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Time of India
2 days ago
- Business
- Time of India
How small-town mutual fund distributors built AUMs of hundreds of crores and a new class of equity investors
Academy Empower your mind, elevate your skills Small change, big exchange Beyond FDs: New frontiers Converting doubt and delays In 2015, Prabin Agarwal, a Siliguri-based mutual fund distributor (MFD), sought to rapidly expand his business. He had already been conducting investment awareness programs (IAP), but he wanted a bigger push. Billboard advertisements were a great idea, but expensive. His budget was low. He hit upon an engaged with hoarding agencies (billboard owners) for multi-layer flex printing technology. This is a clever advertising strategy where Agarwal sought to have his campaigns printed on a base layer and installed them as the permanent base layer directly on the billboard's mounting advertisers would mount their campaigns as temporary overlays, on top of his base advertisements, so that they could be removed after their contracts were over. When the premium advertisers' campaigns ended and were removed, Agarwal's base layer advertisement became visible again, gaining 'free' exposure during the transition periods. It cost him less than the premium rates for front-layer visibility. Persistence paid off, as his advertisement though often hidden, reappeared during campaign changeovers — all at a fraction of the a form of guerrilla advertising that maximises reach while minimising costs, perfect for MFDs trying to build brand recognition in smaller markets. This low-cost strategy reflects the resourcefulness of MFDs in driving financial inclusion in India's smaller towns and a perfect example of how they've had to think creatively to compete with larger players while serving markets often overlooked by bigger not just the larger cities of India that bring in mutual fund distributors . Small towns — beyond the top 30 cities (B30) in MF industry parlance —also bring in significant inflows. Nearly 19%of the overall Assets Under Management (AUM) of MFs came from B30 towns as of March 2024, up from 15.3% in March 2019, as per AMFI-Crisil Factbook 2024. Assets from B30 locations increased from Rs.13.28 trillion in May 2025 to Rs.13.80 trillion in June 2025, representing a 4% rise. 'We have seen a lot of hunger in these guys,' says Kalpen Parekh, Managing Director and CEO, DSP Mutual Dev Patel, an MFD from Korba, a small town with a population of 3.63 lakh, in Chhattisgarh. Patel had a hard upbringing. His mother passed away when he was small, and he moved in with his uncle and aunt, who raised him. Due to financial constraints, when he was in Class 6, he started distributing newspapers at 5 am to 75 houses, which earned him Rs.300 a month. When he entered class 8 at school, he took on another part-time job at a garment shop, working from 5 to 10 pm, making an additional Rs.700 per month. The family didn't have the money to pay for his education after he passed his 12th exams, so he dropped out and took up a full-time job at Hindustan Unilever, selling soaps and other products to kirana stores. Patel was mindful of the many dacoities that had plagued Korba at the time; it put him at risk as well, as he had to transport cash from the kirana stores to his company. In 2002, he entered financial product sales, working with Sahara Corporation and Life Insurance Corporation ( LIC ) until 2013, before switching to mutual funds SiliguriFirst investments (two mutual funds + two stocks) at around age 16Became a sub-broker with Anand RathiAttended a seminar, got convinced that SIP is the way forward; organised an investment awareness camp at a hotel where 65 turned up, some of whom became clients; started mutual fund distribution (with 3 office staffers)Started billboard advertisementsStaff of 25 peopleRs.700 croreKorba is a mid-sized town renowned for its coal mines and power plants, including those operated by NTPC (National Thermal Power Corporation) and the Chhattisgarh State Electricity Board. Patel says that nearly 90% of his clients are government sector employees. He says that initially, lump-sum money was scarce, so he encouraged all his clients to start systematic investment plans (SIPs). 'I imbibed goal-based investing , not newsbased investing,' says Patel, who says that 95% of his MF inflows come in equity incidentally, is the strategy many small-town MFDs follow. Avnish Bhatnagar, Director & Co-Head of India Retail Sales at Franklin Templeton, says that as we travel deeper within India, MFs are still closely associated with equities. 'There is not much understanding of hybrid and fixed income MF schemes,' he says. He explains that most investors in small towns are already well-invested in FDs and small savings. What's been missing from their portfolios was equities, and that is where equity MFs come who couldn't complete his education, today manages Rs 115 crore worth of his clients' money. Korba manages assets worth Rs.4,022 crore as of June 2025, ranking 136th among Indian towns in mutual fund investments, according to CAMS, one of India's largest registrar and transfer Kothari, co-founder and CEO, ZFunds, a platform that empanels distributors, says that investors in small towns are getting younger and wealthier. He says that it's easy for someone in their 20s to open an account on one of the several digital platforms that sell MFs and start a Rs.500-1,000 SIP. But when her portfolios become worth, say Rs.50 lakh, she needs some serious advice. Kothari says that rural India is no longer necessarily poor or started financial distribution business; (equity IPO, Unit Trust of India, fixed deposits and small-savings)Father got AMFI licence and started selling mutual fundsAnand and his brother (Gopal Zinzuvadia) joined the businessMutual fundsEquity stock brokingOver Rs.280 crore(approximately Rs.140 crore from Amreli and surrounding towns, Rs.140 crore from other cities and states across India)Siliguri's Agarwal says SIP sizes in small towns have grown from Rs.5,000-10,000 to much larger amounts, including Rs.2 lakh from a family of four, with some also investing in cryptocurrencies. 