Celebrity fund manager Prashant Jain is the second-highest paid executive in mutual fund industry
HDFC Mutual Fund's Milind Barve is the highest-paid executive in the domestic mutual fund industry, according to an analysis of disclosures made by various fund houses.
57-year-old Mr Barve, managing director of HDFC Mutual Fund, received a salary of Rs 6.25 crore in 2015-16, while Rs 19.96 crore came from exercise of ESOPs (Employee Stock Ownership Plans) that were granted to him earlier.
Celebrity fund manager and HDFC Mutual Fund's chief investment officer Prashant Jain was not too far behind.
Mr Jain, who oversees some of the best performing funds for HDFC, earned a salary of Rs 6.16 crore and Rs 16.33 crore from ESOPs last year.
These ESOPs were granted over the period of 2008-2013.
As many as 38 executives in HDFC Mutual Fund received remuneration in excess of Rs 1 crore, according to the latest disclosures.
HDFC Mutual Fund is the country's biggest fund with average assets under management of Rs 1.76 lakh crore as of March quarter.
ICICI Mutual Fund, the second biggest domestic fund, paid its managing director Nimesh Shah a total remuneration of Rs 5.4 crore in 2015-16. S Naren, CIO of ICICI Mutual Fund, earned a salary of Rs 4.75 crore. A total of 15 ICICI Mutual Fund executives received remuneration of more than Rs 1 crore.
Sundeep Sikka, Reliance MF's chief, received a pay package of Rs 13.74 crore - which included Rs 3.5 crore as salary and over Rs 10 crore as a one-time payout.
Sunil Singhania, CIO (equity investment) of Reliance Mutual Fund, took home Rs 8 crore, which also included a significant one-time component.
The disclosures are part of market regulator Sebi's (Securities and Exchange Board of India) effort to promote transparency in remuneration policies, so that executive salary is aligned with the interest of investors. Under existing regulations, fund houses are free to decide on the compensation structure for their staff including top executives.
While a few mutual fund houses have complied with Sebi's directive and disclosed the information, many still have to comply with the rule.
57-year-old Mr Barve, managing director of HDFC Mutual Fund, received a salary of Rs 6.25 crore in 2015-16, while Rs 19.96 crore came from exercise of ESOPs (Employee Stock Ownership Plans) that were granted to him earlier.
Celebrity fund manager and HDFC Mutual Fund's chief investment officer Prashant Jain was not too far behind.
Mr Jain, who oversees some of the best performing funds for HDFC, earned a salary of Rs 6.16 crore and Rs 16.33 crore from ESOPs last year.
These ESOPs were granted over the period of 2008-2013.
As many as 38 executives in HDFC Mutual Fund received remuneration in excess of Rs 1 crore, according to the latest disclosures.
HDFC Mutual Fund is the country's biggest fund with average assets under management of Rs 1.76 lakh crore as of March quarter.
ICICI Mutual Fund, the second biggest domestic fund, paid its managing director Nimesh Shah a total remuneration of Rs 5.4 crore in 2015-16. S Naren, CIO of ICICI Mutual Fund, earned a salary of Rs 4.75 crore. A total of 15 ICICI Mutual Fund executives received remuneration of more than Rs 1 crore.
Sundeep Sikka, Reliance MF's chief, received a pay package of Rs 13.74 crore - which included Rs 3.5 crore as salary and over Rs 10 crore as a one-time payout.
Sunil Singhania, CIO (equity investment) of Reliance Mutual Fund, took home Rs 8 crore, which also included a significant one-time component.
The disclosures are part of market regulator Sebi's (Securities and Exchange Board of India) effort to promote transparency in remuneration policies, so that executive salary is aligned with the interest of investors. Under existing regulations, fund houses are free to decide on the compensation structure for their staff including top executives.
While a few mutual fund houses have complied with Sebi's directive and disclosed the information, many still have to comply with the rule.
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