Last updated: 10 October 2026 · By Yashna Bhuwania (ARN-325085)
Quick answer: The main platforms for Indian mutual fund distributors are AssetPlus, Wealthy, ZFunds, Creso, NJ Partner Desk and Dhan Saarthi. They differ on whose ARN you work under, whether the commission split is published, product range, white-labelling, research tools and how switching works. Only Creso and Dhan Saarthi publish their split: 90:10.
Disclosure: Dhan Saarthi is our platform. We have kept every competitor fact to what each vendor says on its own site, dated October 2026. Where a vendor does not publish something, we say so rather than guess.
What six questions should you ask any MFD platform?
- Whose ARN do you transact under? Your own, or the platform's master ARN with you as a sub-distributor. This decides who "owns" the AUM on AMC records and how hard it is to leave.
- Is the commission split published? A written number, or "contact us".
- What products can you sell? Mutual funds only, or also SIF, PMS, AIF, insurance, NPS, FDs, bonds or stocks.
- Does the client app carry your brand? Fully white-label, partly branded, or the platform's own brand.
- What research and portfolio tools do you get? Fund research, overlap, allocation, risk profiling, external holdings import.
- How do you switch out? What the platform says about moving AUM, and what AMFI rules allow.
How do AssetPlus, Wealthy, ZFunds, Creso, NJ and Dhan Saarthi compare?
Every competitor cell below is per that vendor's own site, Oct 2026. "Not stated" means we could not find it on their site. For a wider look that includes back-office software such as Investwell, Wealth Elite and IFANOW, see our full comparison of mutual fund software for distributors.
| Platform | Whose ARN | Published split | Products | Client app branding | Research and tools | Switching out |
|---|---|---|---|---|---|---|
| AssetPlus | AssetPlus's ARN-114376 | Not published ("contact us") | MF, FD, PMS, NPS, insurance, LAMF | White-label client app | CAS import via MF Central or CAMS; "onboard in 180 seconds" | Moving AUM to your own ARN takes 30–45 working days |
| Wealthy | Wealthy is the master ARN; your ARN is used as a sub-broker | Not published | MF, insurance, stocks, PMS, AIF, bonds, FDs, LAMF | Not stated | 3-level partner training; dedicated RM | Not stated |
| ZFunds | ZFunds shows ARN-163501; its partner page walks new MFDs through getting their own ARN. Which ARN you transact under is not stated | Not published ("T&C applied") | MF, SIF, LAMF, bonds, FDs, PMS | Not stated | ZIVA AI tool; two classes a month; dedicated RM | Not stated |
| Creso | Creso shows ARN-321367. Whether partners use their own ARN is not stated | Flat 90:10 ("no tiers, no hidden deductions") | Mutual funds; other products not listed | "The app, reports, emails, creatives" carry your name | Fund research with rolling returns and Sharpe ratios; "10-metric scoring model"; external holdings analysis | Not stated |
| NJ Partner Desk | NJ India Invest, ARN 0155 | Not published (shown inside Partner Desk) | MF, LAMF, equity and ETFs (via NJ demat), PMS, NPS | Clients use the NJ-branded E-Wealth app | Partner Desk back office | Needs the ARN change process |
| Dhan Saarthi | Dhan Saarthi's ARN-325085; you work as a sub-distributor | 90:10; no upfront, seat or module fees | MF and SIF online; PMS, AIF, GIFT City offline | Client app shows your name on its home screen | Client management, portfolio health, allocation, risk, fund overlap, risk profiling, research, AUM analytics | Governed by AMFI's AUM transfer rules (see below) |
Scale, as each vendor states it (Oct 2026): AssetPlus "22,000+ MFDs"; Wealthy "14,000+ partners, ₹8,000 Cr+ AUM"; ZFunds "14,000+ distributors"; Creso "2,000+ distributors"; NJ "56,911 active distributors, ₹3,19,829 Cr AUM (31 Aug 2026)". Dhan Saarthi has 80+ partners and ₹10 Cr+ AUM.
Which platform suits which MFD?
AssetPlus
Suits an MFD who wants many products on one app: MF, FD, PMS, NPS, insurance and loans against MF, per AssetPlus's site, Oct 2026. It is large, with "22,000+ MFDs", and has a white-label client app. The limitation is the commission: AssetPlus does not publish its trail share. Big platforms like this typically use tiered splits that differ by partner AUM. Support is spread across thousands of partners, so it is less personalised.
Wealthy
Suits an MFD who already holds an ARN and wants mutual funds, insurance, stocks, PMS, AIF and bonds on one platform, plus structured training. Per Wealthy's site, Oct 2026, "The master ARN will be Wealthy, and your ARN will be used as a sub-broker". The trail share is not published, and with "14,000+ partners" support is less personalised.
