No industry can survive if the interest of all three major stakeholder , manufacturer ( AMC) , Seller ( distributor ) and buyer ( investors ) are not taken proper care. No doubt distributors are at loss last 2 years. There has to be cost rationalisation at AMC end and whatever saved have to be passed to distributor to more mobilisation. Promoter need to examine the high salary cost at AMC . If market goes down due to any reason affecting NAV to go down and AUM of distributor alos goes down the distributor then earn less trail income . But does the cost structure of AMC is affected anyway ? . MF has become more of momentum selling , in bull market AMCs aggressively sell equity products, trailing good return of stocks and indices and in rising interest rate scenerio they keep coming with FMPs. So where is the true value add ? If AMCs just bank on current flavour then do we really need them , one can go directly through equity and fixed income instrument route . MF has to positioned as long term wealth creation product which captures all asset class and it here AMCs require good advisors and need to motivate, remunerate and develop them if this industry has to survive and grow.