Research · MFD census
How many mutual fund distributors are there in India?
By Shreedhanam Research · Updated
Short answer
On 23 October 2026, AMFI's public register listed 2,07,273 active ARNs (mutual fund distributor registrations that had not expired), out of 2,07,561 in total. 1,91,506 of the active ARNs belong to individuals and 10,597 to companies. Maharashtra and Gujarat together hold 38.7% of them, and the top ten cities hold 30%.
Mutual fund distributors by state
Maharashtra has the most active ARNs, about one in four (24.9%). Gujarat is second with 13.8%, far ahead of its share of India's population. The five largest states account for 60.2% of all active distributors.
| State | Active ARNs | Share of India | Of which individuals |
|---|---|---|---|
| Maharashtra | 51,677 | 24.9% | 48,072 |
| Gujarat | 28,573 | 13.8% | 26,906 |
| Uttar Pradesh | 17,957 | 8.7% | 16,593 |
| West Bengal | 16,936 | 8.2% | 15,776 |
| Karnataka | 9,590 | 4.6% | 8,567 |
| Rajasthan | 8,953 | 4.3% | 8,273 |
| Tamil Nadu | 8,764 | 4.2% | 7,887 |
| Delhi | 8,396 | 4.1% | 7,193 |
| Madhya Pradesh | 7,495 | 3.6% | 7,086 |
| Haryana | 5,661 | 2.7% | 4,989 |
| Telangana | 5,351 | 2.6% | 4,935 |
| Punjab | 5,309 | 2.6% | 4,852 |
| Bihar | 4,988 | 2.4% | 4,808 |
| Jharkhand | 4,689 | 2.3% | 4,485 |
| Kerala | 4,030 | 1.9% | 3,314 |
The eight north-eastern states together have 2,297 active ARNs (1.1%). The full list of 36 states and union territories is in the state file.
Mutual fund distributors by city
Mumbai alone has 15,085 active ARNs, 7.3% of the country. Four of the top ten cities are in Maharashtra and three are in Gujarat. Cities are counted as distributors wrote them in the register, with common spellings merged; suburbs such as Thane and Navi Mumbai stay separate from Mumbai.
| City | State | Active ARNs | Share of India |
|---|---|---|---|
| Mumbai | Maharashtra | 15,085 | 7.3% |
| Pune | Maharashtra | 7,888 | 3.8% |
| Ahmedabad | Gujarat | 6,924 | 3.3% |
| Thane | Maharashtra | 6,509 | 3.1% |
| Surat | Gujarat | 5,008 | 2.4% |
| Kolkata | West Bengal | 5,006 | 2.4% |
| Bengaluru | Karnataka | 4,857 | 2.3% |
| Delhi | Delhi | 4,518 | 2.2% |
| Vadodara | Gujarat | 3,199 | 1.5% |
| Jaipur | Rajasthan | 3,171 | 1.5% |
| Chennai | Tamil Nadu | 2,696 | 1.3% |
| Hyderabad | Telangana | 2,659 | 1.3% |
| Nagpur | Maharashtra | 2,536 | 1.2% |
| Rajkot | Gujarat | 2,368 | 1.1% |
| Nashik | Maharashtra | 2,363 | 1.1% |
The register lists 6,097 distinct cities and towns. All of them are in the city file.
Individuals and companies
| Type | Active | Total listed |
|---|---|---|
| Individual | 1,91,506 | 1,91,617 |
| Corporate (companies, firms, banks) | 10,597 | 10,760 |
| Type not stated | 5,170 | 5,184 |
| All | 2,07,273 | 2,07,561 |
An ARN (AMFI Registration Number) is what lets a person or firm sell mutual funds and earn commission on Regular plans. Individuals get one after passing the NISM Series V-A certification and registering with AMFI. An ARN is valid for three years and must be renewed. 1,95,549 ARNs in the register also carry an EUIN, the number that identifies an individual employee or sub-broker who sells under a firm's ARN.
How this was counted
- Source: AMFI's public distributor register (Locate Distributor on amfiindia.com), downloaded on 23 October 2026.
- Active means the ARN's validity date is 23 October 2026 or later. Expired ARNs are counted in the total only.
- Each ARN is counted once, even if it appears in more than one part of the register.
- State comes from the first three digits of the PIN code. 179 ARNs have no usable PIN.
- Only the ARN, validity dates, PIN, city and EUIN columns were read. Names, addresses, phone numbers and email addresses were never loaded or stored.
Download the data
Counts of active and total AMFI Registration Numbers (ARNs) by state and by city, from AMFI's public distributor register on 23 October 2026. Counts only; no personal data.
Free to use with credit to Shreedhanam and AMFI.
Questions
How many mutual fund distributors are there in India in 2026?
2,07,273 ARNs were active in AMFI's register on 23 October 2026, of which 1,91,506 belong to individuals and 10,597 to companies. A further 288 ARNs were listed but had expired.
Which state has the most mutual fund distributors?
Maharashtra, with 51,677 active ARNs (24.9% of India) on 23 October 2026. Gujarat is second with 28,573 (13.8%) and Uttar Pradesh third with 17,957 (8.7%).
Which city has the most mutual fund distributors?
Mumbai, with 15,085 active ARNs on 23 October 2026, followed by Pune (7,888), Ahmedabad (6,924), Thane (6,509) and Surat (5,008).
What is an ARN?
An ARN is the AMFI Registration Number a mutual fund distributor needs to sell mutual funds and receive commission. It is issued after the NISM Series V-A exam and AMFI registration, and must be renewed every three years.
Sources
- AMFI, Locate Distributor (public ARN register)
- Shreedhanam aggregation of the register, 23 October 2026 (counts only)
For mutual fund distributors. This page is information, not investment advice or a recommendation to buy, sell or switch any fund.