One of our readers wrote to us with this query:
We run an LLP and are empaneled with a leading national distributor as a sub broker. We would like to understand if we need to incorporate changes to our company name since our national distributor is already complaint with the SEBI norms.
Rohit K Jain, CEO, Wealth One Advisory LLP
Dear Rohit,
Yes, you will require to incorporate changes to your company name with immediate effect to comply with the new SEBI regulations.
Please understand that all ARN holders will have to follow the AMFI code of conduct in letter and spirit irrespective of their business model.
Since your company name has the words ‘wealth’ and ‘advisory’ together, you will have to make changes to the name to comply with the new norm. AMFI has issued a list of keywords that can be or cannot be used. According to this list, while you can use words like wealth and investment on standalone basis, you cannot use these words in combination like wealth manager and investment management.
While the last date of submitting documentary before CAMS was October 31, 2020, you can incorporate changes to the company name by December 31, 2020.
Since you have an LLP structure, you need to file e-form 5 for notice of change in name with ROC within 30 days of approval of name. Once you submit your request letter, ROC will issue you an acknowledgement receipt, which you need to furnish before CAMS.
You can download NOC from AMFI website by clicking here and take a print out to attach with the name change request letter to be sent to ROC.
Remember, you will have to complete the change of registered name by December 31, 2020 by incorporating changes to PAN and updating name in AMFI records. You will have to submit ROC certificate and PAN card with the new name to AMFI by December 31.
