Intermediaries play a pivotal and valuable role in promoting sale of Mutual Funds. It is therefore vital that those engaged in selling Mutual Funds have the highest standards of knowledge attitude and ethics. Their well being, quality orientation and ways of doing business will have a significant impact on how the Mutual Fund Industry develops in the future.
AMFI 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-AMFI Registration Number (ARN)along with an identity card. SEBI recognizing the importance of this initiative taken by AMFI had made Registration with AMFI after passing AMFI Certification Test compulsory for intermediaries. SEBI has clarified that after obtaining certification from NISM as per changed mandate (w.e.f. June 01, 2010), the requirement of registration with AMFI, in terms of its circular dated November 28, 2002 would continue.
As such, all NISM Certified Intermediaries engaged in marketing and selling of Mutual Fund schemes are required to be registered with AMFI after passing NISM Certification Test. The Mutual Funds will not be able to deal with intermediaries who are not registered with AMFI and obtained ARN.
In terms of 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."
The AMFI Registration Number (ARN) has been introduced as the unique code, which identifies the intermediary as ARMFA.
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.
In order to promote best practices and ethical standards in the business of sale of Mutual Fund schemes, AMFI has formulated broad guidelines and norms including a code of conduct for the intermediaries, which will be applicable to ARMFA.
AMFI believes that a sincere endeavor to adhere to the guidelines and the code would help promote best and healthy practices in the area of sales and marketing which would ultimately benefit all concerned - the investor, the intermediary and the industry as a whole.
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
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 here
The following CPE Providers are empanelled with NISM to conduct the Continuing Professional Education program for Mutual Fund Distributors :
| S.No | Name of CPE Provider | E-mail Id | Contact Details |
|---|---|---|---|
| 1 | Centre for Investor Education & Learning Pvt. Ltd. (CIEL) | cpe@ciel.co.in | 022-42170575 9552551360 |
| 2 | Financial Technologies Knowledge Management Co. Ltd. (FTKMC) | cpe@ftkmc.com | 022 - 67318840 022 - 67318908 |
| 3 | National Institute of Securities Markets (NISM) | cpe@nism.ac.in | 022 – 66735100-05 |
| 4 | National Securities Depository Ltd. (NSDL) | cpe@nsdl.co.in | 022 - 24994487, 022 - 24994479, 022 - 24994481 |
| 5 | National Stock Exchange (NSE) | cpe@nse.co.in | 022 – 26598216 |
For certificate queries, please contact ::
Tel: 022-6111 5555
Email: cpe@nism.ac.in
For further information on NISM Certification Test as well as CPE, one may contact :
National Institute of Securities Markets
6th Floor, NISM Bhavan
Plot No 82, Sector 17
Vashi, Navi Mumbai 400 703
Ph: 022-6673 5100 - 05
www.nism.ac.in