ZFunds
Suits a new MFD who wants hand-holding to get started: classes, a dedicated RM and a "zero cost" start, per ZFunds' site, Oct 2026. It is also an SIF distributor, and it sells PMS, bonds, FDs and loans against MF. The trail share is not published ("T&C applied"), and it may differ by AUM. Support is spread across "14,000+ distributors".
Creso
Creso is the closest match to Dhan Saarthi, and we will be plain about it. Per Creso's site, Oct 2026, it offers a "Flat 90:10 commission sharing" with "no tiers, no hidden deductions". That is the same published split as ours. It also puts your name on "the app, reports, emails, creatives". It claims "2,000+ distributors" working with it as of September 2026.
NJ Partner Desk
NJ is a different model: a large franchise-style network. Per NJ's site, Oct 2026, it has "56,911 active distributors" and a ₹7,000 joining pack (₹5,000 refundable on meeting business criteria). Clients use the NJ-branded E-Wealth app, and moving clients out needs the ARN change process. Trail is shown only inside Partner Desk. It suits an MFD who values an established brand and a big network over a published split.
Where does Dhan Saarthi fit, and where doesn't it?
Dhan Saarthi fits an MFD who wants a published 90:10 split with no upfront, seat or module fees, and a small team they can actually reach. We have 80+ partners, so support is personalised: you work directly with our team. Other points:
- One onboarding instead of separate empanelment with 40+ AMCs.
- Transactions run on BSE StAR MF 2.0.
- Your clients get an app with your name on its home screen.
It suits insurance agents, CAs, stockbrokers and real estate agents adding mutual funds for existing clients, and new MFDs.
It does not fit if you need:
- Insurance or broking. We don't offer either. AssetPlus, Wealthy and NJ list one or both.
- Full white-label branding across app, reports and emails. Creso offers this; we don't claim it.
- Your own ARN as the master ARN. You work under our ARN as a sub-distributor.
If those fit your practice, book a demo.
How does switching platforms work?
There are two routes under SEBI and AMFI rules. They differ on who starts it and what happens to trail.
Route 1: the investor changes distributor. The client asks the AMC to change the distributor code on their folio. No NOC from the old distributor is needed (SEBI circular, 11 Dec 2009). But the new distributor does not earn trail on those existing holdings straight away. Under AMFI's best-practice guidelines, AMCs may pay trail to the new distributor only after a 12-month cooling-off period from the date the distributor code changes. AMFI raised this from six months in July 2025. After the 12 months, trail is paid at the lower of the old and new distributor's rates, and no other incentive is paid for the switch. If the investor moves back to the old ARN during the period, the clock restarts.
Route 2: the distributor transfers AUM. AMFI allows this only in listed cases. These include a change in the distributor's name or legal status, a merger or business transfer, voluntary cessation of business, and moving out the entire AUM of an ARN holder who was a sub-distributor under a principal ARN holder. The steps:
- The transferring distributor informs each client by letter or email.
- Clients have 15 days to object. If they don't, the change goes ahead.
- The AMC applies a 15-day cooling-off period from the request.
What happens to trail on transferred AUM?
| Route | NOC from old distributor? | Trail on the existing, transferred AUM |
|---|---|---|
| Investor changes distributor | Not needed (SEBI, Dec 2009) | None for the first 12 months after the code change; AMCs may then pay at the lower of the two distributors' rates |
In practice: if a client moves to you, expect no trail on their existing holdings for a year. New purchases and SIPs registered under your code earn trail from the start. Which route your move qualifies for depends on your ARN set-up on each platform, so check with the AMCs or registrar before you promise clients anything.
Sources
- SEBI circular SEBI/IMD/CIR No.13/187052/2009, 11 Dec 2009: AMFI guidelines for change of mutual fund distributor
- AMFI Best Practices Guidelines Circular No. 106/2022-23, 21 Mar 2023: revision in the guidelines on transfer of AUM
- AMFI Best Practices Guidelines Circular No. 43/2013-14, 22 Jan 2014: guidelines on transfer of AUM from one ARN to another
- AssetPlus partner site (partners.assetplus.in), checked Oct 2026
- Wealthy partner desk (wealthy.in), checked Oct 2026
- ZFunds (zfunds.in), homepage and distributor page, checked Oct 2026
- Creso (creso.in), homepage, platform page and terms, checked Oct 2026
-
NJ Partner Desk and NJ Wealth sites, checked Oct 2026
- AMFI Best Practices Guidelines Circular No. 112-a, 30 Jul 2025: cooling-off raised to twelve months
- AMFI Best Practices Guidelines Circular No. 106-A, 17 Oct 2025: revised AUM transfer guidelines
Mutual fund investments are subject to market risks, read all scheme related documents carefully. Distribution services are offered through Khazana Fintech Pvt. Ltd. (AMFI ARN – 325085). All platform facts, scale figures and fees are as stated on each vendor's site as of October 2026 and may change.
