Prashant Jain, who oversees $27 billion at HDFC Asset Management Co., took home Rs.61.7 million ($931,000) in salary and Rs.163 million in stock options in the year ended on March 31, figures posted on the fund’s website for investors show.
ICICI Prudential Asset Management Co., the second-largest fund, paid its Chief Investment Officer S. Naren Rs.48 million, while Sunil Singhania, the head of equity investments at Reliance Capital Asset Management Ltd., the third-biggest, got Rs.33.6 million and a one-time payout of Rs.46.5 million, according to data on their websites.
The disclosures come after the Securities & Exchanges Board of India made it mandatory for money managers to publish compensation details of executives earning more than Rs.6 million rupees annually. The regulator wants to increase transparency in a market.
where 45.4 million, about ten times the population of Singapore, own mutual funds. The new rule took effect this week.
“Top-management compensation is disclosed globally as a measure of good practice, and Indian funds should have no hesitation in disclosing it,” Manoj Nagpal, chief executive officer at Mumbai-based Outlook Asia Capital Pvt., an investment consulting and wealth management firm. Fund “CEO salaries were being disclosed in annual reports in any case,” he said.