Two or three asset management companies (AMCs) may be enough for some mutual fund distributors (MFDs), but Indian rules do not prescribe that number. Treat it as a practical starting point—not a regulatory limit or a proven optimum. The right panel is the one that can meet clients’ needs while allowing the distributor to maintain sound suitability checks and reliable service.
Is there an official 2–3 AMC rule for MFDs?
No. AMFI’s current master-circular search result says a distributor must be formally empanelled with each AMC whose schemes it promotes. It also reports that older common minimum empanelment criteria were deleted by an AMFI circular dated December 31, 2025. Neither point sets a maximum or identifies an ideal number of AMCs. AMFI master circular AMFI circular
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That means an ARN by itself should not be treated as permission to sell every AMC’s schemes. Check the relevant AMC’s empanelment requirements and complete its process before promoting its schemes.
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A smaller panel can be a workable operating choice when it covers the categories and service needs of the MFD’s actual clients. A manageable set of relationships may also make it easier to keep scheme research, operational follow-up and suitability controls organized. These are practical considerations, not measured benefits or a regulator-published scoring model. AMFI master circular AMFI due-diligence guidance
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Check coverage before counting AMCs
Ask whether the panel can meet the investment needs clients actually bring to the practice. If a relevant need cannot be met within the existing panel, that is a reason to assess another AMC—not to expand the list for its own sake.
Check whether controls and service remain workable
AMFI describes organizational controls that separate customer risk and investment-objective evaluation, as well as scheme suitability assessment, from sales and relationship management. An MFD should consider whether it can apply those controls and provide dependable follow-up across its panel. AMFI due-diligence guidance
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When should an MFD consider expanding its panel?
- A client need relevant to the practice is not adequately covered by the existing panel.
- A narrow provider set creates a material coverage or continuity concern.
- The MFD can add the relationship while maintaining due diligence, suitability checks and reliable servicing.
These are decision checks inferred from official descriptions of empanelment, due diligence and conduct duties—not a prescribed regulator test. A broad panel is not automatically better, and a narrow panel does not by itself remove conflicts.
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How should commissions affect the decision?
They should not determine a recommendation. SEBI’s June 26, 2002 circular reproduces the Code of Conduct for Intermediaries of Mutual Funds: “When marketing various schemes, remember that a client’s interest and suitability to their financial needs is paramount, and that extra commission or incentive earned should never form the basis for recommending a scheme to the client.” Attribute this as code text reproduced in that historical circular, not as a newly issued 2026 statement. SEBI circular, June 26, 2002
The same code warns against recommending an unsuitable product solely because it pays higher commission, and against encouraging excessive transactions or churning to earn more commission when that raises investors’ costs or taxes. The relevant question is the basis for each recommendation and whether it fits the investor—not simply how many AMCs are on the panel. SEBI circular, June 26, 2002
How do MFD commissions differ from fee-based advice?
AMFI describes distributor-mediated investment as taking place through a Regular Plan, with commission paid by the AMC within regulatory expense limits. Its investor information explains that Direct and Regular Plans share a portfolio and fund manager but have different expense ratios. SEBI describes MFDs as commission earners and Investment Advisers as fee earners. These are distinct distribution and advice models; confirm current rules and disclosures before relying on commercial details. AMFI investor information
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What does the evidence say about the ideal number?
The official sources cited here establish AMC-by-AMC empanelment and distributor conduct responsibilities, but do not establish that two or three AMC relationships produce better outcomes than a broader panel. There is no evidence-based optimum in these sources. Use 2–3 as a hypothesis to test against client coverage, control capacity and continuity—not as a universal best practice.
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