MFDs using nomenclature like independent financial adviser, IFA, wealth adviser or any other similar name like independent financial intermediary will have to incorporate changes to their company name by December 31, 2020, said SEBI.
Other clarification for MFDs to keep in mind:
- MFDs 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 ‘AMFI registered mutual fund distributor’ 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
Action needed from your end
- 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
Procedure to incorporate changes to ARN
AMFI has prescribed a standard application form for requesting a name change. You can download it by clicking here.
Such an application has to be supported by PAN and ROC certificate. You can submit self-attested photocopy of updated PAN and ROC certificate along with the handwritten request.
You will have to submit all these documents at CAMS point of sales through post or physically.
Nomenclature that can be used
AMFI has issued a list of keywords that can be or cannot be used. According to this list, while you can use words like wealth and investment on standalone basis, you cannot use these words in combination like wealth manager and investment management. Also, it is not advisable to use other combinations like wealth solution and wealth consultants.
Click here to see the complete list of names which are permissible and not permissible.
