Intermediary

Central Distributor Services

AMFI introduced KYD for distributors in September 2010. As part of this process AMFI collects proof of address, proof of bank mandate, etc. and hence the distributor data is verified with supporting document and are reliable.

At present, Distributor data is being maintained by each AMC as well and therefore, distributors submit requests for change of address, bank mandate, telephone no etc to each of the AMCs, which has empanelled them. If a distributor is empanelled with 15 AMCs, the distributor is submitting 15 such requests. The present process puts a burden on Distributors and AMCs. To make the life simpler for Distributors and AMCs, 'Central Distributor Services' is being introduced by AMFI, which is explained below :

AMFI has appointed CAMS to provide ARN services to AMFI since inception. It is decided that all AMCs would make use of this Central distributor database of AMFI to populate static distributor details like address, contact person, contact details, etc. Post launch of these services, the distributors need to submit the documents like Annual Self Certification, only once to AMFI.

CAMS has sent the letters to all KYD complied distributors (about 50,000 +) along with the existing information available with them. The distributors were advised to verify this information and furnish the information in the specified format , if there are any changes, latest by December 31, 2012.

CAMS will update all the information received in the central database and "Central Distributor Services" shall become operational with effect from January 15, 2013.

The important points to be noted as regards "Central Distributors Services" :

  1. After the above specified date i.e. January 15, 2013, this central database will be shared with all R & TAs and the AMCs. The centralized database will contain the static data of the distributors and all the Mutual Funds and Registrars and Transfer Agents of Mutual Funds will have to consume this database for all the purposes, except for payment of commission.
  2. Thereafter, any changes in any of these data must be submitted to AMFI unit of CAMS or the CAMS Service Centre in the specified format and not to individual AMCs / R&TAs. After this central database goes live, individual AMCs/ R&TAs will not accept any change request from any distributor.
  3. Bank details may be required to be updated separately with each AMC for payment of commission.
 
 
 

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