Where did investors’ ₹27,335 cr in mutual fund commissions go?

Investors paid an estimated ₹27,335 crore in mutual fund distribution commissions in FY25, with 77.2% going to just 3,158 distributors. The remaining ₹6,229 crore was shared by about 2.03 lakh distributors below AMFI's disclosure threshold, averaging ₹3.07 lakh each. Within the disclosed group, 50 bank-linked channels earned ₹6,330 crore, while 1,474 individual distributors averaged ₹1.82 crore.