'The crypto craze peaked 2-3 years ago, with many local chartered accountants calling me to understand its taxation,' he adds. To put it in perspective, with a total AUM of Rs.9,715 crore as per data by CAMS, Siliguri is ranked 65th in terms of AUM in India. In fact, Parekh states that small towns have substantial NRI (non-resident Indian) wealth. This transformation has pushed local MFDs to not just embrace technology for customer service, but also master asset allocation and wealth management. The old stereotype of the briefcase-carrying LIC agent is well and truly Pratap Jain operates from Tinsukia, a remote town in Assam, located near the border with Arunachal Pradesh. Don't let the geography fool you about local ambitions. This ex-Oracle employee had a job offer in Cyprus but chose to return to his hometown in 2005 instead. He walked into DSP Mutual Fund's Mumbai office for guidance, and soon launched his own distribution business. Jain adopted technology faster than many others at the time. He once cut CDs with India growth story presentations to convince people to invest in MFs. Now fully digitised, Jain says most of his clients were first-time MF investors who, despite setbacks like the 2008 crisis, have grown into HNIs. Tinsukia's AUM stands at Rs.3,642 crore, ranking 150th in distributors, like Anand Zinzuvadia, 40, have taken their family business forward. His late father had started his financial distribution business in 1988, selling equity IPOs (initial public offering), Unit Trust of India, fixed deposits and small savings. In 2001, he diversified to selling MFs and insurance policies when private insurance companies started to make inroads. Zinzuvadia joined the family business in 2004 to sell MFs, while his brother Gopal handled equity broking, facing a major hurdle in low financial selling newspapers (early mornings) earned `300 a month; in Class 6 that timeTook up additional part-time job at a garments shop (5-10 pm); Class 8 at schoolPassed Class 12 and quit education due to constraints; took up full-time job at Hindustan Unilever, became a Sahara Corporation agent selling FDsLIC agentPassed AMFI's Mutual Fund distribution selling mutual fundsRs.77 lakh per monthRs.115 crore'In those days, people used to earn 10-12% in FDs. Convincing people of volatility and long-term returns was tough,' says Zinzuvadia. He recalls that businessmen and professionals, such as doctors and lawyers, knew better than an absolute lay investor, although they, too, were hesitant back then. He tried a novel approach. He started investing his own money in MFs and then showed his account statements to his potential clients. Over time, compounding showed. Numerous IAPs and visits to homes later, Zinzuvadia managed to convince people to invest 20-30% of their FDs that would have otherwise been redeemed. It all started with lumpsum investments of as little as Rs.1,000 and SIPs of around Rs.500. As markets rewarded long-term investors, trust grew. He tells us the tale of one of his clients who started off with Rs.1,000 SIP in 2008 and who now invests Rs.60,000 a month in SIP. Today, the same investor's portfolio is valued at Rs.1.5 still conducts IAPs regularly. On 28 June, his IAP drew 1,400 people to his hometown of Amreli, Gujarat, a city with a population of two lakh. From around 18,000 new SIPs registered in Financial Year 2023, Amreli saw little over 47,000 registered in 2024-25, as per CAMS data. In terms of AUM, it ranks 194th in India, with Rs.2,503 crore as of June small-town distributors had an additional challenge of having set up their businesses at a time when cheques took a longer time for clearances and forms had to be sent to mutual fund offices far away. From the introduction of At-Par cheques in the 1990s-2000s to the Speed Clearing system introduced in the early 2000s, and the modern Cheque Truncation System first introduced in 2008, MFDs in smaller towns had to bridge not just the financial literacy gap but also the technology job at Oracle and moved to hometown Tinsukia; started mutual fund distribution at age 23; rising equity markets helped garner panicked after the global credit crisis and market crash; adopted technology to make selling to goal-based financial planning and started recommending SIPsDemonetisation breakthrough: Doubled AUM from Rs.10 crore to Rs.20 crore in 9 months as clients shifted from real estate/FDs to MFsLeveraged tech during Covid for new clients & emergency liquidity; Rs.80 crore AUM by March 2022: Over Rs.200 crore (up from Rs.100 crore as on June 2023)'India's entrepreneurs, from small towns to big cities, have been creating and monetising businesses, especially in recent years. As the older generation passes the baton and capital flows surge into diverse sectors, many families are witnessing significant wealth creation. At the same time, robust market returns are pulling NRIs back to invest in Indian equities. This twin trend has created a massive demand-supply gap for professional wealth management. In smaller cities, sincere and passionate MFDs are stepping up to help these families build disciplined, long-term portfolios. It's a golden opportunity for trusted advisors to make a real difference,' says Parekh.
