Registration of New cadre of Distributors as defined in SEBI Circular dated September 13, 2012 and as notified by AMFI
As you are aware in terms of SEBI Circular dated September 13, 2012, a new cadre of distributors, such as postal agents, retired government and semi-government officials (class III and above or equivalent), retired teachers and retired bank officers with a service of at least 10 years, and other similar persons (such as Bank correspondents) as may be notified by AMFI/ AMC from time to time, shall be allowed to sell units of simple and performing mutual fund schemes as defined in the said SEBI circular.
We had also advised vide our e-mail no. 35P/MEM-COR/36/2012-13 dated January 14, 2013 and 35P/MEM-COR/40/ 12-13 dated January 28, 2013 that it is decided to include the following additional persons in the new cadre of distributors :
Intermediaries/ Agents engaged in distribution of financial
products e.g. insurance agent, FD agent, National Savings Scheme
products, PPF, etc. registered with any other Financial Services
Regulator, with at least 5 years of experience.
Business correspondents appointed by banks having at least 5
years of experience
AMFI ARN Committee has since finalized the registration process for registering the new cadre of distributors. The detailed note on the registration process containing information on the eligibility criteria for applying under new cadre, document requirement, Declaration of self certification, etc. is attached. Also, the application form for new cadre of Distributors is attached.
Following are some important points to be noted:
NISM Certification : NISM has launched NISM-series -V - B -:
Mutual Fund foundation Certification Examination and CPE Programme for
new cadre of Distributors in terms of SEBI circular No. CIR/
IMD/DF/21/2012 dated September 13, 2012. NISM Communique NISM/
Certification/ Series-V-B : MFF/ 2013/ 01 dated January 7, 2013 and
NISM/ Certification/ MFFCPE/ 2013/ 1 dated January 7, 2013 are attached
for your reference. The new cadre of distributors are required to submit
Self attested copy of certificate issued by NISM in respect of Series
V-B : Mutual Fund Foundation Certification Examination or Mutual Fund
Foundation CPE Program, specially designed by NISM for new cadre of
distributors while applying for ARN under this cadre.
Only Individuals satisfying one of the criteria mentioned in the
attached Process note or Proprietary concerns, where the Sole Proprietor
is satisfying one of the said criteria, can apply for obtaining ARN
under this category.
A separate series of ARN starting with “SD” would be issued on
allotment of ARN to new cadre of distributors, to facilitate distinction
from other ARN holders.
Though new cadre of distributors are not required to comply with
KYD/ bio-metrics requirements, they are required to submit self attested
copies of identity proof (photo PAN card of individual applicants/ in
case of Proprietary concern, PAN card of the Proprietary Concern (if
available) or Photo PAN card of the Proprietor) and address proof, as
mentioned in KYD application.
There are additional documents required to be submitted by them
such as Experience certificate issued by the employer and the relieving
letter issued by employer, Appointment letter issued by the respective
Authorities, details of which are mentioned in the attached Process
Fees payable are as under :
For applications received under Individual category :
Rs. 1500/- for ARN Registration
Rs. 750/- for ARN Renewal
For applications received for Proprietary
Rs. 1500/- for registration of Proprietary concern
Rs. 1500/- for registration of the Sole Proprietor
under Proprietary concern and allotment of EUIN to the Sole
Rs. 750/- for renewal of Proprietary concern
Rs. 750/- for renewal of EUIN of the Sole
It may please be noted that as communicated vide our e-mail no.
35P/MEM-COR/36/2012-13 dated January 14, 2013, the registration fee for new
cadre of distributors registering for the first time during February 1,
2013 to June 30, 2013 is waived, subject to fulfilling the conditions
mentioned therein and thereafter, fees mentioned as above are
required to be paid.
Application Form : The application form for new cadre of
distributors is attached. We are also uploading the same on AMFI
Declaration of Self Certification : The separate format of
Declaration of Self Certification designed for the new cadre of
distributors is available in the attached Process note.
In terms of SEBI Circular dated September 13, 2012, new cadre of
distributors are allowed to sell units of simple and performing mutual
fund schemes, as defined therein. The AMCs are therefore requested to
ensure that the new cadre of distributors empanelled with the AMCs, sell
units of simple and performing mutual fund schemes of the AMC, in
compliance with SEBI Circular.
List of Eligible Scheme(s) for New Cadre of Distributors:-
HDFC Capital Builder Fund
For NISM Communique on Mutual Fund Foundation Certification Examination,
please click here
For ARN Registration process for New Cadre of Distributors as defined in
SEBI Circular dated 13-Sep-2012 and as notified by AMFI, please click
For Registration Form for new cadre of distributors, please click here.
to download Distributor Empanelment Form - New Cadre