AMFI Registration

AMFI registration, which stands for the Association of Mutual Funds in India, is a mandatory requirement for every mutual fund distributor in India. It ensures obtaining an AMFI registration number (ARN) after clearing the NISM Series V-A mutual fund distributor certification examination.

The qualifications needed to apply for the AMFI Series V-A mutual fund distributor examination are as follows:

• The applicants must be a minimum of 18 years of age.
• The applicants must have passed the 10th or 12th grade or an equivalent qualification.
• The applicants must possess a valid PAN and an Aadhar card.
• The applicants must create a common minimum knowledge benchmark for all persons involved in the sale and distribution of mutual funds in India.

In India, the mutual fund distributors, such as agents, platforms, and companies, must apply for an AMFI registration number immediately before the sale of mutual funds to investors.

The process to become an AMFI-certified agent requires compliance with the following steps, as provided below:

• Step 1: Check Eligibility
• Step 2: Qualifying NISM Exam
• Step 3: Document Preparation
• Step 4: Complete the Know Your Distributor Process
• Step 5: Register with AMFI
• Step 6: Pay Registration Fees
• Step 7: Receive ARN

The AMFI distributor does not have a fixed salary; however, they earn a variable amount of commission on investments they facilitate.

No, AMFI is not under SEBI. However, it is a self-regulatory body that serves as a primary link between SEBI-registered mutual fund companies, working to promote industry development, and enforces professional standards.

Yes, a CA, i.e., Chartered Accountant, is eligible to become a mutual fund distributor, with the advantage of building client trust in India.

The list of documents required for AMFI registration in India is as follows:

• Name, address, and PAN details of all the designated partners.
• Identification documents such as Aadhaar card, Driving License, etc.
• Two stamp-sized coloured photographs.
• Passing certificate granted by NISM (National Institute of Securities Markets).
• Details of the KYC acknowledgement certificate.
• Details of educational qualifications.
• Details of the bank account, such as a cancelled cheque.
• Copy of the license/letter of registration issued by the RBI.
• Copy of the board resolution.
• List of authorized signatories with specimen signature.
• Copy of self-attested NISM Series V-A certificate.
• Copy of the demand draft submitted in favour of AMFI.
• Company’s Memorandum & Articles of Association (M&AOA).
• Duly filled KYD application form with a valid signature.
• Any other additional documents (if required).

There is no limit to the number of attempts for an NISM examination. In case you fail to clear the NISM Series V-A examination, you must wait for a specific period before reattempting.

Yes, AMFI, which enforces ethical standards, promotes transparency, and provides investor education, is considered a safe and reliable option for mutual fund investments in India.

The benefits of securing AMFI certification are as discussed below:

• Helps AMFI maintain industry standards and promote ethical practices.
• Boosts distributors’ and investors’ credibility among clients and financial institutions.
• Allows access to various mutual fund products from Asset Management Companies (AMCs).
• Opens diverse networking opportunities with other industry professionals and AMCs.
• Enforces adherence to AMFI’s code of conduct, reducing the risk of unethical practices.
• Helps you guide and educate investors about risks and the importance of long-term wealth creation.
• Enables you to track sales, commissions, and client portfolios more efficiently.