Mint
04-08-2025
- Business
- Mint
First in Ladakh, this AMC opens office in Leh-Ladakh region for wider reach
Nippon India Mutual Fund announced the opening of its new branch in Leh, Ladakh in its apparent attempt to spread mutual fund penetration in the state of J&K. With this launch, Nippon claims to be the only mutual fund house with a physical presence in such a high-altitude region. A company statement said that this is India's 167th branch of Nippon spreading across 266 pin codes. It is worth mentioning here that Jammu & Kashmir has very small concentration of mutual fund investment with average assets under management (AAU) of only ₹ 10,800 crore. Meanwhile, it is 24 percent higher than the corresponding data of June 2024 when it stood at ₹ 8,703 crore. Other states which have even lower AAUM than J&K include Sikkim ( ₹ 2,400 crore), Arunachal ( ₹ 2,200 crore), Mizoram ( ₹ 1,400 crore), Manipur ( ₹ 1,600 crore), Nagaland ( ₹ 3,500 crore), Meghalaya ( ₹ 5,100 crore) and Tripura ( ₹ 3,100 crore). In contrast, Bihar's AAUM is ₹ 75,100 crore and Assam's AAUM is ₹ 40,300 crore. Nippon India's CEO Sundeep Sikka attributed this feat to the efforts made by former Chief of Army Staff and Kargil veteran General VP Malik. 'Leh holds a unique place in India's national consciousness—not just for its altitude and terrain, but for its strategic and cultural significance," said General VP Malik (Retd), also an independent director at Nippon India MF. 'We continue to deepen our reach because we believe every Indian deserves to participate in the country's growth story and journey towards financial inclusion. We're proud to be the only asset management company in the mutual fund industry with a physical presence in Leh, reinforcing our commitment to empowering investors in every corner of the nation,' said Sundeep Sikka. On the day of launch of its branch, Nippon AMC also conducted an Investor Awareness Program (IAP) for 300 Army personnel to promote financial literacy among the armed forces For all personal finance updates, visit here
Time of India
02-08-2025
- Health
- Time of India
Doctors emphasize breastfeeding as the child's first line of defence
Madurai: Breastmilk is the first vaccine of the child, said Dr Nandini Kuppusamy, president of the Indian Academy of Pediatrics (IAP), Madurai. IAP and Government Rajaji Hospital (GRH) are observing Breastfeeding Week from Aug 1 to 7. Nandini said that breastfeeding impacts the infant mortality rate of a country. "The first 1,000 days of the child can be split into three parts: 300 days of pregnancy and close to two years after childbirth. This is a crucial time for the child to receive nutrition," she said. According to the National Guidelines on Infant and Young Child Feeding (IYCF), infants should be exclusively breastfed for the first six months of life to achieve optimal growth, development, and health. However, there are many myths in society, and hence we ensure to raise awareness during this week every year, she added. "During the first six months of the child, only breastmilk must be given. Anything else, even water, must not be given to the child. This is because breastmilk contains 60% water," she added. Breastmilk can be given to the child until the age of two, she said. The World Health Organisation says that 45% of deaths of children below the age of five are linked to malnutrition. Many deadly respiratory and diarrhoeal diseases can be prevented by breastfeeding, she said. On Saturday, awareness was given to 200 antenatal mothers in GRH, said Dr J Senthil Kumar, secretary, IAP Madurai. In the coming days, a series of awareness programmes have been organised, he added. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
22-07-2025
- Health
- Time of India
IAP launches nationwide initiative on paediatric allergic disorders from Nagpur
1 2 Nagpur: The Indian Academy of Paediatrics (IAP), under the leadership of its national president 2025, Dr Vasant Khalatkar — who hails from Nagpur — launched a nationwide initiative to tackle the growing but often neglected issue of paediatric allergic disorders. "Allergic diseases are not just about sneezing or itching — they silently steal away a child's happiness, confidence, and health," said Dr Khalatkar, emphasising the urgent need for awareness. "We are not just treating sneezes and rashes — we are protecting childhood," he added, calling on parents, teachers, and paediatricians to take early action. With 20-30% of Indian children now estimated to suffer from allergies such as asthma, allergic rhinitis, food allergies, and atopic dermatitis, the IAP's campaign comes at a crucial time. Rapid urbanisation, climate change, air pollution, and shifting diets are further aggravating the problem. IAP's chapter of allergy and applied immunology will drive this movement from Nagpur to all corners of the country. "India is witnessing a silent surge in allergic disorders," Dr Khalatkar said. "Our mission is to standardise diagnosis, enhance paediatric training, and build community-level awareness so that no child suffers silently." