New Delhi, Dec. 1 -- A rising tide does not lift all boats-an adage that mutual fund distributors will vouch for.

Despite record asset growth among such funds in the past 10-odd years, the number of people selling these products has grown at a laggard pace. Equity assets under management grew nearly 10 times between 2015 and 2025, the number of mutual fund distributors just 2.5x.

In the decade gone by not only have the numbers of such distributors lagged growth in the industry, their underlying business models also have been under severe stress-squeezing incomes, increasing consolidation, and back-loading revenue streams.







Mint spoke to industry executives, distributors and other sector experts to piece together what ails distribu...