How India’s MF ecosystem has evolved since the 90s

The mutual fund industry in India has evolved significantly since the 1990s, with changes in regulations and the rise of fintech apps. Commission structures for distributors have been dismantled, direct plans have been introduced, and registered investment advisors can charge fees. However, the distribution business remains concentrated in the hands of top players, and the services of RIAs are not accessible to most people. Fintech apps offer convenience but may push unsuitable products. The industry still has room to grow towards a fee-based model.

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