Total Industry Growth

Overall, 68,139 new distributors joined in FY 2026, reflecting a 6% increase over FY 2025’s 64,109 registrations. Corporate employees accounted for the largest share of new registrations at 36,086, representing 53% of total additions.

Top States

Maharashtra led the country with 22% of total new registrations, followed by Gujarat at 11% and Uttar Pradesh at 8%.

ARN Renewals

A total of 73,655 ARNs were renewed during FY 2026, including 40,428 renewals from individual MFDs.

Current Industry Size

The mutual fund distribution industry now comprises 3.41 lakh distributors. Individual MFDs account for 48% of the total base at 1.79 lakh distributors, with nearly half operating from B30 locations.