Foundation of Independent Financial Advisors (FIFA) has issued a guidance note for mutual fund distributors to change nomenclature of your entity to comply with the latest SEBI regulations on RIAs.
Last month, SEBI had asked MFDs using nomenclature like independent financial adviser, IFA, wealth adviser or any other similar names like independent financial intermediary will have to incorporate changes to their ARN by September 30, 2020 or their company name by December 31, 2020.
Clearly, distributors using these nomenclatures will have to incorporate changes to their ARN and entity name at the earliest.
Here is the step-by-step process to change nomenclature
For sole proprietorship
Since sole proprietorship firms are mostly not registered with any organization or bodies, they can make a request to change their entity’s name to AMFI. In case if your firm is registered with Shop and Establishment Act or Udyam/Udyog/ MSME, you will have to follow necessary procedure of the respective authority.
AMFI has prescribed a standard application form for requesting a name change. You can download it by clicking here.
For partnership firm
- Draft a new partnership deed and fill form II (for change of principal place of business and change in name of the firm) in capital letters
- Pay Challan fees with the respective bank
- Submit your application with the registrar of firms of your state along with these documents – attested copy of old partnership deed, attested copy of new partnership deed on a stamp paper of amount depending on your state government, attested copies of id proof of all partners, passport size photographs of all partners, copy of challan receipt and attested copies of certificate A and C
For company
- Pass board resolution for change in the name of the company and get the approval for the new name
- Next step is to get new name approved and reserved from the registrar of company (ROC) through MCA portal
- Once the name gets reserved by the ROC, the company will have to hold extraordinary general meeting (EGM) of all members to pass special resolution to approve the change of name of the company and alteration in the memorandum of association of the company
- The company has to file two e-forms with the ROC – e-form MGT-14 and e-form INC 24 within a period of 30 days from the date of passing of special resolution with ROC on MCA portal
- ROC will issue form No. INC-25 after the name change
For LLP
- Pass the resolution to change the name of LLP and finalize the new name
- Apply for name reservation by filing LLP RUN on MCA portal and get approval or reservation for the new name
- LLP needs to file e-form 5 for notice of change in name with ROC within 30 days of approval of name
- Once you get the approval, you will have to execute supplementary agreement to give effect to the changes in the LLP agreement within 30 days in e-form 3
Other common compliance
- Intimate government authorities like GST, incorporate changes in income tax Pan and TAN, shops and establishment department, AMFI, professional tax, bank account and AMCs
- Incorporate changes in letterheads, logo, visiting cards, stationary, rubber stamps, website, social media handles and signature line used in communication
