Salaries and benefits of top mutual fund (MF) executives for 2016-17 did not show any undue spike, though only some of the MF houses have published the figures, mandatory under capital markets regulator Sebi rules.
The regulator had relaxed the minimum threshold for 2016-17 to Rs 1.02 crore from Rs 60 lakh in the preceding financial year.
Milind Barve, CEO of HDFC MF, got Rs 6.49 crore as salary in 2016-17, up 3.84 percent from Rs 6.25 crore in 2015-16 that did not include Rs 19.96 crore from ESOPs granted earlier.
Nimesh Shah, MD of ICICI MF, had a salary package of Rs 5.96 crore in 2016-17 in comparison to Rs 5.4 crore a year ago.
Reliance MF's Executive Director and CEO, was paid Rs 5.01 crore, up 55 percent from Rs 3.25 crore in 2015-16 that excluded Rs 10 crore as one-time payout.
A Balasubramanian, chief executive at Birla SunLife MF, saw his salary go up to Rs 4.11 crore from Rs 3.73 crore in the preceding fiscal.
The total assets under management (AUMs) of India's 43 MF houses stood at Rs 17.54 crore as of March 31, 2017, down 1.9 percent sequentially.
The top three MF houses are ICICI MF (AUMs Rs 2,37,685 crore), HDFC MF (AUMs Rs 2,32,224 crore) and Reliance MF (AUMs Rs 2,05,124 crore). Other big MF houses in terms of size include Birla Sun Life MF, SBI MF and UTI MF.
The circular regarding disclosure of salaries of MF executives was issued by Sebi last week. "With the underlying objective to promote transparency in remuneration policies so that executive remuneration is aligned with the interest of investors, MFs/AMCs shall make such disclosures," it said.
