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New Cadre of Distributors
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 note.
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 Concern : 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 Proprietor Rs. 750/- for renewal of Proprietary concern Rs. 750/- for renewal of EUIN of the Sole Proprietor 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.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.
As per latest AMFI guidelines, our funds are not qualified to be sold by New Cadre of Distributor