AMFI REGISTRATION NUMBER (ARN) – IMPORTANCE AND PROCESS

The Association of Mutual Funds in India (AMFI) is an organization dedicated to developing the Indian Mutual Fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of mutual funds and their unit holders. AMFI acknowledges the role of those engaged in selling Mutual Funds and instructs having the highest standards of knowledge attitude and ethics. It introduced the process to register the intermediaries who have passed the certification test as AMFI Registered Mutual Fund Advisors (ARMFA), thus laying the foundation for an organized industry and allotting a unique code – ARN or AMFI Registration Number, along with an identity card. This means that an Intermediary will be able to partner with Mutual Funds and engage in their distribution only after registering with AMFI and obtaining the ARN. Mutual Funds are not permitted to transact with Intermediaries who are not registered with AMFI. Hence, an ARN is essential to participate in the distribution of Mutual Funds.

Drawing reference to the SEBI Circular dated September 13, 2012, "AMFI shall create a unique identity number of the employee/ relationship manager/ sales person of the distributor interacting with the investor for the sale of mutual fund products, in addition to the AMFI Registration Number (ARN) of the distributor. The application form for mutual fund schemes shall have provision for disclosing the unique identity number of such sales personnel along with the ARN of the distributor."

WHAT IS AN ARN?

ARN or AMFI Registration Number is a unique number allotted by AMFI and required by Asset Management Companies Funds to deal with the Intermediaries engaged in the marketing and selling of the Mutual Funds

AMFI website identifies the Individuals/Entities to whom ARN is allotted to, which are:

  • Individual agents, brokers, and other intermediaries engaged in selling Mutual Funds, having passed the NISM Certification Test
  • Senior citizens having attended Continuing Professional Education (CPE) and agreeing to abide by the code of conduct and other undertakings as mentioned in the application form
  • Corporates engaged in the business of selling Mutual Funds, which apply to AMFI and agree to abide by the code of conduct and other undertakings as mentioned in the application form

WHAT ARE THE FEATURES OF AN ARN?

The salient features of an ARN are:

  • A photo identity card bearing unique ARN, address, his/ her name, photo and the validity period of ARN, would be issued to individual applicants and senior citizens whereas Letter of Registration bearing unique ARN, name of the corporate and the validity period of ARN would be issued to Corporate applicants
  • Employees would be issued EUIN card with their EUIN, his/ her name, photo and validity period of EUIN
  • The application for registration of corporate bodies should compulsorily be accompanied by the application for registration of corporate employee
  • Passing certificate issued by National Institute of Securities Market (NISM) in respect of 'NISM - Series V-A: Mutual Fund Distribution Examination' has validity period of three years. Also, the CPE certificate issued by NISM is valid for three years
  • Accordingly, ARN issued to individual, senior citizens and EUIN issued to employees against such certificates shall have validity period from the date of submission of ARN registration application up to the validity date mentioned on the passing certificate/ CPE certificate, if the application is in order. In case of corporate entities, validity period for Letter of Registration issued is 3 years
  • No distributor shall hold more than one ARN card/ Letter of Registration
  • After obtaining ARN, the intermediaries should approach the AMCs for empanelment and they can canvass Mutual Fund business of the respective AMCs only after empanelling with them.
  • Registered intermediaries can be de-registered as the ultimate censure, for the following reasons:
    • Violation of the code of conduct.
    • Being indicted for serious offences by a Regulatory Authority/ Judicial Authority.
    • Complaints of gross negligence upheld by a consumer court.

HOW TO APPLY FOR AN ARN?

AMFI has authorized M/s Computer Age Management Services Pvt. Ltd. (CAMS) to act as processing agent on its behalf for the purpose of ARN.

For registering with AMFI, Intermediaries are required to apply in the prescribed form.

  • Offline: The form can be obtained from the office of AMFI or any office of CAMS. Alternatively, the form can also be downloaded from AMFI's website www.amfiindia.com
  • You can also register online, from the comfort of your office/ home by visiting the Online Registration page https://web.camsonline.com/AMFI/login.aspx

Application forms must be submitted along with Know Your Distributor (KYD) acknowledgement or along with KYD application form in person, in case KYD process is not completed, to the office of CAMS (CAMS-POS).

The documents shall be scrutinized and if found in order and if the prescribed fees have been realized, a Letter of Registration or photo identity card, as may be applicable shall be issued. These will be mailed directly to the applicant.

HOW TO RENEW THE ARN?

ARN holders / EUIN holders are required to apply for renewal of ARN / EUIN on or six months prior to expiry of validity period of ARN / EUIN. If the renewal application is submitted prior to expiry of validity period of ARN / EUIN and the same is found in order, there would be continuity in the validity period of ARN / EUIN, post renewal

If the renewal application is submitted after expiry of ARN / EUIN, validity of renewed ARN / EUIN would commence from the date of submission of renewal application and would be valid up to the validity date mentioned on the NISM passing certificate / CPE Certificate, in case of individual / senior citizens/ employees. In case of Corporate ARN holders, Letter of Registration shall be renewed for a period of three years from the date of submission of ARN renewal application.

The procedure for renewal of ARN / Letter of Registration is as under:

ARN holders are required to make an application in the prescribed form. Download the ARN renewal form for

You can also renew online, from the comfort of your office/home by visiting the Online Registration / Renewal page at   https://web.camsonline.com/AMFI/login.aspx

For the details of fees required to be submitted by various categories of intermediaries for renewal of ARN and by employees for renewal of EUIN, please click  https://www.amfiindia.com/Themes/Theme1/downloads/ARN-EUINRenewalFees-GST-OPC.pdf

ARN holders must comply with KYD requirements. For further information on KYD please click on https://www.amfiindia.com/Themes/Theme1/downloads/kydprocess.pdf.

The list of CAMS POS is present at this link https://www.amfiindia.com/cams-pos

The key points to note are:

  • Applications along with demand draft for the appropriate fee amount and the required documents should be submitted at CAMS POS.
  • Demand Draft should be drawn in favor of 'ASSOCIATION OF MUTUAL FUNDS IN INDIA' payable at the location of CAMS-POS where application is submitted.
  • In case of Individuals and employees, the renewal of ARN/ EUIN is subject to either passing the NISM Mutual Fund Distributors Certification Examination or attending the programme of 'Continuing Professional Education' (CPE), offered by NISM. Senior citizens are required to attend CPE.
  • They(Individuals, senior citizens and employees) are required to submit the application for renewal of ARN/ EUIN along with a copy of passing certificate of NISM Mutual Fund Distributors Certification Examination/ CPE Certificate and two stamp size color photographs.

For more information on Fees payable for ARN visit https://www.amfiindia.com/distributor-corner/become-mutual-fund-distributor

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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