Following the Supreme Court’s verdict on Aadhaar, AMFI has discontinued online registration and renewal of ARN for mutual fund distributors with immediate effect.
This has come after the UIDAI has asked AMFI, R&T agents and KRAs to give them in writing that they have stopped using Aadhaar based authentication. So far, distributors used to furnish Aadhaar number to register and renew their ARN number through online process.
In a recent communication, AMFI said, “Pursuant to the Hon'ble Supreme Court's judgement on the subject matter Aadhaar, and UIDAI's directive to the RTAs / Aadhaar Authentication User Agencies (AUA) to cease all operations with respect to Aadhaar based authentication immediately, the online registration facility to obtain fresh ARN and EUIN stands withdrawn with immediate effect, and online renewal of ARN/ EUIN has been suspended temporarily.”
AMFI has assured that they will start the online process soon. Currently, even for online renewal of ARN and EUIN, Aadhaar was required for fetching the photograph of the ARN/ EUIN holder from Aadhaar database. “However, since Aadhaar based authentication is no longer permissible, we are in the process of modifying the online ARN/ EUIN renewal facility to facilitate uploading of the photograph by the ARN/ EUIN holder (in lieu of fetching the same from Aadhaar database),” said AMFI.
Till then, you can continue to register or renew your ARN through physical process.
Currently, distributors have to undergo a mandatory six hours of classroom training in order to renew their ARN. To ease the registration renewal process, NISM has already introduced an online CPE training for distributors.
Once distributors take this training, NISM issues a certificate. Distributors have to send their certificates to CAMS along with a DD of Rs.1,500 in favour of AMFI as renewal fee. Typically, the entire physical process of ARN renewal takes around two months.
Earlier in June 2017, AMFI had introduced an online ARN registration and renewal facility for distributors.
