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AMFI Registration
AMFI stands for Association of Mutual Funds in India, is a non-profit organization that acts as the main regulator under the SEBI (Securities & Exchange Board of India). The idea of AMFI was introduced to boost the mutual fund industry by ensuring that competent intermediaries facilitate investment. In the financial sector, the mutual fund investment system has gained huge popularity among investors due to its potential diversification & growth. With the increasing number of people in the mutual fund industry, the requirement for competent & responsible intermediaries to provide investments has become very important.
The primary objective of AMFI Registration in India is to promote & protect the interests of investors & intermediaries in the mutual fund space. In the meantime, to get an AMFI Registration Number, you must qualify for NISM Serves V-A Mutual Fund Distributors Certification Examination. Therefore, to become a mutual fund distributor in India, one must get an AMFI Registration Number from the AMFI. Consequently, this Registration Number will provide authenticity to the concerned mutual fund distributors.
ARN stands for AMFI Registration Number is a unique identification number assigned to mutual fund distributors in India. This ARN is issued by AMFI (Association of Mutual Funds in India) after the distributor completes the registration process. The ARN make sure that the distributor follows the guidelines & regulations of AMFI. It allows them to legitimately distribute mutual funds & earn commissions on sales made. For instance, an ARN of a mutual fund distributor may look like ARN-123456 and it is used to verify the credentials in the mutual fund industry.
On 17th Sep 2024, AMFI issued an important notice regarding the mandatory online process to apply for ARN and EUIN and the discontinuation of Biometric Process for the grant of ARN for Mutual Fund Distributors.
Here the key changes by AMFI in 2024:
1. Discontinuation of physical biometric & mandatory submission of Aadhaar for KYDC process and it has been decided to:
2. AMFI Registration for ARN to be allowed only through online mode:
Note: This was already implemented on 1st Oct 2024.
The Mutual Fund Industry in India has experienced significant growth since its beginning in 1963 with the introduction of the Unit Trust of India. As of Apr 2024, AAUM or Average Assets Under Management stood at approximately Rs. 57.28 trillion, reflecting a substantial increase from Rs. 9.45 trillion in April 2014 and these significant states the importance of AMFI Registration for Mutual Fund Distributors in India.
The following are the benefits of Online AMFI Registration in India:
The following is the eligibility criteria for obtaining AMFI Registration Number (ARN);
The following are the documents required for Online AMFI Registration in India:
The following is the step-by-step process for Online AMFI Registration:
Step 1: First you need to visit the AMFI official website.
Step 2: Then, click on the “Distributor Corner” and select Online Registration & Renewal of ARN and EUIN.
Step 3: After that click on “Register on AMFI” button and enter your PAN details & mobile number.
Step 4: Then you need to submit all the necessary documents for the verification.
Step 5: Complete the e-kyc process & pay the registration fee online
Step 6: Once done, submit the application and download the acknowledgement receipt.
Note: Once the NISM Certificate and application is submitted, AMFI issues the ARN within 2 weeks after the verification.
All the ARN holders must apply for AMFI Registration Renewal 6 months before the expiry day. You can check the steps to renew your ARN Number below:
The following are some rules for Mutual Fund Distribution under AMFI:
Registered entities or individuals who fail to comply with AMFI guidelines risk losing their ARN for the following reasons:
Getting AMFI Registration Certificate can be complex, but with Whizseed the process becomes very easy and smooth. Our team of experts have years of experience in AMFI Registration, ensuring that your application is handled effectively. We provide a complete support, allowing you to focus on your core business activities while we manage your registration process.
