Mother’s Day: A case study of extraordinary women made a difference in mutual fund industry 

The Mutual fund industry has seen immense growth in the last few year. In April 2024, the mutual fund industry touched the Rs 57.25 lakh crore mark in assets under management (AUM). But there is a stark gender imbalance among fund managers. A report by Morningstar India earlier this year revealed that of a total of 473 fund managers in India, only 42 are women who are managing funds either as primary or secondary managers. While there has been a steady increase in the number of fund managers as compared with the 428 seen last year, the number of women fund managers has been static.

Here’s a case study on women fund managers and their achievements. 

1. Dipti Pourana
Age 69
AUM: Rs 200 crore

Dipti Pourana, a 69-year-old Mumbai resident, has had a long-standing career in the financial industry. Prior to becoming an ARN (AMFI Registration Number) holder in 2007 with NJ Wealth, Pourana distributed traditional investment products such as insurance and RBI bonds. However, her perspective changed when an old client chose not to invest in Mutual Funds through her, citing the excellent services and platform provided by NJ Wealth. Intrigued by this, Pourana decided to become a Mutual Fund Distributor.

Pourana’s life took a challenging turn when she lost her husband in 1998, leaving her as the sole provider for her family. She was drawn to the mutual funds distribution career due to her convincing power and knowledge about financial instruments.

She also thought Mutual Funds have an edge over other investment instruments such as government bonds or fixed deposits  Initially, Pourana primarily served retail customers, but over time, she expanded her client base to include high-net-worth individuals (HNIs).

While investors have become more knowledgeable and experienced over the years, they still require support during market fluctuations. The methods of client acquisition have also evolved, with Pourana now sourcing customers through social media, in addition to physical meetings and visits.

Pourana credits her successful career as a Mutual Fund Distributor for enabling her to support and raise her family following her husband’s passing. Although the early stages of her career were challenging, the steady income from trail commissions eventually made a significant difference.

2. Sunita Padwal
Age: 62 years
AUM: Rs125 crore

A mother, a wife, and an entrepreneur Sunita Padwal from Mumbai was introduced to the world of mutual funds nearly two decades ago. At the time, Padwal was content working in her family’s printing business alongside her husband. However, the idea of exploring new avenues intrigued her.

Despite her husband’s reluctance to diversify their investments, Padwal was determined to take the leap. She negotiated a small salary from the family business to kickstart her journey into mutual funds. With just Rs 2000 at her disposal, she began her first SIP (Systematic Investment Plan) without fully understanding the intricacies of the financial world.

Padwal said: “Financially, if I had to take any decision as I had to depend on my husband even for Rs 2000. When I started with Mutual funds, I didn’t know what exactly I was doing. But one thing that pushed me to do this was that I was not financially independent. My voice was not heard in the family.”

Her initial investment yielded promising returns, igniting her desire to delve deeper into the world of mutual funds. Unfortunately, her initial contact disappeared, leaving her stranded with unanswered questions. Undeterred, Padwal embarked on a quest to find a new path.

Her perseverance led her to an advertisement for mutual fund distributorship training with NJ Wealth. Seizing the opportunity, she enrolled in the program, passing the exam with flying colors. Thus, in 2007, at 55, Padwal officially entered the world of mutual fund distribution under the esteemed platform of NJ Wealth as an ARN.

Balancing her newfound career with her responsibilities as a mother and a participant in the family business proved to be a challenging yet rewarding endeavour.

Padwal said: “Motherhood is a roller coaster ride. When the children are small, it is a roller coaster. It is a huge task to be a mother and balance your world. Some what motherhood and the MF distribution are quite similar. Managing children and managing investors is a roller coaster task, and they test your patience. But it pays off.”

Reflecting on her journey, Padwal acknowledged the importance of financial independence for women, emphasizing its role in shaping progressive societies. For her, financial independence meant more than just earning; it was about asserting her voice in family decisions and setting an example for her children.

Grateful for the support and guidance she received from NJ Wealth, Padwal highlighted the platform’s role in facilitating her transition from an investor to a financial distributor.

She further said: “For children, a mother is a role model. When they see that their mother looks after them, they see that she earning, and they start recognising and respecting her and other women. It is healthier to have financially independent women for a  more progressive society.”

So, everybody, every woman should earn her income, even little income gives her the pride and status and self-esteem. So, everybody should have their own income.

3. Jyothi Taula
Age: 47 years
AUM: Rs 450 crore

Jyoti Taula, a successful mutual fund distributor, was inspired by her husband’s business to pursue a career in finance. Despite the industry’s male dominance, she entered mutual fund distribution that gave her a strong understanding of numbers and investments.

Balancing her career with family responsibilities was challenging, especially in the early days. With support from her spouse, family, and understanding children, Taula managed her time effectively. She recalled leaving her young daughter with a babysitter each morning to focus on her growing business.

In 2012 or 2013, Taula obtained her ARN card, marking a significant career milestone. Today, her combined assets under management (AUM) with her husband is around Rs 450 crore.

Financial independence is crucial for Taula, particularly as a mother. Her firsthand experience of motherhood has given her deep insights into families’ financial needs. She advises her clients, especially mothers, to plan and save for their children’s education and marriage expenses well in advance.

Jyoti acknowledges the support she has received from NJ Wealth, the platform through which she operates. The comprehensive range of financial services available has been instrumental in her success.

Sharing her advice for aspiring women and mother-entrepreneurs, Taula said one should believe in themselves and should have the passion to achieve financial goals at the individual level as well as for the target clients. 

All the women mentioned are NJ Wealth mutual fund distributors. NJ India Invest Private Limited is one of India’s most credible names in the financial services and wealth management sector. NJ India Invest Pvt. Ltd. was incorporated in 1994 to cater to the dynamics of the then financial services industry.