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Storage running out on your Mac? Space Lens will show you why MacPaw Read More Undo The IAP's campaign not only aims at clinical improvement but also focuses on reducing the emotional and social impact of allergies on young lives. The academy has appealed to schools, paediatricians, parents, and policymakers to work hand-in-hand to identify symptoms early, ensure proper care, and create safe, allergy-informed environments. This nationwide effort, rooted in Nagpur leadership, marks a major step towards ensuring that childhood allergies are no longer ignored but addressed with seriousness, empathy, and science.
Hans India
14-07-2025
- Health
- Hans India
Need for awareness and immunization against Respiratory Syncytial Virus (RSV) in India
Medical experts in India are calling for urgent attention to Respiratory Syncytial Virus (RSV), a highly contagious but under-discussed cause of lower respiratory tract infections in infants and children under five. RSV, often mistaken for a mild seasonal cold, accounts for ~ 3.6 million hospitalizations and ~ 100,000 deaths in children under five each year globally. India, with the largest birth cohort of ~ 25 million newborns annually, contributes significantly to this burden. The impact is particularly severe during the country's monsoon and early winter months, when neonatal ICUs experience a surge in admissions. Alarmingly, even healthy, full-term infants across all socio-economic backgrounds often require oxygen or ventilator support due to RSV-related complications. Therefore, raising awareness among parents and healthcare professionals about available preventive measures is critical to reducing the disease's toll on young lives. Dr. Vasant M. Khalatkar, Current National President, Indian Academy of Pediatrics (IAP), said 'RSV remains a significant threat to infant health, and while hygiene measures like handwashing are essential, they're often not enough—especially for babies under one year. With the recent World Health Organization (WHO) recommendation for long-acting monoclonal antibodies (mAb) and India enabling access to these solutions, we now have vital tools to protect our youngest. Palivizumab has been available for high-risk infants, offering protection through monthly dosing during the RSV season. Now, with the arrival of Nirsevimab—a single-dose, long-acting antibody that provides season-long protection—we're seeing a major advancement. Administered shortly after birth or during routine follow-ups, these preventive options can greatly reduce RSV-related hospitalizations and shield infants from serious complications like bronchiolitis and pneumonia. Prevention, timely awareness, and parental engagement are critical to reducing RSV's impact across India.' Dr. Cesar Mascarenas, Head of Medical International Region, Sanofi, commented 'We have long been working to close critical gaps in prevention by advancing science-driven solutions that align with evolving global recommendations, including those from the WHO. Addressing RSV burden in India with advanced preventive care is the need of the hour. Strengthening awareness, improving access to protective interventions, and enabling timely immunization are essential steps in reducing the impact of RSV and safeguarding the health of future generations.' Dr. Bhavesh Kotak, Head, Medical Affairs, Dr. Reddy's, added 'India bears a significant share of the global RSV burden. Unlike high-income countries with advanced prevention care and early access to preventive solution, India still faces challenges in timely diagnosis and protection. Increased awareness around the severity of RSV and enabled access to ground-breaking immunization solutions will be critical in building a more equitable and effective national response to RSV.' In April 2025, Sanofi and Dr. Reddy's announced the expansion of their partnership to bring to India a novel, single-dose preventive immunization developed to protect infants from RSV-related complications. Caregivers or parents are advised to speak with their pediatricians / neonatologist for more details.
