The MF industry has continued its sharp recovery in renewal of ARNs in July.
Latest AMFI data shows that 1514 individual MFDs have renewed their ARN in July. In the wake of the country wide lockdown, the number of ARN renewals had fallen to 308 in April and 541 in May.
Number of ARN renewals started improving in June with 1261 individual MFDs renewing their ARN. The revival trend has improved further in July.
In fact, now the number of ARN renewals exceeded the pre-lockdown levels of March when 1371 individual MFDs had renewed their ARN.
Overall, the industry witnessed renewal of 2178 ARNs in July – 1514 individual distributors, 161 corporates, 502 corporate employees and 1 individual MFD employee.
The total number of ARN renewals stood at mere 738 in May and mere 378 in April. In June, it improved to 1656. Before the lockdown i.e. in March the total ARN renewal number was as high as 2512.
The recovery in ARN renewals is attributed to NISM reintroducing its online Continuing Professional Education or eCPE for distributors from June. In fact, on June 16, NISM also gave its nod for the training programs scheduled till July 31.
Earlier, NISM had canceled and postponed all NISM exams scheduled to be held between March 14 and May 31. These exams included NISM Mutual Fund Distribution Examination and CPE programs.
