Employees of distributors offering sales advice to investors need to surrender their existing corporate ARN cards by 30th November.
AMFI has allotted unique identity numbers (UIN) to all AMFI certified employees of national distributors and banks. All employees, relationship managers and salespersons offering sales advice to investors have to surrender their existing corporate ARN card by 30th November 2012.
Distributors have to mandatorily mention the employee UIN along with the ARN number while submitting their scheme application forms to AMCs or R&Ts. The UIN will be valid till the date on which the ARN license expires. Employees who plan to quit their jobs also need to intimate CAMS which has been entrusted with the task of generating UINs
SEBI rules require all employees dealing with investors to obtain AMFI certification.
SEBI, in its circular dated Sep 13, 2012 had asked AMFI to complete allotting UINs by October 1, 2012. Later, at the behest of AMFI, SEBI extended this deadline by one month. AMCs will have to make a provision in their scheme application forms for capturing UIN.
Also read: SEBI extends deadline to 1st November for assigning unique identity number
