The mark sheet of your NISM Mutual Fund Distribution examination is no longer required to renew ARN.
In a communication sent to distributors, AMFI has clarified that it has discontinued the practice of accepting NISM mark sheet to remove the discrepancy in the date of renewal of ARN.
As the NISM’s mark sheets do not carry the validity period of existing ARN, AMFI used to renew ARN from the date of passing the examination. For instance, if the due date of renewal is August 15 and the distributor appeared on the examination two months prior to it i.e. June 15, AMFI used to validate it from June 15 for three years instead of August 15.
Currently, distributors can appear for renewal exam or training a year prior to due date.
AMFI said, “It was brought to our attention that NISM was revalidating the existing certificate for a period of 3 years from the date of passing the examination and the validity date of existing certificate was not being reckoned while computing the validity of the renewed/ revalidated certificate in such cases. As a consequence, persons who chose to appear for NISM exam (instead of attending CPE program) for renewal of existing NISM certification, were losing the benefit of the unexpired period of the validity period of their existing NISM certificate.”
This discrepancy was due to non-submission of NISM passing certificate which carries exact due date. Many distributors submit provisional mark sheet to CAMS as NISM takes time to issue the passing certificate.
“Over a period of time, it was observed that the applicants/ ARN/ EUIN holders who applied for ARN/ EUIN registration/ renewal on the basis of provisional mark-sheet did not bother to submit their final NISM certificate to CAMS, although they were required to submit the same within two months. This led to a large number of ARN/ EUIN holders remaining non-compliant.”
As a result, AMFI has asked distributors to submit NISM passing certificate instead of provisional mark sheet to renew their ARN. “In view of the foregoing, in consultation with AMFI's ARN Committee, it has been decided to discontinue the practice of processing applications for renewal on the basis of mark sheet of NISM examination. In other words, the ARN/ EUIN holder will be required to submit the NISM passing certificate, from now on, for registration/ renewal of ARN/ EUIN in physical mode.”
However, there is no need to submit NISM pass certificate if distributors want to renew their ARN online. AMFI’s system will fetch data-feed of NISM passing certificate directly from the NISM server.
