SEBI has given 16-day extension to mutual fund distributors using nomenclatures like IFA/ adviser/ wealth managers nomenclature in their company name, confirmed two AMFI board members requesting anonymity.
With this, distributors using these nomenclature in their company name will have to submit their application for name change to the registrar of the company (ROC) and furnish documentary evidence before CAMS by October 31, 2020.
Earlier, SEBI has asked MFDs using such nomenclatures to furnish documentary evidence to CAMS before October 15, 2020.
Remember, your new entity name should not reflect or create an impression that you perform a role of IFA/adviser/wealth manager. Simply put, you will have clearly mention that you are acting as a MFD and dealing with distribution of mutual funds.
MFD’s name and tagline should be placed together in a clear and legible font size; this has to be followed in all forms of communication i.e. website, mobile app, business card and so on, said AMFI in its communication.
Also, 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.
