One of our readers has written to us with this query:
I have submitted my annual self-declaration for FY 2019-20 in February due to the pandemic and subsequent lockdown. I have understood that the last date to submit such a declaration was December 31, 2020. In such a scenario, how can I get my trail commission?
The sender has requested for anonymity
Dear MFD,
While the due date to submit last year’s annual Declaration of Self Certification (DSC) was December 31 2020, AMFI is likely to consider your request if delay in submission is due to valid reasons.
Two MF officials who are the member of AMFI ARN committee told Cafemutual that AMFI would give relaxation to MFDs who could not submit their DSC before due date on case-to-case basis.
One official said, “AMFI has no interest in withholding commission of MFDs. The trade body has to abide by SEBI norms. However, AMFI is willing to give relaxation to MFDs who could not submit their DSC on time due to covid. MFDs can avail such a relaxation if they or their family member suffered from coronavirus during the due date period.”
He; however, clarified that MFDs who have not submitted their annual DSC due to not so genuine reason will not benefit.
He said that MFDs should write to AMFI and submit documentary evidence to get such a relaxation.
AMCs withhold trail commission of MFDs due to failed transactions, non-submission of DSC, incomplete KYD and so on.