Prudent Corporate Advisory Services · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
SEBI's revised TER structure removes the 5bps exit load benefit effective April 2026. While AMCs may pass on cuts to distributors, competitive intensity from new B2C platforms offering 90-100% payout sharing could constrain Prudent's ability to fully pass on yield reductions to its MFD network.
SIP termination ratio is higher than last year due to ongoing market volatility and negative returns. While January showed resilience with record new registrations, sustained market correction over next few quarters could lead to increased termination and lower new SIP enrollments.
New platforms entering the industry are aggressively recruiting relationship managers from existing platforms including Prudent. While no major distributor attrition has occurred, smaller partners with low AUM have moved to competitors offering higher base-level commissions. Management noted last year saw highest attrition.
Life insurance GST rate reduction resulted in 30% of business seeing commission cuts initially; negotiations brought this down to sub-10% by December. However, arrangement is only till March 2026 with no clarity on post-April structure, creating uncertainty in insurance revenue.
